Prior to transmitting a customer’s option order, the representative must fill out the appropriate order ticket and present it to the trading department or wire room for execution. All order tickets will include:
- Buy or Sell
- Name of underlying security
- Number of contracts
- Type of option
- Expiration date
- Exercise price
- An indication if transaction is opening or closing the contracts
- If an opening sale, a notation regarding covered or uncovered is required
- Account name and number
- Account type, i.e. cash or margin
- Price and time limits if any
- Solicited or unsolicited
- Discretionary authority exercised or discretionary authority not exercised, if applicable
- Time stamp when entered, executed, changed, or canceled
Cabinet Trade / Accommodation Trade
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