A member who feels that a trade was reported in error may have the trade reviewed by NASDAQ Market Operations, if they are unable to resolve the issue with the contra broker dealer. The party bringing the complaint must submit a written request to NASDAQ Market Operations by fax or other acceptable means by 10:30 AM EST for trades occurring prior to 10:00 AM EST and within 30 minutes for trades occurring after 10:00 AM EST. Once a complaint has been filed, the firm bringing the complaint has 30 minutes to provide additional documentation. The broker dealer responding to the complaint will receive telephone notification and will be given 30 minutes to submit documentation. Once both parties have indicated that they have submitted all documentation, they may not submit additional documentation. The matter will then be reviewed by a NASDAQ Market Operations Hearing Officer. The Hearing Officer may cancel the trade, modify the trade, or allow the trade to stand. Both parties will receive telephone notification and a written report. Either party may appeal the decision of The Hearing Officer if the appeal is filed in writing within 30 minutes of receiving telephone notification of the decision for decisions received prior to 4:00 PM. If the decision is received after 4:00 PM the appealing firm has until 9:30 AM to file a written appeal. All appeals will be made to The Market Operations Review Committee. Upon final decision either party is free to file a claim in arbitration. Appealing the decision does not stay the original decision of The Hearing Officer. If the NASDAQ system causes erroneous reports to take place, NASDAQ Market Operations can automatically correct or break the trade within 30 minutes of detection. The NASDAQ may correct trades caused by system malfunctions up to 6:00 PM EST on the day after the trade date.

Need Help Passing Your Series 57 Exam?



The Order Audit Trail System / OATS

Related Articles
  1. Trading

    These Are The Best Hours To Trade the British Pound

    The best times to trade the British pound are centered around economic releases at 1:30 am, 2:00 am, 8:30 am and 10:00 am U.S. ET.
  2. Investing

    The Handy Guide To Global Stock Market Holidays

    Exchanges close on holidays--which vary by country. If you're a global trader, it's useful to have this handy Investopedia bank holiday reference.
  3. Insights

    Trump's Cabinet: The Senate Confirmation Hearings Schedule

    Jeff Sessions just gave his opening remarks in the first round of Congressional hearings on Trump's cabinet picks.
  4. Small Business

    Wall Street: Where The Customer Is Always Wrong

    In the financial industry, there's not much emphasis placed on dealing with customer complaints, but there should be.
  5. Insights

    8 Biggest Global Trade Offenders

    Countries launch protectionist policies to keep domestic producers safe. We list the top eight offenders.
  6. Investing

    The Two Biggest Flash Crashes of 2015

    A flash crash occurs when prices plunge in minutes, and then often recover just as quickly. Here are two major flash crashes that occurred in 2015.
  7. Trading

    Strategies For Part-Time Forex Traders

    We present some ways that you can still profit in forex, even with an inconsistent trading schedule.
  8. Trading

    Activities You Can Take Advantage Of In The Pre-Market And After-Hours Trading Sessions

    A great deal can happen in between the New York close of the market and the open the following morning. Learn how you can access opportunities and hedge against risk outside regular trading hours.
  9. Trading

    The Best Hours To Trade The Swiss Franc

    Diverse reporting schedules keeps Swiss franc forex markets active and liquid between midnight and noon U.S. Eastern Time.
  10. Trading

    Trading In The Pre- And Post-Market Sessions

    After-hours trading may have benefits for traders, but there are some potential problems.
Frequently Asked Questions
  1. Where else can I save for retirement after I max out my Roth IRA?

    The first option to explore is to determine if you can contribute to a 401(k), 403(b), or 457 plan at work. If your employer ...
  2. How did George Soros "break the Bank of England"?

    In Britain, Black Wednesday (September 16, 1992) is known as the day that speculators broke the pound. They didn't actually ...
  3. What counts as "debts" and "income" when calculating my debt-to-income (DTI) ratio?

    It's important to know your debt-to-income ratio because it's the figure lenders use to measure your ability to repay the ...
  4. Who are Monsanto's main competitors?

    Learn about Monsanto Company's two main operating divisions and its main competitors within each sector, including The Mosaic ...
Trading Center