Q1. The trading of exchange registered securities over the counter by non-exchange member firms is called:

A)   the fourth market.

B)   block trading.

C)   the third market.

Q2. Which of the following statements about security markets is least accurate?

A)   Secondary market refers to the trading of outstanding securities.

B)   Third market refers to OTC trading of exchange listed securities.

C)   Primary market refers to the trading of securities on a major market such as the NYSE in the US.

Q3. Which of the following statements about U.S. securities markets is most accurate?

A)   The U.S. OTC market is a subset of what is known as the Fourth Market.

B)   To be traded on the OTC market, a security must first be approved by the National Association of Securities Dealers.

C)   The U.S. OTC market is the largest U.S. secondary market in terms of the number of issues traded.

Q4. Stop loss sell orders are:

A)   placed to protect the gains on a long position.

B)   placed to protect a short position.

C)   executed on an uptick only.

Q5. Which of the following is a securities market characterized by matching large buy and sell orders on electronic crossing networks?

A)   OTC market.

B)   New York Stock Exchange.

C)   Fourth market.

答案和详解如下：

Q1. The trading of exchange registered securities over the counter by non-exchange member firms is called:

A)   the fourth market.

B)   block trading.

C)   the third market.

Correct answer is C)

The third market is the portion of the Over the Counter (OTC) market in which non-member investment firms can make markets in and trade registered securities without going through the exchanges. The fourth market describes the direct trading of exchange-listed stocks between investors, for example by using electronic communications networks or electronic crossing systems. Block trades are large trades often made by institutions.

Q2. Which of the following statements about security markets is least accurate?

A)   Secondary market refers to the trading of outstanding securities.

B)   Third market refers to OTC trading of exchange listed securities.

C)   Primary market refers to the trading of securities on a major market such as the NYSE in the US.

Correct answer is C)

Primary capital markets refer to the sale of new issues of bonds or stocks.

Q3. Which of the following statements about U.S. securities markets is most accurate?

A)   The U.S. OTC market is a subset of what is known as the Fourth Market.

B)   To be traded on the OTC market, a security must first be approved by the National Association of Securities Dealers.

C)   The U.S. OTC market is the largest U.S. secondary market in terms of the number of issues traded.

Correct answer is C)

The OTC market is the largest U.S. market in terms of number of issues traded. However, it is about sixty percent of the size of the NYSE in terms of value. Stocks listed on an exchange may also be traded in the OTC market. While a stock must meet certain minimum listing requirements to trade on the Nasdaq system, the NASD does not "approve" securities. The fourth market refers to trading of exchange-listed shares that takes place on alternative trading systems such as electronic crossing networks.

Q4. Stop loss sell orders are:

A)   placed to protect the gains on a long position.

B)   placed to protect a short position.

C)   executed on an uptick only.

Correct answer is A)

Stop loss sell orders are limit sell orders that are placed below market price. When the share price drops to the designated price, a sell order is executed protecting the investor from further declines.

Q5. Which of the following is a securities market characterized by matching large buy and sell orders on electronic crossing networks?

A)   OTC market.

B)   New York Stock Exchange.

C)   Fourth market.

Correct answer is C)

The fourth market refers to alternative trading systems, including electronic communications networks and electronic crossing networks.

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