SIE Exam Question 705: Answer and Explanation

Question: 705

Which of the following was established by FINRA as an integrated audit trail of order, quote, and trade information for all National Market System stocks and OTC equity securities?

• A. ACATS
• B. EMMA
• C. NBBO
• D. OATS

Correct Answer: D

Explanation:

OATS (Order Audit Trail System) was established by FINRA as an integrated audit trail of order, quote, and trade information for all National Market System stocks and OTC equity securities.