To clear a trade a broker/dealer needs the following four departments: Order Department, Purchase and Sales Department, Margin Department, and a Cashiering Department. The flow of an order through a clearing firm 1. Order department transmits the order to the appropriate market center for execution. 2. Purchase and Sales Department generates confirmations and matches trades. 3. Margin Department determines whether monies and securities are due. 4. Cashiering department takes delivery of monies and securities. Introducing firms do not have these departments. They introduce their clients to a clearing firm. This relationship is "fully disclosed" to the customers. For example, on customer statements: "Newport Securities as introduced to National Financial"

Bring questions about your SIE Exam, Series 6 Exam, Series 7 Exam, Series 63/65/66 Exam, Series 9/10 Exam or Series 24 Exam. Share our weekly community meeting with any test takers you know. livestream@guruexamprep.com to email questions early. We END each live stream with a drawing for a FREE coaching call or class and START each live stream with debrief from victorious test takers in the previous week. Live chat Q&A in between. Our weekly community Q& A live stream helps FINRA & NASAA test takers learn more about their exam, ask questions about their exam, hear answers to questions they might not have thought of about their exam. No live stream Q&A is like the last live stream Q&A. Always new and exciting. Chat with test takers in a similar situation as yours. Great community support, camaraderie, fun, and fellowship. Morale boosts from victorious test takers who pop in from time to time. The live stream is for all FINRA and NASAA exams. That includes SIE Exam, Series7 Exam, Series 6 Exam, Series 63 Exam, Series 65 Exam, Series 66 Exam, Series 9/10 and Series 24. Check out our sister reddit communities and Facebook community for SIE and Series 7 https://www.reddit.com/r/Series7/ https://www.facebook.com/groups/babybrokersdoinghattricks/ Series 6 Exam https://reddit.com/r/Series6/ Series 63/65/66 Exams https://www.reddit.com/r/Series66/ Series 9/10 and Series 24 Exams https://www.reddit.com/r/Series24

Bring questions about your SIE Exam, Series 6 Exam, Series 7 Exam, Series 63/65/66 Exam, Series 9/10 Exam or Series 24 Exam. Share our weekly community meeting with any test takers you know. livestream@guruexamprep.com to email questions early. We END each live stream with a drawing for a FREE coaching call or class and START each live stream with debrief from victorious test takers in the previous week. Live chat Q&A in between. Our weekly community Q& A live stream helps FINRA & NASAA test takers learn more about their exam, ask questions about their exam, hear answers to questions they might not have thought of about their exam. No live stream Q&A is like the last live stream Q&A. Always new and exciting. Chat with test takers in a similar situation as yours. Great community support, camaraderie, fun, and fellowship. Morale boosts from victorious test takers who pop in from time to time. The live stream is for all FINRA and NASAA exams. That includes SIE Exam, Series7 Exam, Series 6 Exam, Series 63 Exam, Series 65 Exam, Series 66 Exam, Series 9/10 and Series 24. Check out our sister reddit communities and Facebook community for SIE and Series 7 https://www.reddit.com/r/Series7/ https://www.facebook.com/groups/babybrokersdoinghattricks/ Series 6 Exam https://reddit.com/r/Series6/ Series 63/65/66 Exams https://www.reddit.com/r/Series66/ Series 9/10 and Series 24 Exams https://www.reddit.com/r/Series24