Trading and Market Making Activities

This chapter covers the market-facing part of principal supervision: order handling, execution, market making, trade reporting, and the operational controls that connect trading activity to clearance and settlement. Series 24 expects the principal to supervise these workflows at a systems level, not merely remember that certain trading practices are prohibited.

Read the chapter in execution order. Start with order entry and routing controls, move into post-trade booking and settlement supervision, then finish with trade reporting, market-structure obligations, and the control points that catch exceptions before they become regulatory events.

In this section

• Order Entry, Routing, and Execution Supervision
  Review best execution, order handling, routing supervision, and execution controls tested in the trading portion of Series 24.
• Booking, Settlement, and Clearance Supervision
  Learn how Series 24 tests principal supervision of post-trade processing, clearance, settlement exceptions, and operational controls.
• Trade Reporting and Market Structure Controls
  Study trade-reporting supervision, market-structure obligations, and the reporting-control logic a Series 24 principal must understand.