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Re: gyro 1 post# 982

Tuesday, 07/05/2016 9:06:04 PM

Tuesday, July 05, 2016 9:06:04 PM

Post# of 2531
Just read this: http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=1675&print=1

It describes the requirements for brokers and dealers to be able to quote a stock. Specifically a broker or dealer must have on hand current financial details to be able to quote a stock. There is an exemption clause to this called the piggy back clause. This allows a broker to piggy back one quote after a previous one provided that it has been quoted for 12 days in the last 30 *and* there have not been any interruption to quotes for 4consecutive days.

By suspending trading, the sec have forced a break of 4 days. This means that a dealer or broker now needs to have *up to date* Financials before they can quote the stock!!!!

It looks like they are using the brokers to try and obtain up-to-date Financials.
Just my non expert interpretation
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