Series 7 Quiz
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FUNCTION 4: PROCESSES TRANSACTIONS
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Equity trade settlement: On Thursday (T), a customer sells 200 shares of DEF held in certificate form. The certificate is registered in the customer's name. The trade is executed and confirmed, and DEF is a regular-way equity trade with T+1 settlement. The customer brings the certificate to the branch on trade date, but forgets to sign the back. The operations principal explains that for good delivery, the certificate must be properly endorsed exactly as registered, or the customer may sign a separate stock power. The signature must be guaranteed (medallion or acceptable guarantee), and the certificate must be in good condition with no alterations. If the endorsement is missing or the name does not match, the receiving firm can reject delivery and the trade may fail. What endorsement requirements are needed for delivering securities?
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