Currency exchange trading – He may find the stock quoted 80…›-80¼.


Obviously your order will not be filled on that basis. But the broker, in any event, will record your order to buy 100 shares @ 80. He waits. In due course, the market dips and you get your stock. Then what happens? Your transaction is immediately reported by the broker to the clerk, who reports it back to your brokerage firm.

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