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Kaplan Series 7 General Securities Representative Exam License Exam Manual (7th Edition)

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The vast majority of stock transactions are for round-lot numbers of shares— that is, share amounts evenly divisible by 100. Odd-lot transactions are share amounts of fewer than 100 shares, such as 4 or 99. Individual stock certificates may be issued for any number of shares. indb 20 3/7/2011 9:16:06 AM 21 Unit 1 Equity Securities ✓ T ake N ote For over-the-counter (OTC) equity securities that trade at or above $175 per share, the unit of trade or round lot will be 1 share. For these securities, trades of less than 100 shares will no longer be considered odd-lot transactions and for last sale dissemination purposes will be treated as round lots.

1. 3 Currency Risk In addition to the normal risks associated with stock ownership, ADR investors are subject to currency risk, the possibility that an investment denominated in one currency could decline if the value of that currency declines in its exchange rate with the US dollar. Currency exchange rates are an important consideration because ADRs represent shares of stock in companies located in foreign countries. 1. 8. 1. 4 Registered Owner ADRs are registered on the books of the US banks responsible for them.

Indb 22 3/7/2011 9:16:07 AM Unit 1 Equity Securities 23 1. 6 Tracking Equity Securities Common and preferred stock prices are listed in the financial sections of daily newspapers and other financial publications. A stock’s market price is quoted in whole dollars, also known as points, plus cents. T est T opic A lert The test will probably require you to determine the cost of a round lot of stock in whole dollars from its quoted price. 13, how much does the investor pay for 100 shares? To determine the price of a round lot, simply multiply by 100 (move the decimal point two places to the right).

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