FIRM Definition

FIRM is members of a business organization that owns or operates one or more establishments, e.g. a legal or accounting firm.

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PLEDGED ASSET is an asset that is transferred to a lender as security for debt. The lender of the debt takes possession of the pledged asset, but does not have ownership unless default occurs.

LIMIT ORDER PROTECTION RULE, FIINRA Rule 6541, prohibits member firms from "trading ahead" of customer limit orders that a member accepts. Members handling customer limit orders are prohibited from trading at prices equal or superior to that of the customer limit order without also executing that order at the limit price.

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