FIRM QUOTATION Definition

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FIRM QUOTATION is the requirement that a Market Maker execute an order from another broker/dealer at its displayed price for the normal unit of trading, or for its displayed size, whichever is greater.

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ESCHEAT is the reversion of property to the state (government) in the absence of legal heirs or claimants.

FIXED RATE MORTGAGE is a mortgage with level monthly payments determined at the outset of the mortgage and remaining constant throughout the life of the mortgage.

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