LIMIT ORDER PROTECTION RULE Definition

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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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SUBSIDIARY BOOKS see SUBSIDIARY LEDGER.

PURCHASE AND INSTALLMENT SALEBACK, in real estate, is a contract purchase of real property upon the completion of construction. The subject property is then immediately sold back on a long-term installment contract.

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