Finra Series-63 Exam - Topic 5 Question 23 Discussion

Actual exam question for Finra's Series-63 exam

Question #: 23
Topic #: 5

Your client calls you with a market order to purchase 500 shares of the stock of Oracle and asks when payment will be due. If today is Wednesday, September 15th, you inform the client that payment is due on

AMonday, September 20th.

BThursday, September 16th.

CFriday, September 17th.

DSaturday, September 18th.

Show Suggested Answer

Suggested Answer: A

If your client places an order to purchase 500 shares of Oracle on the open market on Wednesday, September 15th, payment will be due on Monday, September 20th. The settlement date for stock transactions is T + 3, which means the third business day after the trade. Saturday is not a business day.

by Claudia at May 16, 2026, 06:44 AM

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Toi

16 days ago

I think payment is usually due two business days after the trade date, but I'm not entirely sure if weekends count.

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