At the beginning of the trading day, a customer calls in and wishes to buy 1,000 shares of ABC Incorporated at a limit price of $40.00 per share. The customer wishes to leave the order outstanding through the close of trading on that day. The following purchases took place in the customer's account over the trading day: - Buy 275 shares at $39.75 - Buy 200 shares at $39.95 - Buy 300 shares at $39.90 At the close of the day, the remaining order for 225 shares has not been filled. Which of the following is TRUE of this scenario?[A]The customer's remaining order for 225 shares is cancelled at the close of trading and the customer must accept the 775 shares that were purchased over the trading day.[B]Due to the fact that there was partial execution of the order, the customer is permitted to demand completion of the order as long as the average price of all shares purchased is less than $40 per share.[C]Because the order was only partially executed, this customer reserves the right to refuse the partial fill and cancel the entire order.[D]Because the order was only partially executed, the broker/dealer firm is permitted to fill the remaining order for 225 shares when trading commences the following business day.

Correct option A

Explanation:

The order specified had no special instructions other than the limit price. This will indicate that a partial fill of the order is acceptable. Each of the purchases listed were below the $40/per share limit price, so all are acceptable. The outstanding order for the remaining shares that were not purchased will be cancelled, because the order was only good for the day. The firm may not purchase shares above the limit price for this customer, regardless of whether or not the average overall price ends up being less than $40 per share. All shares must be purchased on the day the order was entered and must have a price of $40 or better.

[A]The customer's remaining order for 225 shares is cancelled at the close of trading and the customer must accept the 775 shares that were purchased over the trading day.

Explanation:

The specified order seemed to have no specific instructions apart from the price of the limit.

This will mean acceptability of partial order filling. Each one of the sales mentioned were below the price limit of $40/per share, so they are all appropriate.

The unpaid request for the outstanding unbought shares will also be terminated, since the order was only valid for that day. For this client, the firm may not buy shares above the maximum price, irrespective of whether or not the overall average cost winds up being less than $40 per share.

On the day the order was issued, all shares must be bought, and should have a $40 or better cost.

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