RetireJapan

Can someone please explain to me in laymen's terms why I can't buy a stock. It comes up with an error of;

"Order rejected: No opening transactions are allowed on securities affected by amendments to SEC Rule 15c2-11."

I read the amendments and Rule 15c2-11 requires market makers to review basic issuer information prior to publishing quotations for that issuer's securities. BUUUT I honestly have no idea what that means.

Cheers Fellas!

Not sure, but my googling seems to indicate it bears on "stock" that is so lightly traded that there's really no market for it. The broker giving a price for it may be throwing darts (guessing/speculating), and to prevent abuse there are some compliance requirements.

Would you care to say what stock it is that you want to buy?

In light of the restricted nature of PORTAL securities, it is likely that such securities will be infrequently quoted and, thus, PORTAL Dealers and PORTAL Brokers that wish to post quotations in such securities will often be subject to the compliance requirements of Rule 15c2-11; ...