• Is the oral report or order given between the parties in a transaction. Verbal fills or order executions must be followed by written documentation of the transaction. This documentation is the confirmation.
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| ||Confirm: Is a ratification of an order. Usually it is in written form, however Verbal confirms must be subsequently validated by a written record of the transaction. See confirmation.|
| ||Trade: A transaction involving the sale and purchase of a security.A Verbal (or electronic) transaction involving one party buying a security from another party. Once a trade is consummated, it is considered done or final. Settlement occurs 1-5 business days later.|