contestada

A customer tells his broker "Sell my position in ABCD (a NASDAQ stock) and use the proceeds to buy EFGH (another NASDAQ stock)."
Under the 5% Policy, the customer will be charged a commission or mark-up based on the:

A. purchase of EFGH only
B. sale of ABCD only
C. purchase of EFGH separately; and the sale of ABCD separately
D. purchase of EFGH and the sale of ABCD combined