Free Series 57 Practice Exam
Free Series 57 Securities Trader practice exam covering equity trading activity, market making, Regulation SHO, and FINRA trading rules. No signup required.
Trading Activity & Conduct
Order handling, trade reporting, best execution, front-running, trading ahead, and prohibited trading practices. ~48% of Series 57 — largest section.
Equity Security Trading Rules
Regulation NMS, short sale rules (Regulation SHO), trading halts, circuit breakers, and exchange rules. ~22% of Series 57.
Compliance & Regulatory Requirements
Recordkeeping, trade reporting to FINRA, regulatory examinations, and broker-dealer compliance obligations for trading operations. ~18% of Series 57.
Market Making
Market maker obligations, quote requirements, trading on the bid and offer, and stabilization. ~12% of Series 57.
Full Series 57 Practice Exam
All four sections mixed and weighted by the official FINRA Series 57 blueprint. 50 questions, 105 minutes.
About the Series 57 Exam
The Series 57 Securities Trader exam is a FINRA-administered qualification required for registered representatives engaged in proprietary trading of equity securities and equity options for broker-dealer accounts. It replaced the broader Series 55 Equity Trader exam and is required for anyone whose primary function is trading equities — including market makers, proprietary traders, and algorithmic trading desk personnel. Unlike sales-focused licenses, the Series 57 focuses on the mechanics of market structure, trading rules, and regulatory obligations specific to trading activity.
The exam contains 50 scored questions (60 total including 10 unscored) across four content areas: Trading Activity and Conduct (48%), Equity Security Trading Rules (22%), Compliance and Regulatory Requirements (18%), and Market Making (12%). You have 105 minutes to complete the exam and must score at least 70% to pass. The SIE is required as a co-requisite, and firm sponsorship from a FINRA-member broker-dealer is required to register.
Study Tips
Trading Activity and Conduct dominates at 48% — master the prohibited trading practices including front-running (trading ahead of customer orders), trading ahead, spoofing, layering, and wash sales. Regulation NMS is critical for the Equity Trading Rules section — understand the Order Protection Rule (trade-through rule), the Access Rule (fair access to quotations), and the Limit Order Display Rule. For Regulation SHO (short sales), know the locate requirement (must borrow before shorting), the close-out requirement for fail-to-deliver positions, and the alternative uptick rule (Rule 201) that restricts short selling in a declining stock. FINRA trade reporting rules and the FINRA Trade Reporting Facility (TRF) appear consistently in the Compliance section.