"On Thursday, May 16th, a registered representative receives an order to sell 100 shares of ABC stock that has been "transferred and shipped" to the customer. Before executing the order, the registered representative must make sure the securities can be delivered by:"

Monday, May 20th

FINRA rules states for orders to sell, the said firm must give strong assurance that the securities will be delivered within 2 business days. Doing the math; two business days after Thursday May 16th falls on a new week which would be Monday May 20th.

Monday 20th

Explanation:

The FINRA rule says that an order to sell cannot be received unless the firm is sure they can deliver the securities within 2 business days.

The two business days here are "Friday 17th and Monday 20th".Saturday 18th and Sunday 19th are non business days.

It must also be noted that the order ticket to sell must carry the location of the order.

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answer; decentralized;