Workout quote is a non-firm quote that requires handling and settlement conditions to be worked out between the parties, prior to the trade.
Some times a transaction in in a non liquid security such as a penny stock or a municipal bond with a small float will have to have the terms and conditions of the trade worked out prior to execution. This may be due to the fact that the securities for which the workout quote has been given may have to be located in order to complete the transaction.
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