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A customer receives a confirmation that discloses the firm has acted in a principal capacity.

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A customer receives a confirmation that discloses the firm has acted in a principal capacity. Which of the following statements is the best explanation for this disclosure?

A.

The firm is selling to the customer from its inventory.

B.

The firm is acting as an intermediary between the customer and an unrelated firm.

C.

The firm is acting as an intermediary between the customer and another customer.

D.

The firm matched the customer's purchase with a sell order listed on an electronic communication network (ECN).

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