Price which is not negotiable.

A stated price which the maker of a firm bid or firm offer is obliged to meet if the bid or offer is accepted within the specified time.

A designation that a quotation bid or offer price) will not be changed for a specified period of time ( i.e., “firm”) and will be the price of any transaction executed with the party to whom the quotation is given during that period.  The broker-dealer giving a firm quotation also commits itself not to effect a transaction in the securities with any other party during that period.  Firm quotations may sometimes be subject to a “recall,” either immediately upon notice or after a specified period.  Alternatively, the quotation might be “firm, fill or kill,” in which case the quoting broker-dealer has the right to contact the second broker-dealer and inform it that it must execute a transaction against the offering price immediately or the quotation will be withdrawn.  Compare:  SUBJECT BID/OFFER.  See:  QUOTATION.