What should be done when a voice broker calls “off” at the very instant the...

The transaction should be concluded and the broker should inform both counterparties accordingly.

The dealer who hits the broker’s price may decide whether the deal is done or not; the broker should inform both counterparties accordingly.

The deal should not be concluded and the broker should inform both counterparties accordingly.

The broker should immediately inform both counterparties that the deal will have to berenegotiated.