Final answer:
The first step in the trade order process is 'c. execution', where the broker buys or sells the securities as instructed. Following the execution, the process includes trade confirmation, trade affirmation, and ultimately, trade settlement.
Step-by-step explanation:
The first step in the trade order process is c. execution. This step involves the actual buying or selling of the securities as instructed by an investor or trader. The process begins when the investor places an order with their broker. Once the broker executes this order on the appropriate exchange or over-the-counter market, the transaction is considered executed.
After execution, the remaining steps will follow, which include trade confirmation, where the details of the executed order are confirmed to the investor, and trade affirmation, where both parties agree on the trade details. The final step in the process is trade settlement, which is the actual transfer of securities and funds between buyer and seller.