Trade Report Modifiers and Special Conditions

What this video covers

• Why a short exempt mark only covers the alternative uptick price test exemption, not locate or close-out duties under Regulation SHO (Reg SHO)
• How the absence of a short modifier is itself a marking that falsely reports a trade as a long sale
• The strict facility division: National Market System (NMS) stock reports go to the Trade Reporting Facility (TRF) or Alternative Display Facility (ADF), while over-the-counter (OTC) equity reports go to the OTC Reporting Facility (ORF)
• Why coordinated wash trading and dominating both sides of a market through executed reports violates the reporting-side anti-manipulation standard, even when no customer is harmed
• The distinction between reporting-side violations (manipulation through finalized trade reports) and quoting-side violations (manipulation through open quotes, such as spoofing)
• How the trade information request rule creates a separate, independent violation for slow or incomplete production, regardless of whether the underlying trades were clean
• Why modifiers are independent and stack on a single report (the "modifier sandwich"), with each omitted or incorrect modifier producing its own violation