Timing of Trade Reports

What this video covers

• What the core normal-hours rule requires for national market system (NMS) stocks and over-the-counter (OTC) equity securities: report as soon as practicable, no later than 10 seconds after execution, from 9:30 a.m. to 4:00 p.m. Eastern
• Why 10 seconds is a ceiling rather than a target, why deliberate last-second programming is prohibited, and why missing the window creates an automatic late designation
• How a system or transmission failure changes the reporting route: the Alternative Display Facility (ADF) permits telephone, facsimile, or email, while other facilities use telephone only, and Form T is not a convenience fallback
• How early pre-market, late pre-market, after-hours, and overnight windows differ by facility, including the outside-normal-hours modifier and the as/of designation
• When the qualifying overnight exception at the Trade Reporting Facilities allows reporting by 8:15 a.m., including its special pricing formula and overnight batch or exchange-traded fund (ETF) net asset value (NAV) conditions, and how restricted equity securities under the qualified institutional buyer (QIB) safe harbor instead use a same-business-day clock
• When execution occurs for direct participation program (DPP) securities: only after agreement on all essential terms, including price and number of units
• How cancellation clocks start at the earliest triggering event, how facility cutoffs differ, which two fields a reversal requires, and why a missed deadline never removes the reporting obligation