Trade Report Modifiers

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Chapters in this video

  1. 0:00 As-of trades still need modifiers
  2. 1:35 NMS and OTC modifier counts
  3. 3:20 Stop-stock definition and price anchor
  4. 5:00 Ten-second relief and second time field
  5. 5:54 ISO block trade timestamps
  6. 6:31 Facility correction and timestamp parity
  7. 7:56 Rapid-fire exam recap

What this video covers

  • Why every last sale report, including an as/of trade, must carry the applicable trade report modifiers
  • How the National Market System (NMS) facilities use A through K with D reserved, creating 10 operative subparagraphs, versus 7 at the ORF
  • Why the ORF omits both Order Protection Rule trade-through modifiers and the catch-all modifier
  • How Stop Stock Price is anchored to the time the order is received, and why NMS and OTC execution language is not interchangeable
  • Why both execution and reporting must occur within the ten-second windows to leave off the modifier and second time field
  • What an ISO block trade must report about the time material terms become known, including routed order time when applicable
  • Why a facility correction does not excuse a missing modifier, and how consolidated audit trail (CAT) timestamp parity controls time-field precision

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This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 57 course also includes adaptive practice questions and spaced-repetition flashcards, available in Free Beta.

Read the Free Lesson → free · no signup wall