Reporting Firm 10 Second Compliance Report Card

The Reporting Firm 10 Second Compliance Report Card are monthly status reports for market participant that contain counts of properly modified late trades, late trades that were not modified, and improperly modified trades.

Reporting Firm is defined as the firm that reported the Executing Party of the trade.

Member firms are required to report trades in accordance with established FINRA rules and regulations. FINRA member firms are required to report trades as soon as practicable but no later than 10 seconds after execution.  If your firm engages in a pattern or practice of late trade reporting or improperly reporting trades, the firm may be found to be in violation of FINRA Rule 2010 and applicable FINRA trade reporting rules. Firms should make no inference, however, that FINRA staff has or has not determined that the information contained on the Reporting Firm 10 Second Compliance Report Card does or does not constitute FINRA rule violations.

For more information about trade reporting, see FINRA's Trade Reporting Frequently Asked Questions.

Report Glossary

 The tables below provide a reference description for all of the data found in the Reporting Firm 10 Second Compliance Report Card. (See  Reporting Firm 10 Second Compliance Report Card Figures 1 - 2 for a sample segment of the report.)

Term

Definition
Industry The industry consists of all market participants who have at least one transaction for the selected month and year.
MP Market Participant
Peer Group A peer group or tier consists of firms within the same predetermined range of transactions, as identified in the table below:

 

NASDAQ

CQS

OTC-Foreign and Other

All

Peer Group/Tier

Number of Transactions

Peer Group/Tier

Number of Transactions

Peer Group/Tier

Number of Transactions

Peer Group/Tier

Number of Transactions
1 1,000,000 or more 1 500,000 or more 1 30,000 or more 1 1,000,000 or more
2 100,000 to 999,999 2 30,000 to 499,999 2 1,000 to 29,999 2 100,000 to 999,999
3 35,000 to 99,999 3 1,000 to 29,999 3 1 to 999 3 35,000 to 99,999
4 10,000 to 34,999 4 1 to 999 Not Applicable 4 10,000 to 34,999
5 1,000 to 9,999 Not Applicable Not Applicable 5 1,000 to 9,999
6 1 to 999 Not Applicable Not Applicable 6 1 to 999

 

Term

Definition
All Time Intervals This column contains a total count of all time intervals. For the rows that contain transaction and alert information, this column contains the total number of transactions or alerts for the selected MP for the selected month and year. For the rows that contain the percentages and percentiles, the information contained in this column is derived based on the total alerts and transactions for the reporting MP for the selected month and year. (Please refer to the definitions for the percentages and percentile for the algorithms that are used to derive percentages and percentiles.)
Total # of Media Reported Trades This is the total number of media reported trades for the selected MP for the selected month and year for the given time interval. (Total Reporting MP Media Reported Trades)
Total # of Alerts This is the sum of the total number of properly modified late trades (total MLT), the total number late trades that were not modified (total ULT), and the total number of improperly modified trades (total MT) for the selected MP for the selected month and year in a given time interval. (TA = total MLT + total ULT + total MT)
Firm % This is the percentage of the total alerts (TA) to total reporting firm media reported trades for the selected MP for the selected month and year in a given time interval. (Firm % = (TA / Total Reporting MP Media Reported Trades) x 100)

 


Reporting Firm 10 Second Compliance Report Card Figure 1

Term

Definition
Properly Modified Late Trades
Z Number (Late During Regular Market Hours) This is the total number of trades properly modified with a Z modifier (reported more than 10 seconds after execution) for the selected MP for the selected month and year in a given time interval.
U Number (Late During Extended Market Hours) This is the total number of trades properly modified with a U modifier  (trade execution time was between 00:00:01 and 07:59:59 and reported after 08:15:01 or trade execution time was reported and trade executed between 08:00 and 09:30 or between 16:00 and End of Day) but reported more than 10 seconds after execution for the selected MP for the selected month and year in a given time interval.
"As-Of" Number This is the total number of trades that were reported on a trade date other than the execution date and properly reported as-of for the selected MP for the selected month and year in a given time interval.
Total Number This is the total number of properly modified late trades (MLT) for the selected MP for the selected month and year in a given time interval. (Total MLT = Total SLD + Total SB + Total AS-OF)
Firm % This is the percentage of properly modified late trades to total reporting firm media reported trades for the selected MP for the selected month and year in a given time interval. (MLT %= (Total MLT / Total Reporting MP Media Reported Trades) x 100)
Peer Group
Number in Population This is the total number of reporting MPs in the peer group for the selected month and year.
Average % This is the percentage of properly modified late trades to total reporting firm media reported trades among the firms in the selected MP's peer group for the selected month and year in a given time interval. (AVG MLT % = (Total # MLT for All Firms in Peer Group in this Time Interval / Total # Transactions for All Firms in Peer Group in this Time Interval) x 100)
Best % This is the best (lowest) percentage of properly modified late trades to total reporting firm media reported trades among the firms in the selected MP's peer group for the selected month and year in a given time interval.
Rank This is the rank of the selected MP relative to other MPs in its peer group based on its percentage of total alerts to total transactions for the selected month and year. The reporting MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile This is the selected MP's percentile (PERC), relative to its peers, for its percentage of properly modified late trades to total reporting firm media reported trades for the selected month and year in a given time interval. This percentile is calculated by sorting or ranking the firms based on percentage of properly modified late trades (MLT %). Once the firms are ranked, the percentile can be determined. A percentile of 100 represents the highest ranking and a percentile of 0 represents the lowest ranking. (MLT PERC = ((Number of Firms in Peer Group - RANK of Firm) / Number of Firms in Peer Group) x 100)
Industry
Number in Population This is the total number of reporting MPs in the industry for the selected month and year.
Average % This is the percentage of properly modified late trades to total reporting firm media reported trades among the firms in the selected MP's industry group for the selected month and year in a given time interval. (AVG MLT %= (Total # MLT for All Firms in Industry Group in this Time Interval / Total # Transactions for All Firms in Industry Group in this Time Interval) x 100)
Best % This is the best (lowest) percentage of properly modified late trades to total reporting firm media reported trades among all participating member firms for the selected month and year in a given time interval.
Rank This is the rank of the selected MP relative to other reporting MPs in the industry based on its percentage of total alerts to total transactions for the selected month and year. The reporting MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile This is the selected MP's percentile relative to the industry for its percentage of properly modified late trades to total reporting firm media reported trades for the selected month and year in a given time interval. This percentile is calculated by sorting or ranking the firms based on percentage of modified late trades (MLT %). Once the firms are ranked, the percentile can be determined. A percentile of 100 represents the highest ranking and a percentile of 0 represents the lowest ranking. (MLT PERC = ((Number of Firms in Industry - RANK of Firm) / Number of Firms in Industry) x 100)

 


Reporting Firm 10 Second Compliance Report Card Figure 2

 

Term

Definition
Late Trades That Were Not Modified
Z Number This is the total number of  trades that were reported more than 10 seconds after execution and during normal market hours but were not modified with the Z modifier for the selected MP for the selected month and year in a given time interval.
U Number This is the total number of trades with an execution time between 00:00:01 and 07:59:59 and reported after 08:15:01 and not modified with the U modifier.  The category alos includes trades with an execution time was reported and trade executed between 08:00 and 09:30, or, between 16:00 and End of Day) but reported more than 10 seconds after execution and not modified with the U modifier for the selected MP for the selected month and year in a given time interval.
Total Number This is the total number of late trades that were not modified with the required corresponding modifier (UMLT) for the selected MP for the selected month and year in a given time interval. (Total UMLT = Total UM SLD + Total UM ST)
Firm % This is the percentage of late trades taht were not modified with the required corresponding modifier to the total reporting firm media reported trades for the selected MP for the selected month and year in a given time interval. (UMLT % = (Total UMLT / Total Reporting MP Media Reported Trades) x 100)
Peer Group
Number in Population This is the total number of reporting MPs in the peer group for the selected month and year.
Average % This is the percentage of late trades that were not modified with the required corresponding modifier to the total reporting firm media reported trades among the firms in the selected MP's peer group for the selected month and year in a given time interval. (AVG UMLT % = ( Total # of UMLT for All Firms in Peer Group in this Time Interval / Total # Transactions for All Firms in Peer Group in this Time Interval) x 100)
Best % This is the best (lowest) percentage of late trades that were not modified with the required corresponding modifier to the total reporting firm media reported trades among the firms in the selected MP's peer group for the selected month and year in a given time interval.
Rank This is the rank of the selected MP relative to other reporting MPs in its peer group based on its percentage of total alerts to total transactions for the selected month and year. The reporting MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile This is the selected MP's percentile relative to its peers for its percentage of late trades that were not modified with the required corresponding modifier to the total reporting firm media reported trades for the selected month and year in a given time interval. A percentile of 100 represents the highest ranking and a percentile of 0 represents the lowest ranking. (UMLT PERC = ((Number of Firms in Peer Group - RANK of Firm) / Number of Firms in Peer Group) x 100)
Industry
Number in Population This is the total number of reporting MPs in the industry for the selected month and year.
Average % This is the percentage of late trades that were not modified with the required corresponding modifier to the total reporting firm media reported trades among the firms in the selected MP's industry group for the selected month and year in a given time interval. (AVG UMLT %= (Total # of UMLT for All Firms in Industry Group in this Time Interval / Total # Transactions for All Firms in Industry Group in this Time Interval) x 100)
Best % This is the best (lowest) percentage of late trades that were not modified with the required corresponding modifier to the total reporting firm media reported trades among all participating member firms for the selected month and year in a given time interval.
Rank This is the rank of the selected MP relative to other reporting MPs in the industry based on its percentage of total alerts to total transactions for the selected month and year. The reporting MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile This is the selected MP's percentile relative to the industry for its percentage of late trades that were not modified with the required corresponding modifier to the total reporting firm media reported trades for the selected month and year in a given time interval. A percentile of 100 represents the highest ranking and a percentile of 0 represents the lowest ranking. (UMLT PERC = ((Number of Firms in Industry - RANK of Firm) / Number of Firms in Industry) x 100)
Improperly Modified  Trades
Z Number This is the total number of trades improperly modified with the Z modifier, since the trades were reported within 10 seconds of execution during regular market hours, for the selected MP for the selected month and year in a given time interval.
T Number This is the total number of trades improperly modified with the T modifier, since the trades were executed during normal market hours, for the selected MP for the selected month and year in a given time interval.
P Number This is the total number of trades improperly modified with the P modifier, since the trades were reported within 10 seconds after execution, for the selected MP for the selected month and year in a given time interval.
Z should be T or U Number This is the total number of trades improperly modified with the Z modifier, since the trades should have been modified with the T or U modifier since the trades were executed outside normal market hours, for the selected MP for the selected month and year in a given time interval.
T should be Z Number This is the total number of trades improperly modified with the T modifier when the trade should have been modified with the Z modifier, since the trade were executed during market hours and reported more than 10 seconds after execution, for the selected MP for the selected month and year in a given time interval.
T should be U Number This is the total number of trades modified with the T modifier when the trades should have been modified with the U modifier (trade execution time was between 00:00:01 and 07:59:59 and reported after 08:15:01 or trade that was executed between 08:00 and 09:30 or between 16:00 and End of Day) and reported more than 10 seconds after execution for the selected month and year in a given time interval.
U Number  This is the total number of trades improperly modified with the U modifier, since the trades was reported within 10 seconds of execution after normal market hours, for the selected MP for the selected month and year in a given time interval.
Total Number This is the total number of improperly modified trades for the selected MP for the selected month and year in a given time interval. (Total IMP = Total IMP SLD + Total IMP T + Total IMP PRP + Total IMP SLD s/b T + Total IMP T s/b SLD + Total IMP T s/b U + Total IM ST)
Firm % This is the percentage of improperly modified trades to total reporting firm media reported trades for the selected MP for the selected month and year in given time interval. (IMP % = Total IMP / Total Reporting MP Media Reported Trades)
Peer Group
Number in Population This is the total number of reporting MPs in the peer group for the selected month and year.
Average % This is the percentage of improperly modified  trades to total reporting firm media reported trades among the firms in the selected MP's peer group for the selected month and year in a given time interval. (AVG IMP % = (Total # IMP for All Firms in Peer Group in this Time Interval / Total # Transactions for All Firms in Peer Group in this Time Interval) x 100)
Best % This is the best (lowest) percentage of improperly modified trades to total reporting firm media reported trades among the firms in the selected MP's peer group for the selected month and year in a given time interval.
Rank This is the rank of the selected MP relative to other reporting MPs in its peer group based on its percentage of total alerts to total transactions for the selected month and year. The reporting MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile This is the selected MP's percentile relative to its peers for its percentage of improperly modified trades to total reporting firm media reported trades for the selected month and year in a given time interval. This percentile is calculated by sorting or ranking the firms based on percentage of improperly marked late trades (IMP %). Once the firms are ranked, the percentile can be determined. (IMP PERC = ((Number of Firms in Peer Group - RANK of Firm) / Number of Firms in Peer Group) x 100)
Industry
Number in Population This is the total number of reporting MPs in the industry for the selected month and year.
Average % This is the percentage of improperly modified trades to total reporting firm media reported trades among the firms in the selected MP's industry group for the selected month and year in a given time interval. (AVG IMP % = (Total # IMP for All Firms in Industry Group in this Time Interval / Total # Transactions for All Firms in Industry Group in this Time Interval) x 100)
Best % This is the best (lowest) percentage of improperly modified trades to total reporting firm media reported trades for the industry for the selected month and year in a given time interval.
Rank This is the rank of the selected MP relative to other reporting MPs in its industry group based on its percentage of total alerts to total transactions for the selected month and year. The reporting MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile This is the selected MP's percentile relative to the industry for its percentage of improperly modified trades to total reporting firm media reported trades for the selected month and year in a given time interval. This percentile is calculated by sorting or ranking the firms based on percentage of improperly modified trades (IMP %). Once the firms are ranked, the percentile can be determined. (IMP PERC = ((Number of Member Firms - RANK of Firm) / Number of Member Firms) x 100)

 
Detail Data

Detail Data for the Reporting Firm Trade Reporting Report Card provides a list of late trade reports or improperly reported trade reports submitted by the market participant for itself or on behalf of another market participant.

Member firms are required to report trades in accordance with FINRA rules and regulations. Firms are required to report trades as soon as practicable but no later than 10 seconds after execution.  If your firm engages in a pattern or practice of late trade reporting or improperly reporting trades, the firm may be found to be in violation of FINRA Rule 2010 and applicable FINRA trade reporting rules. The data is the underlying detail of the alerts contained in the monthly Reporting Firm 10 Second Compliance Report Card.

Reporting Firm is defined as the firm that reported the Executing Party of the trade

The table below provides a reference description for all of the elements found in the Reporting Firm 10 Second Compliance Report Card Detail Data.

Term

Definition
Market Center ID Indicates the market center where the trade was reported.
  • D = FINRA Alternative Display Facility (ADF)
  • L = FINRA/Nasdaq Trade Reporting Facility (TRF)
  • N = FINRA/NYSE Trade Reporting Facility (TRF)
  • O = Over the Counter Reporting Facility (ORF)
  • g = Global OTC
Report Date Date the trade was reported to a FINRA Trade Reporting Facility.
Execution Date Date the trade was executed.
Report Time Time the trade was submitted to a Trade Reporting Facility
Execution Time Time the trade was executed.
Issue Symbol Symbol representing the stock traded.
Market Class The market classification of the issue symbol.
  • CQS = Consolidated Quotation System (NMS)
  • NNM = Nasdaq National Market (NMS)
  • SC = Nasdaq Capital Market (NMS)
  • OTC = Over the Counter
  • OTCBB = Over the counter Bulletin Board
Primary Reporting Firm Primary MPID of the firm that reported the Executing Party of the trade.
Reporting Firm MPID of the firm that reported the Executing Party of the trade.
Primary Executing Firm Primary MPID of the firm that  was the Executing Party of the trade.
Executing Firm MPID of the firm that was the Executing Party of the trade.
Executing Firm Capacity Capacity Code for the Executing Party of the trade.
Buy/Sell/Cross Buy/Sell/Cross indicator of the Executing Party of the trade.
  • B = Buy
  • S = Sell
  • X = Cross
Short Sale Code Code used to identify if the trade is a short sale.
  • SS - Short sale
  • SX = Short sale exempt
  • [blank] = not a short sale
Execution Quantity Number of shares traded.
Execution Price Price at which the trade was executed.
Primary Contra Reporting Firm Primary MPID of the contra reporting firm.
Contra Reporting Firm MPID of the contra reporting firm of the trade.
Contra Executing Firm MPID of the Contra Executing Party of the trade.
Contra Executing Firm Capacity Capacity Code for the contra Executing Party of the trade.
Accept Time Time the trade was accepted by the Contra Executing Party of the trade..
Decline Time Time the trade was declined by the Contra Executing Party of the trade.
Contra Report Time Time the Contra Executing Party submitted its side of the trade.
Contra Execution Time Time the Contra Executing Party identified when the trade was executed.
Assumed Execution Time This is the earliest time when comparing the trade Execution Time, Contra Report Time, Report Time, and Contra Execution Time.
Firm Entered Modifier 1 (Settlement Type) Settlement modifier entered by the firm when it reports the trade.
  • @ = Regular settlement
  • C = Cash Settled
  • N = Next Day
  • R = Seller's option
Firm Entered Modifier 2
(Reason for SEC Rule 611 Exception or Exemption)		 Trade Through Exemption modifier entered by the firm when it reports the trade.
  • F= Intermarket Sweep - Inbound
  • J = Sub-penny
  • V = Qualified Contingent Trade
  • O = Market Center Open
  • 2 = FINRA Self Help Indicator
  • 3= Intermarket Sweep - Outbound
  • 4 = Derivatively Price
  • 5 = Market Center Reopen
  • 6 = Market Center Closing
  • 7 = Error Correction
  • 8 = Print Protection
  • [blank] = No exemption
Firm Entered Modifier 3 (Late / Extended Hours) Modifier used to identify when the trade was executed. This modifier can either be entered by the firm when it reports the trade or appended by the Trade Reporting Facility.
  • Z = Executed during normal market hours and reported late
  • T = Executed outside normal market hours
  • U = Executed outside normal market hours and reported late
  • [blank] = Executed on time during normal market hours
Firm Entered Modifier 4 (SRO Required Detail) This identifier is a further classification of a trade with regard to SRO Required Detail. This modifier can either be entered by the firm or appended by the system.
  • 1 = Stop stock (regular trade)
  • A = Acquisition
  • I = Odd Lot
  • B= Average Price Trade (CQS Securities)
  • P = Prior Reference Price
  • R = Away from Market Sale
  • W = Average Price Trade (NNM, SC & OTC Securities)
  • X = Exercise of OTC options
  • [blank] = No unusual trade detail
Published Trade Modifier 1
(Settlement Type)		 Settlement modifier entered by the firm when it reports the trade.
  • @ = Regular settlement
  • C = Cash settled
  • N = Next Day
  • R = Seller's option
Published Trade Modifier 2 (Reason for SEC Rule 611 Exception or Exemption) Trade Through Exemption modifier entered by the firm when it reports the trade.
  • F = Intermarket Sweep - Inbound
  • J = Sub-penny
  • V= Qualified Contingent Trade
  • O = Market Cener Open
  • 2 = FINRA Self Help Indicator
  • 3 = Intermarket Sweep - Outbound
  • 4 = Derivatively Price
  • 5 = Market Center Reopen
  • 6 = Market Center Closing
  • 7 = Error Correction
  • 8 = Print Protection
  • [blank] = No exemption
Published Trade Modifier 3 (Late / Extended Hours) Modifier used to identify when the trade was executed. This modifier can either be entered by the firm when it reports the trade or appended by the Trade Reporting Facility.
  • Z = Executed during normal market hours and reported late
  • T = Executed outside normal market hours
  • U = Executed outside normal market hours and reported late
  • [blank] = Executed on time during normal market hours
Published Trade Modifier 4 (SRO Required Detail) This identifier is a further classification of a trade with regard to SRO Required Detail. This modifier can either be entered by the firm or appended by the system.
  • 1 = Stop Stock
  • B = Average Price Trade (CQS Securities)
  • I = Odd Lot
  • P = Prior Reference Price
  • R = Away from Market Sale
  • W = Average Price Trade (NMM, SC & OTC Securities)
  • X= Exercise of OTC options
  • [blank] = No unusual trade detail
As-Of Flag The trade report was entered into the Trade Reporting Facility after execution date.
  • N = Trade reported on execution date
  • Y = Trade reported as-of
No/Was Flag A No/Was transaction is a type of correction to a transaction that prevents a firm from having to do a cancel and re-enter, which sends a second print across the tape.
  • N = "No" Portion of a No/Was Transaction
  • W = "Was" Portion of a No/Was Transaction
  • [blank] = Transaction not a No/Was Transactions
Related Market Center Code Code appended to non-media trade reports that identifies the facility or market where the media trade report of the transaction was executed or submitted.
  • 0 = ADF/ORF
  • 1 = FINRA/Nasdaq TRF
  • 3 = FINRA/NYSE TRF
  • A = NYSE American
  • B = BSE
  • C = NYSE National
  • F = Foreign Market
  • G = BATS Y Exchange
  • H = BATS Exchange
  • I = ISE
  • J = DirectEdge A Ex
  • K = DirectEdge X Ex
  • M = Chicago Stock Exchange
  • N = NYSE
  • O = Unknown Market Center
  • P = PSE
  • Q = NQ Exchange for NQ securities
  • U = Unspecified - Multiple Markets
  • W = CBOE
  • X = Philadelphia Stock Exchange
  • [blank] = Media Trade Report Submitted to the same Trade Reporting Facility as the Non-Media Trade Report.
  • g = Global OTC
Special Trade Code Identifies special and step-out trades.
  • S = a "Step Out" trade
  • X = Trade is both special and step-out
  • Q = Step-out of NASDAQ Exchange trade
  • I = Step-in
  • J= Trade is both special and step-in
Trade Status Trade Status Code as assigned by the Trade Reporting Facility.
  • A = Accepted; locked-in trade
  • B = Broken
  • C = Canceled
  • D = Declined
  • E = Error
  • F = Forced Matched; locked-in trade
  • G = One-sided submission
  • H = Hanging trade
  • I = Inhibited (by clearing firm)
  • K = Rejected sizable trade
  • L = Automatic locked-in trade at the end of T + 1
  • M = Matched; locked-in trade (Also used for AGU and PSA trades)
  • N = No portion of no/was trade
  • R = Locked-in trade; received via an execution system interface for NQ TRF
  • R = corrected trade report for NY TRF
  • T = Trade reporting only and not for clearing submission
  • X = As-Of open or As-Of spilt trade which is not forwarded to NSCC, but is available for query
Media Report Flag Identifies whether the trade was media reported or not.
  • N = Not media reported
  • Y = Media reported
Media Report Eligible Identifies whether the trade is media reportable or not.
  • N = Not media report eligible
  • Y = Media report eligible
Trade Source Code This is an indicator identifying the electronic system on which the trade was executed or reported through.
  • J = FIX to ACT
  • K = QIX to ACT
  • F = FIX to MPP
Trade Through Exempt Flag Flag to identify trades that are trade through exempt.
  • Y = Trade through exemption
  • N = No trade through exemption
Clearing Flag Denotes the clearing and matching specifications of the trade.
  • A= NASDAQ AGU for clearing
  • C = Customer (No matching, no clearing)
  • G = Automatic Give Up (auto lock-in & clearing)
  • N = No clearing
  • Q = QSR (No matching, no clear)
  • R = Risk update only, not sent to clearing
  • S = Self clearing (no matching, no clearing)
  • U = AGU clearing, non-risk eligible
  • Y = Clearing
  • [blank] = Trade intended for matching & clearing


Trade Reporting Facility only:
  • L = Do not match, send to clearing (locked-in) received via external system interface only
  • Z = Do not match, send to clearing (locked-in)
Reversal Flag Denotes whether the trade report is a reversal transaction.
  • Y = Reversal
  • N = Not a reversal
TRF Control Number Control number used for interaction between Firms and TRFs.
ACT Status Time This is the last time ANY adjustment was made to the report.
Price Override Indicator submitted by the Reporting Firm that acknowledges the price originally submitted is correct even though it is away from the current market.
Foreign Flag This column will be populated if the trade report is for a transaction in a foreign equity security.
MM Memo This is the alphanumeric message appended by the Reporting Firm to the Trade Reporting Facility entry.
TRE Sale Condition 3 Code Identifies the type of Trade Reporting Exception identified based on the Sale Condition 3:
  • [blank] = No Sale Condition 3 exception identified
  • SXT = Trade was marked SLD (reported late) but should have been marked T (executed outside market hours)
  • SLD = Trade was correctly marked SLD (reported late)
  • ISD = Trade was incorrectly marked as an SLD (reported late)
  • TXS = Trade was marked T (executed outside market hours) but should have been marked SLD (reported late)
  • IT = Trade was incorrectly marked as executed outside market hours
  • ULT = Trade was marked T (executed outside market hours) but should have been marked ST (executed outside market hours and reported late)
  • LT = Trade was correctly marked ST (executed outside market hours and reported late)
  • IST = Outside market hours trade that was reported within 10 seconds of the execution time, but incorrectly marked U (reported late)
  • ITU = Trade was late and market T but should have been marked U
TRE Sale Condition 4 Code Identifies the type of Trade Reporting Exception identified based on the Sale Condition 4:
  • [blank] = No Sale Condition 4 exception identified
  • IPR = Trade was incorrectly marked as a Prior Reference Price
TRE As/Of Modifier Identifies the type of Trade Reporting Exception identified based on the As-Of Flag:
  • [blank] = No As-Of exception identified
  • ASO = Trade was properly marked as an as-of
TRE Unmarked Modifier Identifies the type of Trade Reporting Exception identified based on the difference between the trade's assumed execution and report time, for trades not marked as late:
  • [blank] = No unmarked exception identified/li>
  • USD = Unmarked, should be SLD
  • UST = Unmarked, should be ST
Original Modifier Code This is the firm entered modifier.
PRP/Stop Stock Reference Time The time at which the parties agree to the stop stock price or the prior reference time (i.e., the time currently required by FINRA rules). For example, for stop stock transactions, if the parties agree to the stop stock price at 10:00 a.m. and the trade is executed at 11:00 a.m., the trade detail report would reflect a “PRP/Stop Stock Reference Time”  of 10:00 a.m. Similarly, for PRP transactions, if a firm executes a market-on-open order at 10:30 a.m., the trade detail report would reflect a “PRP/Stop Stock Reference Time” of 9:30 a.m. (the time the market opened). Please note – this time is only available starting with the January 2016 Report Card.