Trade Report Modifiers and Applicability of Limit Up/Limit Down (LULD) Price Bands

Pursuant to the Regulation NMS Plan to Address Extraordinary Market Volatility (Plan) (see Section VI(A)(1)), transactions that both (1) do not update the last sale price (except if solely because the transaction was reported late) and (2) are excepted or exempt from the SEC's trade-through rule (Reg NMS Rule 611) can be executed outside the price bands. To qualify, a trade must satisfy both prongs of the exclusion.

Trade Modifier 1 – Settlement

Sale Condition Description	FINRA/Nasdaq TRF CTCI Code¹	FINRA/Nasdaq TRF FIX Code¹	FINRA/NYSE TRF FIX Code¹	Does a trade with this modifier update Last Sale?	Can a trade with this modifier be executed outside the LULD price band?
Regular Trade	@	0	Blank	Yes	No
Cash Trade (Same Day Clearing)	C	C	0	No	Yes (if the transaction qualifies as Not Regular Way under SEC Rule 611(b)(2))
Seller	R	L	2	No	Yes (if the transaction qualifies as Not Regular Way under SEC Rule 611(b)(2))

Trade Modifier 2 – Trade Through Exempt reasons

Sale Condition Description	FINRA/Nasdaq TRF CTCI Code¹	FINRA/Nasdaq TRF FIX Code¹	FINRA/NYSE TRF FIX Code¹	Does a trade with this modifier update Last Sale?	Can a trade with this modifier be executed outside the LULD price band?
Self Help (SEC Rule 611(b)(1))	2	2	100	Yes	No
Intermarket Sweep Order – Inbound (SEC Rule 611(b)(5))	F	6	14	Yes	No
Intermarket Sweep Order – Outbound (SEC Rule 611(b)(6))	3	3	101	Yes	No
Benchmark/Derivatively Priced (SEC Rule 611(b)(7))	4	4	11	No²	Yes
Error Correction (SEC Rule 611(d))	7	19	80	No	Yes (this does not update last sale because the Trade Modifier 4 Average Price Trade Modifier is appended when reporting to FINRA)
Print Protection (SEC Rule 611(d))	8	20	81	No	Yes (this does not update last sale because the Trade Modifier 4 Average Price Trade Modifier is appended when reporting to FINRA)
Qualified Contingent Trade (SEC Rule 611(d))	V	7	102	No	Yes (this does not update last sale because the Trade Modifier 4 Average Price Trade Modifier is appended when reporting to FINRA)
Sub-penny Trade Through (SEC Rule 611(d))	J	8	103	Yes	No

Trade Modifier 3 – Extended Hours or Sold

Sale Condition Description	FINRA/Nasdaq TRF CTCI Code¹	FINRA/Nasdaq TRF FIX Code¹	FINRA/NYSE TRF FIX Code¹	Does a trade with this modifier update Last Sale?	Can a trade with this modifier be executed outside the LULD price band?
Executed During Normal Market Hours and Trade Reported Late	Z	I	10	No²	No³
Executed Outside Normal Market Hours	T	5	9	No	N/A (this modifier is only used when execution time occurs when LULD is not in effect)
Executed Outside Normal Market Hours and Trade Reported Late	U	1	41	No	N/A (this modifier is only used when execution time occurs when LULD is not in effect)

Trade Modifier 4 – Audit Trail

Sale Condition Description	FINRA/Nasdaq TRF CTCI Code¹	FINRA/Nasdaq TRF FIX Code¹	FINRA/NYSE TRF FIX Code¹	Does a trade with this modifier update Last Sale?	Can a trade with this modifier be executed outside the LULD price band?
Stop Stock	1	N	54	No	Yes (if the transaction qualifies as Benchmark/Derivatively Priced (SEC Rule 611(b)(7) or Stopped Order (SEC Rule 611(b)(9))
Prior Reference Price	P	9	39	No²	Yes (if the transaction qualifies as Benchmark/Derivatively Priced (SEC Rule 611(b)(7))
Average Weighting or Other Special Pricing Formula	W	B	37	No	Yes (if the transaction qualifies as Benchmark/Derivatively Priced (SEC Rule 611(b)(7))

1. These CTCI and FIX codes are current as of the posting of this chart, but are subject to change at any time. For the most recent specifications, please go the FINRA TRF Documentation page on FINRA.org.

2. This trade will update the Last Sale only if it is the only qualifying trade; otherwise, it will not.

3. The price must be within the LULD price bands in effect at the time of execution, not at the time the trade is reported.

Note: If a trade is modified with multiple modifiers and any of the modifiers allow an execution outside the LULD price bands, then the trade can be executed.