Wednesday, October 01, 2014 11:18:48 AM
...IMO, it is the nature of the beast in the Badlands; the market makers.
The requirement for them is "to report all trades in a day." Here's the catch in the regulations, "they do not have to report them when the trade actually takes place!
Seriously.
The theory is that the market makers are trying to 'balance the market (I don't buy that) and not "spook or scare" investors in one direction or another. I rather believe that market makers prefer to do this to ACCUMULATE, and not show the volume during the day as it would interfere with there 'collection of shares.
Unfortunately, this is perfectly allowed under FINRA rules on the OTC Markets, so long as they ultimately report "at the end of the day." This then becomes a "Non-Business Day Trade." There, there is another tool they use; reporting Form T compliance for such trades "then reported after hours" (yet not reported) in the pre-open the following trading day.
Per FINRA, "Non-Business Day Trades" are combined with "T+365 Trades" (T+365 Trades are supposed to have serious fees and disclosures assigned; it is really tough to get information from FINRA. Think of it, Trades Reported 365 Days or More AFTER the Trade Date!:
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