OWC Pharmaceutical Research Corp (OWCP)

[mtlebomac]

Form T Trades: OTC

Since OTC does not accept pre-market or after-hours trades, an OTC transaction marked as a "T" trade indicates the transaction did meet the NASD 90-second posting rule per above. If the "T" trade appears at the beginning of the day, it indicates the trade was not posted at Pink Sheets before 5:00 PM on the preceding day.

There are several types of "late" reports:

1. Those with a time stamp within a minute and a half after closing are just normal 90-second delays.

Rule 6620.1: OTC Market Makers shall, within 90 seconds after execution, transmit through ACT last sale reports of transactions in OTC Equity Securities executed during normal market hours.

In this case, the market maker may have conducted a trade within seconds of closing and delayed reporting it until just after the bell. This delay, which is permitted, is frequently misinterpreted as manipulation.

In the OTC, after hours Form T trades are almost without exception "late prints". They are the result of accumulated buys or sells handled on a "not held" basis through block desks. They have nothing to do with short selling in particular, but with buying and selling in general.