GNCC Capital Inc (GNCP)

[BigBake1]

His broker sold at .0004 to retail and then bought shares at .0003 to create the offset to recoup commission. It is standard trade reporting 101, because the trade has 2 different prices for each h leg both must be reported, so you see the offset reported in 2 separate tape reports.

Q302.5: Member BD1 receives an order to buy a security, purchases the security for its own account and then sells the security to satisfy the original order at a different price than the price at which BD1 acquired the security. Does this constitute a "riskless principal" transaction?

A302.5: No. Transactions at different prices are not riskless principal transactions for purposes of the trade reporting rules, even though the transactions may otherwise be "riskless." Thus, each trade, at each respective price, must be reported separately to the tape. See NTMs 99-65 (August 1999), 00-79 (November 2000) and 01-85 (December 2001). See also Section 304 (Reporting Net Trades).