A Form T stock trade refers to equity trades that are reported outside of normal market hours. The Financial Industry Regulatory Authority (FINRA) requires brokers to use Form T to report trades executed before the market opens or after it closes 1. It is also used for over-the-counter (OTC) transactions that cannot be electronically submitted 2. Key Points: • Purpose: Maintains market transparency by reporting trades outside regular hours. • Who Files It? Investors trading in extended hours or OTC securities that aren't electronically reportable. • Liquidity Concerns: Trading outside normal hours can lead to wider bid-ask spreads and lower liquidity 2. • Submission Process: Filed through FINRA's electronic gateway
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