Lecere Corporation (fka LCRE)

[solar fusion]

Form T information:

Transaction Reporting to the NASD/Nasdaq Trade Reporting Facility Outside Normal Market Hours

Last sale reports of transactions in designated securities executed between 8:00 a.m. and 9:30 a.m. Eastern Time shall be reported within 90 seconds after execution and shall be designated [as ‘‘.T’’ trades] with the unique trade report modifier, as specified by NASD, to denote their execution outside normal market hours. {Transactions not reported within 90 seconds also shall be designated as .T trades.} Such {T} transactions not reported before 9:30 a.m. shall be reported after 4:00 p.m. and before 8:00 p.m. {as .T trades} with the appropriate trade report modifier as specified by NASD. 8:00 a.m. and 8:00 p.m. Eastern Time and be designated ‘‘as/of’’ trades.

http://www.nasd.com/web/groups/rules_regs/documents/rule_filing/nasdw_018332.pdf page 2

So... since the Pinksheets does not accept pre-market or after hours trades, any stocks traded exclusively on Pinksheets that contain the "T" indicator on a trade, is a trade that did not meet the NASD 90 second posting rule as per above. If the "T" trade appears at the beginning of the day it is because it wasn't posted at Pinksheets before 5PM on the preceding day.

This, Form T, is sometimes used by financial institutions that are non-market makers to report larger transactions that actually occurred during market hours, but since they do not have access to the ACT (Automated Confirmation Transaction Service) use Form T to report. In essence, bypassing the MMs.

MMs are basically prohibited from these "Off-Market transactions".

A pattern or practice of late reporting without exceptional circumstances may be considered conduct inconsistent with high standards of commercial honor and just and equitable principles of trade, in violation of Rule 2110.

These ”Off Market” trades are typically used by larger investors to buy larger lots at prearranged prices without risking to drive the price upward or downward.

http://megabolsa.com/itwo/viewtopic.php?t=2082

http://www.finra.org/web/groups/industry/@ip/@reg/@rulfil/documents/rulefilings/p018332.pdf