There's no pre-market or afterhours in the pinks
There are three types of late reports.
Those with a time stamp within thirty seconds after closing are just normal delays
In this case the market makers may have conducted a trade within seconds of closing, but is delayed in reporting until after closing. This delay, which is permitted, is often misconstrued as manipulation.
And then we have those later than 30 seconds after closing. These trades fall into two categories and typically involve larger size lots
This 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" These ”Off Market” trades are typically used by larger investors to buy larger lots at prearranged prices without risking driving the price upward or downward.
The second category involves so called “ex-clearing” lots. Certain transactions may clear and settle outside of the regular clearing system ("ex-clearing" transactions), where two dealers make an arrangement to settle trades between them outside the clearing system.
The process used to balance street side transactions depends on the type of comparison generated, and the settlement method for the particular trade.
Trades Comparison is accomplished in one of two ways:
1. Electronically through the use of an automated clearing house such as the NSCC. This the normal way
2. Manually via Ex-Clearing. Ex-Clearing is a manual comparison process that is performed by the brokerage firm’s Purchase and Sales Department. Unusual short coverings can end up settled this way.
Hope this helps
