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Thursday, April 28, 2011 7:41:11 PM
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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.
2. Then there are trades later than 90 seconds after closing. These trades fall into two categories and typically involve larger size lots.
a. The first category is sometimes used by financial institutions that are non-market makers to report larger transactions that actually occurred during market hours. However, since these institutions do not have access to ACT (Automated Confirmation Transaction Service), they use "Form T" to report.
MMs are prohibited from habitual "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.
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