Pink Sheets and Form T trades Since the Pink Sheets does not accept pre-market or after hours trades, any stocks traded exclusively on Pink Sheets 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 Pink Sheets before 5:00 PM on the preceding day.