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Slojab

10/31/25 1:15 PM

#168006 RE: BadaBingPebble #168004

Why are trades marked "seq"?
Trades marked "seq" indicate that the trade was not reported in the real-time order in which it was executed. This can occur due to two main reasons: a delayed report or a trade conducted during extended hours.
Delayed Reporting: The most common cause of an out-of-sequence trade is delayed reporting. The time a trade is executed may not be the same as the time it is reported and disseminated. This delay can cause it to appear out of order on the trade tape or other data feeds. Regulatory rules specify the amount of time a trade has to be reported after it is executed. If the trade is reported after the deadline, it is often flagged with a special condition code like "SEQ."
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Extended-Hours Trading: Retail trades that occur during extended trading hours—the pre-market and after-hours sessions—are a primary cause of out-of-sequence reports. After-hours reporting might not be reported until the next regular trading day begins, marking the trade as "SEQ" because it is out of sequence with the trades happening during the regular session.


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Understanding these reasons helps in navigating the complexities of trading and reporting in financial markets.