Well, you probably know that T-Trades are basically filed on the SEC Form "T" and that is why they are called "T-Trades".
That form is used for After-Hours trade confirmations and is nothing out of the ordinary. When a stock trades after hours it is considered a T-Trade.
Now, it gets interesting for say a Pink Sheet stock that does not trade "after hours" to get a Form T Trade basically saying that the trade took place after hours.
However, these trades are most likely trades that took place during the day but "settled" after hours. Why would that happen?
The most logical situation is that Brokers had to settle between themselves on shares that were "borrowed" during the day. So, if Broker A gets an order to Buy shares of a Stock that it does not have in its inventory it must borrow those shares from somewhere. Then the SEC gives them the responsibility to Close that deal within just a few minutes of the Market close. That is most normally what the T-trades mean.
There is also the Conspiracy Theories
First is that the Company is selling shares from their own inventory and basically Diluting the stock.
Second is that Shorts are shorting the stock and need to settle.
Third is that it is International Brokers settling transactions internationally.
I can't comment on all of those theories but those are the ones I have heard of.
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