Replies to post #1655 on Novavax Inc (NVAX)

[BigBake1]

Exactly, what you had was a triple report of the same volume, the first being regular trades on the consolidated tape through the day, then you had two after market reports of the same size showing the number of brokers used for that position, they reported total share volume for their involvement. A FINRA Example of such a transaction:

Q201.3: Member BD1 enters an order into member BD2's system. BD2 makes the order routing and execution decision and directs BD1's order to member BD3. BD3 executes it. Which members should be identified as the parties to the trade on the tape report? Does the same guidance apply where BD1 clears through BD2?

A201.3: The parties to the trade on the tape report must be BD2 and BD3. In this example, BD2 (and not BD1) is a party to the trade because BD2 is making the order routing and execution decision and directing BD1's order to BD3.

This guidance also applies where, in the example above, BD1 clears through BD2, including on a fully disclosed basis.