2.1.3.2 Trade Report Modifiers
Recall that over-the-counter trades must be reported to FINRA. If the transaction was reported within the 10-second time limit within regular market hours, no trade report modifier is used.
FINRA’s trade reporting rules require special treatment when reporting OTC trades that are executed outside normal market hours. If the transaction occurs while the FINRA facilities are open, the member must report that trade within 10 seconds of execution. If the transaction occurs while the FINRA facilities are closed, the member must report such trades using an outside normal market hours trade report modifier. If the trade was executed between midnight and 8:00 a.m., th