Participants executing an equity transaction must either input trade reports to ACT or browse the inputted reports and either accept or reject them. Reports must be filed within 10 seconds of execution. The contra-party must accept or decline the trade within 20 minutes of execution.
Required information for a transaction report includes the following: (1) the symbol of the security; (2) the number of shares or bonds; (3) the price of the transaction; (4) a symbol indicating whether the transaction is a buy, sell, or cross, and if applicable, short sell; and (5) the time of execution. Additional information may be required as well.
While both parties to the transaction must submit reports, only one party is assigned the specific reporting responsibilities for standard trades. See the following table for further details.
