The ACT also engages in last transaction (LT) reporting, in which information about a security’s last sale is automatically transmitted from the ACT to the NSCC for processing and dissemination to the public and industry. A last sale is the most recent price of a security transacted during a trading session or the final transaction price before the market close. ACT displays last transaction reporting information. Exchange transactions made during the trading hours 4:00 a.m. to 8:00 p.m. must be reported within 10 seconds of execution or are considered late, and reports must record the time of execution. ACT transactions made after these trading hours must be reported by 8:15 a.m. The following modifiers are used on the display:
• .Z means that the trade occurred during Nasdaq market hours (9:30 a.m. to 4:00 p.m.) but was reported late. Remember this modifier by thinking of ZZZ’s as sleep and you slept late.
• .T means that the trade was reported outside of regular Nasdaq market hours but occurred on that same day. Remember this modifier by thinking of the word “time-out” because the time of the trade is outside of regular market hours.
• .U means that the trade occurred outside of regular Nasdaq market hours on that same day and was reported late. Remember this modifier by thinking of the word “untimely” because the time of the trade is late and outside of regular market hours.
• As/of means that the trade was made outside of normal Nasdaq hours on a previous day and then reported on the next business day. Remember this modifier by thinking that the trade is reported “as of” the next day.
Market Times
Modifier
Time of Trade
Report Time
* .T and .U designations still apply as to the rep
