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Strategies & Market Trends : From the Trading Desk

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To: Brendan W who wrote (3155)	6/4/1998 4:17:00 PM
From: spinynorman1323	Read Replies (2) of 4969

Brendan, I pasted this from a reply of mine to the same question. Form T trades are trades which OCCUR after 16:01:30 (90 second rule) or before 0930 (on Nasdaq). The MMs are required to report those trades on, literally, a hard copy "Form T". The volume from Form T trades is included in the daily total but the price is not (ie. if it makes a new High/Low/Last). Selecnet, Instinet, and other ECNs are the source of these trades. Essentially, the difference between "sold" and "Form T" is that sold trades are reported later than when the actual trade occurred (theoretically more than 90 seconds). Form T trades are reported as they happen. Hope that explains it. Mark

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