Trade Conditions Glossary

ModifierConditionDefinition
0Regular Sale A trade made without stated conditions is deemed regular way for settlement on the third business day following the transaction date.
1AcquisitionA transaction made on the Exchange as a result of an Exchange acquisition.
2Average Price TradeA trade where the price reported is based upon an average of the prices for transactions in a security during all or any portion of the trading day.
3Automatic ExecutionA sale condition code that identifies a NYSE trade that has been automatically executed without the potential benefit of price improvement.
4Bunched TradeThe combining of multiple odd-lot or round-lot orders for the same security so that they can all be executed at the same time. All affected clients must agree to the bunching before the order is submitted. Bunched trades may also be referred to as block trades.
5Bunched Sold TradeA bunched trade that is reported late.
7Cash SaleA transaction which requires delivery of securities and payment on the same day the trade takes place.
8Closing PrintsThe Participant Closing Price represents the last qualifying trade paid for a security by a Participant during the trading day.
9Cross TradeIndicates that the trade resulted from a Market Center’s crossing session.
10Derivatively PricedThe transaction that constituted the trade-through was the execution of an order at a price that was not based, directly or indirectly, on the quoted price of the security at the time of execution, and for which the material terms were not reasonably determinable at the time the commitment to execute the order was made (REG NMS 611b7).
11DistributionDistribution stock refers to a large blocks of a security that are carefully sold into the market gradually in smaller blocks so as to inundate the market with sell orders for the security and driving down its price.
12Form TIdentifies a trade that was executed outside of regular primary market hours and is reported as an extended hours trade.
13Extended Trading Hours (Sold Out of Sequence)Identifies a trade that takes place outside of regular market hours and is reported as an extended hours trade out of sequence and at a time different from the actual transaction time.
14Intermarket SweepThe transaction that constituted the trade-through was the execution of an order identified as an Intermarket Sweep Order.
15Market Center Official CloseIndicates the ‘Official’ closing value as determined by a Market Center. This transaction report will contain the market center generated closing price.
16Market Center Official Open3Indicates the ‘Official’ opening value as determined by a Market Center. This transaction report will contain the market center generated opening price.
17Market Center Opening TradeThe trade that constituted the trade-through was a single priced opening transaction by the Market Center (REG NMS Rule 611b3).
18Market Center Reopening TradeThe trade that constituted the trade-through was a single priced reopening transaction by the Market Center (REG NMS Rule 611b3).
19Market Center Closing Trade3The transaction that constituted the trade-through was a single priced closing transaction by the Market Center (REG NMS Rule 611b3).
20Next DayA transaction that requires the delivery of securities on the first business day following the trade date.
21Price Variation TradeIndicates a regular market session trade transaction that carries a price that is significantly away from the prevailing consolidated or primary market value at the time of the transaction.
22Prior Reference PriceA sale condition that identifies a trade based on a price at a prior point in time, i.e., more than 90 seconds prior to the time of the trade report. The execution time of the trade will be the time of the prior reference price.
23Rule 155 Trade (AMEX)A Seller’s Option transaction gives the seller the right to deliver the security at any time within a specific period, ranging from not less than two calendar days, to not more than sixty calendar days. A security offered “Seller’s Option” may command a lesser price than if offered “Regular Way”.
24Rule 127 NYSE"To qualify as a NYSE Rule 127 the trade is executed outside the present quote and meets one or both of the following conditions: 1. has a volume of 10,000 shares or more and/or 2. has a dollar value of $200,000 or more."
25Opening PrintsThe trading day's first drawings of a symbol's candlestick charts.
27Stopped Stock (Regular Trade)A Seller’s Option transaction gives the seller the right to deliver the security at any time within a specific period, ranging from not less than two calendar days, to not more than sixty calendar days. A security offered “Seller’s Option” may command a lesser price than if offered “Regular Way”.
28Re-Opening PrintsThe transaction or group of transactions reported as a result of a single- priced re-opening event by the Market Center.
29SellerA Seller’s Option transaction gives the seller the right to deliver the security at any time within a specific period, ranging from not less than two calendar days, to not more than sixty calendar days. A security offered “Seller’s Option” may command a lesser price than if offered “Regular Way”.
30Sold LastSold Last sale condition modifier is used when a trade prints in sequence but is reported late OR the trade is printed by Amex in conformance to the One or Two Point Rule. A Sold Last transaction should only impact the consolidated last sale price for an issue if the market center reporting the sold last transaction also reported the transaction setting the current last sale price.
33Sold (out of Sequence)Sold Out of Sequence is used when a trade is printed (reported) out of sequence and at a time different from the actual transaction time.
34Split TradeAn execution in two markets when the specialist or Market Maker in the market first receiving the order agrees to execute a portion of it at whatever price is realized in another market to which the balance of the order is forwarded for execution.
35Stock Option TradeThis is typically the stock portion of a delta neutral option trade executed by an option market maker.
36Yellow Flag Regular TradeMarket Centers will have the ability to identify regular trades being reported during specific events as out of the ordinary by appending a new sale condition code Yellow Flag (“Y”) on each transaction reported to the UTP SIP. The new sale condition “.Y” will be eligible to update all market center and consolidated statistics. In certain instances, the UTP SIP will be required to append the .Y for the market center for trades reported as regular-way (Sale Condition @)
37Odd Lot TradeThe Odd Lot Trade modifier will distinguish a trade resulting from a market center's execution in increments less than the defined round lot size.
38Corrected Consolidated Close (per listing market)A transaction executed by the Listing Market to establish the official Consolidated Last Price as indicated by the Listing Exchange.
40HeldTrades received from a non-primary Participant during a primary market regulatory halt. These trades are held by the CTS Processor and are disseminated after the close of the primary market with an appropriate Held Trade Indicator code applicable to the trade.
41Trade Thru ExemptThe Trade Through rule is a 20 year-old rule applied to NYSE-listed stocks that states that when a market receives an order, it cannot execute it at a price inferior to any found on another market. In modern electronic markets where trades are executed in milliseconds, this rule can prevent a broker’s ability to meet their “best execution” obligation--because speed provides certainty that the price that is advertised can be accessed.
46Contingent TradeDenotes a correction to the last indication or new indication. It will contain the corrected approximation of what that security's opening or reopening price range (Bid and Offer prices, no sizes) will be when trading resumes after a delayed opening or after a trading halt.
52Contingent TradeA Sale Condition code used to identify a transaction where the execution of the transaction is contingent upon some event.
53Qualified Contingent Trade ("QCT")A transaction consisting of two or more component orders executed as agent or principal where the execution of one component is contingent upon the execution of all other components at or near the same time and the price is determined by the relationship between the component orders and not the current market price for the security.
59Placeholder for 611 exemptRule 611, which is the Trade Through Exemption of SEC Regulation NMS, is very lengthy to cover in detail. Parties interested in reading the rule in its entirely should type "SEC Rule 611" into an internet search engine. This is the portion of the document that is pertinent to IB traders, in a nutshell: Typically the trades involved are a multi-component trade involving orders for a security and a related derivative, or, in the alternative, orders for related securities, that are executed at or near the same time. The SIA (Securities Industry Association) notes that the economics of a contingent trade are based on the relationship between the prices of the security and the related derivative or security, and that the execution of one order is contingent upon the execution of the other order.
60SSR in EffectAny stock that has dropped more than 10% intraday has SSR in effect for that day and the following.