Glossary
Definitions for various conditions used in the context of trading, explaining how these conditions can affect the settlement and transaction process.
| Modifier | Term | Definition |
|---|---|---|
| 0 | Regular Sale | A trade made without stated conditions is deemed regular way for settlement on the third business day following the transaction date. |
| 1 | Acquisition | A transaction made on the Exchange as a result of an Exchange acquisition. |
| 2 | Average Price Trade | A 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. |
| 3 | Automatic Execution | A sale condition code that identifies a NYSE trade that has been automatically executed without the potential benefit of price improvement. |
| 4 | Bunched Trade | The 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. |
| 5 | Bunched Sold Trade | A bunched trade that is reported late. |
| 7 | Cash Sale | A transaction which requires delivery of securities and payment on the same day the trade takes place. |
| 8 | Closing Prints | The Participant Closing Price represents the last qualifying trade paid for a security by a Participant during the trading day. |
| 9 | Cross Trade | Indicates that the trade resulted from a Market Center’s crossing session. |
| 10 | Derivatively Priced | The 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). |
| 11 | Distribution | Distribution 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. |
| 12 | Form T | Identifies a trade that was executed outside of regular primary market hours and is reported as an extended hours trade. |
| 13 | Extended 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. |
| 14 | Intermarket Sweep | The transaction that constituted the trade-through was the execution of an order identified as an Intermarket Sweep Order. |
| 15 | Market Center Official Close | Indicates the ‘Official’ closing value as determined by a Market Center. This transaction report will contain the market center generated closing price. |
| 16 | Market Center Official Open3 | Indicates the ‘Official’ opening value as determined by a Market Center. This transaction report will contain the market center generated opening price. |
| 17 | Market Center Opening Trade | The trade that constituted the trade-through was a single priced opening transaction by the Market Center (REG NMS Rule 611b3). |
| 18 | Market Center Reopening Trade | The trade that constituted the trade-through was a single priced reopening transaction by the Market Center (REG NMS Rule 611b3). |
| 19 | Market Center Closing Trade3 | The transaction that constituted the trade-through was a single priced closing transaction by the Market Center (REG NMS Rule 611b3). |
| 20 | Next Day | A transaction that requires the delivery of securities on the first business day following the trade date. |
| 21 | Price Variation Trade | Indicates 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. |
| 22 | Prior Reference Price | A 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. |
| 23 | Rule 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”. |
| 24 | Rule 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." |
| 25 | Opening Prints | The trading day's first drawings of a symbol's candlestick charts. |
| 27 | Stopped 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”. |
| 28 | Re-Opening Prints | The transaction or group of transactions reported as a result of a single- priced re-opening event by the Market Center. |
| 29 | Seller | 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”. |
| 30 | Sold Last | Sold 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. |
| 33 | Sold (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. |
| 34 | Split Trade | An 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. |
| 35 | Stock Option Trade | This is typically the stock portion of a delta neutral option trade executed by an option market maker. |
| 36 | Yellow Flag Regular Trade | Market 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 @) |
| 37 | Odd Lot Trade | The Odd Lot Trade modifier will distinguish a trade resulting from a market center's execution in increments less than the defined round lot size. |
| 38 | Corrected 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. |
| 40 | Held | Trades 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. |
| 41 | Trade Thru Exempt | The 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. |
| 46 | Correction | Denotes 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. |
| 52 | Contingent Trade | A Sale Condition code used to identify a transaction where the execution of the transaction is contingent upon some event. |
| 53 | Qualified 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. |
| 59 | Placeholder for 611 exempt | Rule 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. |
| 60 | SSR in Effect | Any stock that has dropped more than 10% intraday has SSR in effect for that day and the following. |
| Modifier | Term | Definition |
|---|---|---|
| 201 | Canceled | Transaction previously reported (other than as the last or opening report for the particular option contract) is now to be canceled. |
| 202 | Late and Out Of Sequence | Transaction is being reported late and is out of sequence; i.e., later transactions have been reported for the particular option contract. |
| 203 | Last and Canceled | Transaction is the last reported for the particular option contract and is now canceled. |
| 204 | Late | Transaction is being reported late, but is in the correct sequence; i.e., no later transactions have been reported for the particular option contract. |
| 205 | Opening Trade and Canceled | Transaction was the first one (opening) reported this day for this particular option contract. Although later transactions have been reported, this transaction is now to be canceled. |
| 206 | Opening Trade, Late, and Out Of Sequence | Transaction is a late report of the opening trade and is out of sequence; i.e., other transactions have been reported for the particular option contract. |
| 207 | Only Trade and Canceled | Transaction was the only one reported this day for the particular option contract and is now to be canceled. |
| 208 | Opening Trade and Late | Transaction is a late report of the opening trade, but is in the correct sequence; i.e., no other transactions have been reported for the particular option contract. |
| 209 | Automatic Execution | Transaction was executed electronically. Prefix appears solely for information; process as a regular transaction. |
| 210 | Reopening Trade | Transaction is a reopening of an option contract in which trading has been previously halted. Prefix appears solely for information; process as a regular transaction. |
| 219 | Intermarket Sweep Order | Transaction was the execution of an order identified as an Intermarket Sweep Order. Process like normal transaction. |
| 227 | Single Leg Auction Non ISO | Transaction was the execution of an electronic order which was 'stopped' at a price and traded in a two-sided auction mechanism that goes through an exposure period. Such auctions mechanisms include and are not limited to Price Improvement, Facilitation, or Solicitation Mechanism. |
| 228 | Single Leg Auction ISO | Transaction was the execution of an Intermarket Sweep electronic order which was 'stopped' at a price and traded in a two-sided auction mechanism that goes through an exposure period. Such auctions mechanisms include and are not limited to Price Improvement, Facilitation, or Solicitation Mechanism marked as ISO. |
| 229 | Single Leg Cross Non ISO | Transaction was the execution of an electronic order which was 'stopped' at a price and traded in a two-sided crossing mechanism that does not go through an exposure period. Such crossing mechanisms include and are not limited to Customer to Customer Cross and QCC with a single option leg. |
| 230 | Single Leg Cross ISO | Transaction was the execution of an Intermarket Sweep electronic order which was 'stopped' at a price and traded in a two-sided crossing mechanism that does not go through an exposure period. Such crossing mechanisms include and are not limited to Customer to Customer Cross. |
| 231 | Single Leg Floor Trade | Transaction represents a non-electronic trade executed on a trading floor. Execution of Paired and Non-Paired Auctions and Cross orders on an exchange floor are also included in this category. |
| 232 | Multi Leg auto-electronic trade | Transaction represents an electronic execution of a multi-leg order traded in a complex order book. |
| 233 | Multi Leg Auction | Transaction was the execution of an electronic multi-leg order which was stopped at a price and traded in a two-sided auction mechanism that goes through an exposure period in a complex order book. Such auctions mechanisms include and are not limited to Price Improvement, Facilitation, or Solicitation Mechanism. |
| 234 | Multi Leg Cross | Transaction was the execution of an electronic multi-leg order which was 'stopped' at a price and traded in a two-sided crossing mechanism that does not go through an exposure period. Such crossing mechanisms include and are not limited to Customer to Customer Cross and QCC with two or more options legs. |
| 235 | Multi Leg floor trade | Transaction represents a non-electronic multi-leg order trade executed against other multi-leg order(s) on a trading floor. Execution of Paired and Non-Paired Auctions and Cross orders on an exchange floor are also included in this category. |
| 236 | Multi Leg auto-electronic trade against single leg(s) | Transaction represents an electronic execution of a multi-leg order traded against single leg orders/quotes. |
| 237 | Stock Options Auction | Transaction was the execution of an electronic multi-leg stock/options order which was 'stopped' at a price and traded in a two-sided auction mechanism that goes through an exposure period in a complex order book. Such auctions mechanisms include and are not limited to Price Improvement, Facilitation, or Solicitation Mechanism. |
| 238 | Multi Leg Auction against single leg(s) | Transaction was the execution of an electronic multi-leg order which was 'stopped' at a price and traded in a two-sided auction mechanism that goes through an exposure period and trades against single leg orders/quotes. Such auctions mechanisms include and are not limited to Price Improvement, Facilitation, or Solicitation Mechanism. |
| 239 | Multi Leg floor trade against single leg(s) | Transaction represents a non-electronic multi-leg order trade executed on a trading floor against single leg orders/quotes. Such auctions mechanisms include and are not limited to Price Improvement, Facilitation, or Solicitation Mechanism. |
| 240 | Stock Options auto-electronic trade | Transaction represents the an electronic execution of a multi-leg stock/options order traded in a complex order book. |
| 241 | Stock Options Cross | Transaction was the execution of an electronic multi-leg stock/options order which was 'stopped' at a price and traded in a two-sided crossing mechanism that does not go through an exposure period. Such crossing mechanisms include and are not limited to Customer to Customer Cross. |
| 242 | Stock Options floor trade | Transaction represents a non-electronic multi-leg order stock/options trade executed on a trading floor in a complex order book. Execution of Paired and Non-Paired Auctions and Cross orders on an exchange floor are also included in this category. |
| 243 | Stock Options auto-electronic trade against single leg(s) | Transaction represents an electronic execution of a multi-leg stock/options order traded against single leg orders/quotes. |
| 244 | Stock Options Auction against single leg(s) | Transaction was the execution of an electronic multi-leg stock/options order which was 'stopped' at a price and traded in a two-sided auction mechanism that goes through an exposure perod and trades against single leg orders/quotes. Such auctions mechanisms include and are not limited to Price Improvement, Facilitation, or Solicitation Mechanism. |
| 245 | Stock Options floor trade against single leg(s) | Transaction represents a non-electronic multi-leg stock/options order trade executed on a trading floor against single leg orders/quotes. Execution of Paired and Non-Paired Auctions on an exchange floor are also included in this category. |
| 246 | Multi Leg Floor Trade of Proprietary Products | Transaction represents execution of a proprietary product non-electronic multi-leg order with at least 3 legs. The trade price may be outside the current NBBO. |
| 247 | Multilateral Compression Trade of Proprietary Products | Transaction represents an execution in a proprietary product done as part of a multilateral compression. Trades are executed outside of regular trading hours at prices derived from end of day markets. Trades do not update Open High, Low, and Closing Prices. |
| 248 | Extended Hours Trade | Transaction represents a trade that was executed outside of regular market hours. Trades do not update Open, High, Low, and Closing Prices. |