How should a market center report on orders received during regular trading hours, but that remain unexecuted and uncancelled at the end of regular trading hours on the day of order receipt?
Orders left unexecuted and uncancelled, in whole or in part, at the end of regular trading hours on the day of order receipt should be reflected in the market center’s monthly report as having been received. No further information, however, should be reported concerning the unexecuted part of such orders, regardless of whether they are executed or cancelled in the hours, days, or weeks after the end of regular trading hours on the day of order receipt. In other words, a market center’s statistical report should reflect the disposition of orders solely during regular trading hours on the day of order receipt, and each day begins with a clean slate of orders. Example 12-1: A market center receives a 500 share at-the-quote limit order in Security A at 10:45:00 a.m. on April 30. At 10:45:08, 300 shares of the order are executed at the limit price. The remaining balance of 200 shares is left unexecuted at the end of regular trading hours on April 30. At 9:45:00 on the next day, May 1, the r
Related Questions
- Should a market centers monthly report encompass all trading days that fall within a calendar month, as opposed to settlement days that fall within the calendar month?
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