How should brokers and dealers process orders when the normal closing time for a regular trading day has changed (e.g., early closing of markets for holidays)?
Footnote 17 of the Pilot Order explains that 4:15 pm was designated as the end of regular trading activity for Regulation SHO because regular trading hours normally end at 4:00 pm, and an extra 15 minutes was added because trade reporting can be delayed and continue past 4:00 pm. For days when regular trading hours end earlier than 4:00 pm, the time designated as the end of regular trading for the purposes of Regulation SHO should be the time the trading hours end on those days plus 15 minutes.
Related Questions
- How should brokers and dealers process orders when the normal closing time for a regular trading day has changed (e.g., early closing of markets for holidays)?
- What if there is an emergency and I don have time to allow for the regular processing time required for the requisition/purchase order process?
- Does Rule 11Ac1-6 require the disclosure only of non-directed customer orders routed during regular trading hours?
