Stock Trade Conditions
Sale-condition codes shown with stock prints, including their effects on price and volume calculations.
A stock trade can carry one or more sale-condition codes. These codes determine whether the trade updates the consolidated or participant open, last, high, and low, and whether it updates consolidated volume. Dark Pool Prints and Trade Flow show the corresponding condition names on each trade.
The table below follows the definitions in the CTS Output Spec. A numbered result refers to the qualification rules beneath the table.
| Code | Sale condition | Consolidated | Participant | Updates volume | |||
|---|---|---|---|---|---|---|---|
| Last | High/low | Open | Last | High/low | |||
| Blank | No sale condition required within the category it appears (long trade format only) | Not specified | Not specified | N/A | N/A | N/A | Not specified |
| @ | Regular trade (no associated condition) | Yes | Yes | Note 4 | Yes | Yes | Yes |
| B | Average price trade | No | No | No | No | No | Yes |
| C | Cash trade (same-day clearing) | No | No | No | No | No | Yes |
| E | Automatic execution | Yes | Yes | Note 4 | Yes | Yes | Yes |
| F | Intermarket sweep order | Yes | Yes | Note 4 | Yes | Yes | Yes |
| H | Price variation trade | No | No | No | No | No | Yes |
| I | Odd lot trade | No | No | No | No | No | Yes |
| K | Rule 127 (NYSE) or Rule 155 (NYSE MKT) | Yes | Yes | Note 4 | Yes | Yes | Yes |
| L | Sold last (late reporting) | Note 3 | Yes | Note 4 | Yes | Yes | Yes |
| M | Market center official close | No | No | No | Yes | Yes | No |
| N | Next day trade (next-day clearing) | No | No | No | No | No | Yes |
| O | Market center opening trade | Note 1 | Yes | Yes | Note 2 | Yes | Yes |
| P | Prior reference price | Note 2 | Yes | Note 4 | Note 2 | Yes | Yes |
| Q | Market center official open | No | No | Yes | No | Yes | No |
| R | Seller | No | No | No | No | No | Yes |
| T | Extended hours trade | No | No | No | No | No | Yes |
| U | Extended hours sold (out of sequence) | No | No | No | No | No | Yes |
| V | Contingent trade | No | No | No | No | No | Yes |
| X | Cross trade | Yes | Yes | Note 4 | Yes | Yes | Yes |
| Z | Sold (out of sequence) | Note 2 | Yes | Note 4 | Note 2 | Yes | Yes |
| 4 | Derivatively priced | Note 2 | Yes | Note 4 | Note 2 | Yes | Yes |
| 5 | Market center reopening trade | Yes | Yes | Note 4 | Yes | Yes | Yes |
| 6 | Market center closing trade | Yes | Yes | Note 4 | Yes | Yes | Yes |
| 7 | Qualified contingent trade | No | No | No | No | No | Yes |
| 8 | Reserved | Not specified | Not specified | Not specified | Not specified | Not specified | TBD |
| 9 | Corrected consolidated close price as reported by the listing market | Yes | Yes | No | No | No | No |
How the numbered qualifications work
- Note 1
- Qualifies when it is the only qualifying last, or when it is that participant's first qualifying last.
- Note 2
- Qualifies only when it is the only qualifying last.
- Note 3
- Qualifies when it is the only qualifying last, from the same participant as the last, or from the security's primary market.
- Note 4
- Qualifies when it is the first or only qualifying trade of the day; the latest takes precedence when multiple market-center opening trades occur.
When a trade has multiple conditions, every condition must qualify. One "No" disqualifies the trade. If all conditions qualify, a numbered note takes precedence over an unconditional "Yes."
See these labels in the Dark Pool Prints guide or the live NVDA print table.