Extended-hours trading on ATS

C

CoKap

Hi, I am a student and head of small trading group from Cyprus.

I am interested in extended-hours trading on ATS and US stock exchanges. I was surprised when I found that Reg NMS rules are not enforced during pre- and post-market sessions. I found a large number of ATS trades during extended hours. But I have read practically all existing Form ATS and can’t find any of dark pools that allow matching orders during extended hours. Can anybody explain whence all these ATS trades come and how these transactions occurred?

Also, I find many ISO trades during the extended-hours session. What the point of the ISO orders if Reg NMS rules are not enforced?
 
CoKap said:
Also, I find many ISO trades during the extended-hours session.
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What tells you these are ISO trades? The sales condition in time and sales should be pre/post market. Some exchanges like Nasdaq are open ore/post and most of the volume should be traded there (not dark pools).
CoKap said:
I was surprised when I found that Reg NMS rules are not enforced during pre- and post-market sessions.
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Can't be enforced because not all exchanges are participating.
 
qlai said:
What tells you these are ISO trades? The sales condition in time and sales should be pre/post market. Some exchanges like Nasdaq are open ore/post and most of the volume should be traded there (not dark pools).

Can't be enforced because not all exchanges are participating.
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The sales condition in T&S is both form T and ISO. In addition to Nasdaq and other lit exchanges trades, I also see FINRA ATS prints during extended-hours sessions.
 
CoKap said:
I also see FINRA ATS prints during extended-hours sessions.
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Finra TRF? Internalized by brokers. If you send order to IB smart route, the order may never get to lit exchange.
CoKap said:
The sales condition in T&S is both form T and ISO.
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I think it's just a way to explicitly indicate that the order was not under protection.
 
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