What are the four different sale conditions in “Last Sale”?

Level 1: Denotes the settlement type of the transaction. If a transaction has a special settlement code, firms should not include transactions in high, low, or last sale price calculations. If the transaction has a regular settlement type, firms should process the next levels to determine proper processing.

Level 2: Indicates if a transaction was trade through exempt.

Level 3: Indicates if the transaction was reported during regular market hours with a “sold” code or during the extended trading hours session. Generally, only trades that occur during normal market hours and in proper sequence are included in the “last sale” calculation.

Level 4: Indicates special trading situations.

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