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.