Time of the transaction
(104) Time of the transaction has the meaning provided in 240.10b-10 of this chapter. (105) Trade-through means the purchase or sale of an NMS stock during regular trading hours, either as principal or agent, at a price that is lower than a protected bid or higher than a protected offer. (106) Trading center means a national securities exchange or national securities association that operates an SRO trading facility, an alternative trading system, an exchange market maker, an OTC market maker, or any other broker or dealer that executes orders internally by trading as principal or crossing orders as agent. (107) Trading rotation means, with respect to an options class, the time period on a national securities exchange during which: (i) Opening, re-opening, or closing transactions in options series in such options class are not yet completed; and (ii) Continuous trading has not yet commenced or has not yet ended for the day in options series in such options class. (108) Transaction report means a report containing the price and volume associated with a transaction involving the purchase or sale of one or more round lots of a security. (109) Transaction reporting association means any person authorized to implement or administer any transaction reporting plan on behalf of persons acting jointly under 242.601(a). (110) Transaction reporting plan means any plan for collecting, processing, making available or disseminating transaction reports with respect to transactions in securities filed with the Commission pursuant to, and meeting the requirements of, 242.601. (111) Vendor means any securities information processor engaged in the business of disseminating transaction reports, last sale data, or quotations with respect to NMS securities to brokers, dealers, or investors on a real-time or other current and continuing basis, whether through an electronic communications network, moving ticker, or interrogation device.