What it is:
How it works (Example):
When a broker executes an order for a stock traded on the Nasdaq exchange, he or she must report it to Nasdaq no more than 90 seconds following its completion. The report must specify the stock as well as the share price and the number of shares.
For example, if a broker places an order on a client's behalf for 20 shares of stock ABC at a market price of $50 per share, he or she must transmit these details to Nasdaq within 90 seconds of placing the sale.