One or more duties that a SPECIALIST or MARKET MAKER must undertake, including taking one side of a purchase or sale ORDER through a proprietary account when the other side cannot be immediately matched, quoting twosided markets at all times, and reporting all executed trades within a predefined time frame. Also known as POSITIVE OBLIGATION . See also INTERPOSITIONING , NEGATIVE OBLIGATION . AFTER HOURS TRADING TRADING in securities that occurs after the formal close of an EXCHANGE, through telephonic networks or ELECTRONIC COMMUNICATION NETWORKS supported by BROKER/DEALERS. In practice only BENCHMARK securities with a broad investor follow trade after hours.
Black’s Law Online Dictionary
