What is the best way to characterize a trade reported outside of normal operating hours?

A trade reported outside of normal operating hours is best characterized as after-hours trading. After-hours trading refers to the ability to buy and sell securities outside of the standard trading hours set by exchanges. This practice allows investors to react to news or events that may occur after the market has closed, impacting securities prices.

After-hours trading can occur on various platforms, including electronic communication networks (ECNs), which facilitate trades outside traditional market hours. The characterization highlights that such trading occurs in a less regulated environment, where liquidity may be lower, and price volatility can be higher, influencing how traders approach these transactions. It's important for traders and investors to be aware of the specific rules and mechanics governing after-hours transactions, as they differ from regular trading hours in various ways.