I am building a system based on executed trades. Sometimes I see trades that are executed way outside the inside bid and offer. I was told that some of these trades could be so called "Late reports" of past trades. Is there a standard of how trades are reported, is there a way to distinguish these trades? With REG NMS, is it possible to have a trade outside current BID and ASk? When the trade is reported, is there a special way these trades are reported?