Which of the following transactions in a Nasdaq Global Market security does NOT have to be reported by a market maker?

The correct choice is that a market maker does not have to report the purchase of an NGM stock through the exercise of a call option because this transaction is typically considered a private transaction rather than a market transaction. When a call option is exercised, the underlying shares are transferred from the seller of the option to the option holder, and this transfer does not take place in the open market like other trades. As a result, there is no need for the market maker to report this specific transaction because it does not contribute to the real-time market activity that needs to be reflected in market data.

In contrast, sales to offshore investors and transactions outside of normal market hours typically require reporting to ensure transparency and fairness in the market. Similarly, a purchase on behalf of a customer resulting from an undisplayed limit order involves market activity that affects pricing and should be reported to maintain accurate records of trading activity. Thus, the exercise of a call option stands apart from these other transactions in terms of reporting requirements.