INSITE FAQ - INSITE Data


Field Name
Description
Questions & Responses
Processed Date
For the transaction related data elements, this is the same as trade date. For the account related data elements, this is the date on which the summary is calculated.
 
Customer Account
A "customer account" is defined in SEC Rule 15c3-3(a)(1). These are accounts held by retail and institutional customers. For INSITE reporting purposes, firms should exclude "House" accounts and DVP / RVP accounts.
Does the definition of customer account exclude correspondent's accounts identified in Aggregate Net Liquidating Equity? Yes.
Are proprietary trades excluded? Yes.
Are the firm's overseas affiliates considered in this definition? INSITE is targeting the firm's activity with its public customers. We have no jurisdiction over foreign entities doing business with foreign customers.
Trade Count
The number of trades in customer accounts that the correspondent or self-clearing firm had on the processed date.
How should multiple executions of a single order at the same or different prices be counted? Multiple executions of a single order at the same price for the same customer should be reported as a single transaction. Multiple executions of a single order at different prices for the same customer should be reported as a single transaction - average price should be used to calculate price.
Are open-end mutual funds, variable contract, and direct participation program transactions included in the trade counts? No, but closed end fund shares which trade on an exchange are included.
Are ADRs included in the trade counts? Yes. All securities transactions (US or foreign) with domestic customers should be reported. ADRs fall under this definition.
In which reporting category should 144A securities, Portal equity or Debt fall into? The security classification - equity, debt, and options - is the determinant for the reporting category.
Are option exercises/assignments included in this count? The transactions in the underlying securities resulting from the exercise of the option should be included.
Should syndicate trades at the correspondent level be included in the Trade Count reporting requirements? Yes
Should any equity requiring a prospectus be reported? Yes
Should dividend reinvestments be included in the trade counts? No
Are transactions among broker-dealers (street-side trades) reportable in the trade counts? No, only customer transactions (retail and institutional) are reportable.
Aggregate Net Liquidating Equity
The aggregate net liquidating equity in the correspondent’s proprietary accounts. Net liquidating equity is defined as the long market value minus the short market value plus the credit minus the debit for all securities (including options) in the account. The aggregate net liquidating equity is the total net liquidating equity across all accounts.
What does the definition of Aggregate Net Liquidating Equity exclude? The definition of Aggregate Net Liquidating Equity excludes sales credits or commissions, clearing deposit accounts and other receivable/payable accounts
If correspondent firms have both inventory (trading) accounts and investment accounts, how should the two types be treated? Both types of accounts should be included in this calculation.
Who should report ANLE? If a self-clearing firm has no correspondents, they will not report ANLE. This value can be null. If a self-clearing firm has correspondents, they will report ANLE for the correspondents only and not for themselves.
Exchange Code
This is the exchange where the trade was executed. The values for Exchange Code are defined as per the original Bluesheets requirements (NASD NTM 89-17). The codes are used to distinguish between the exchange and the non-exchange set of variables.
A = New York Stock Exchange
B = American Stock Exchange
C = Midwest Stock Exchange
D = Philadelphia Stock Exchange
E = Pacific Stock Exchange
F = Boston Stock Exchange
G = Cincinnati Stock Exchange
K = Chicago Board Options Exchange
L = London Stock Exchange)
M = Toronto Stock Exchange
N = Montreal Stock Exchange
O = Vancouver Stock Exchange
R = NASDAQ (NNM, SC, OTCBB)
S = Over-the-Counter
T = Tokyo Stock Exchange
X = Securities and Exchange Commission.
Z = Other
Which codes are Non-exchange? NASDAQ, OTC Bulletin Board and OTC are non-exchange.
Exchange Trade Count
The number of equity trades in customer accounts executed on a National Securities Exchange, that the correspondent or self-clearing firm had on the "processed date.
What does the definition of a National Securities Exchange include? National Securities Exchange includes NYSE, ASE, PHLX, CBOE, Chicago Stock Exchange, Cincinnati Stock Exchange, Boston Stock Exchange, and Pacific Stock Exchange.
If a correspondent routes an order to another broker-dealer, and that broker-dealer routes the order to an exchange for execution, is that execution considered as "executed on a National Securities Exchange" or as a "Non-Exchange Listed Equity Transaction? "As an execution on a National Securities Exchange
Which category should preferred stock and convertible preferred stock transactions be included? These transactions should be included in the equity category.
FINRA requires Clearing Firms to report prescribed data to FINRA that is used for surveillance purposes. The data requirements are set out in the INSITE Technical Specifications, which require Clearing Firms to file data about transactions. The data must be divided into two categories: (1) Exchange Executions (transactions executed on a national securities exchange) and (2) Non-Exchange Executions (transactions executed in the NASDAQ, OTCBB and other OTC markets). The records I submit to FINRA now include transactions in the NASDAQ Market Center in the second category. Will I be required to change this now that NASDAQ is operational as a national securities exchange?
Until further notice, FINRA will allow firms to report NASDAQ transaction data information as EITHER exchange or non-exchange execution. Firms will be expected to be able to identify which transactions are NASDAQ transactions upon inquiry by FINRA staff.
Exchange Equity Transaction Dollar Value
The total value of equity trades in customer accounts executed on a National Securities Exchange, that the correspondent or self-clearing firm had on the "processed date." The value is simply price times share.
Which transactions are included in the calculation for Dollar Value? The transactions identified (and counted) in the Exchange Trade Count data element should be included for Dollar Value.
Does the Total Value of Transactions reporting requirements include both customer buy and sell transactions? Yes
Exchange Equity Sales Credits / Commissions
The total dollar value of sales credits and/or commissions generated by equity trades in customer accounts executed on a National Securities Exchange, that the correspondent or self-clearing firm had on the "processed date."
Are postage/handling charges excluded from this data element? Yes. This data element is strictly credits and commissions.
Should fee-based payments be included under the Sales Credits and Commissions reporting requirement? Our definition of a fee-based account is one where there is an annual fee regardless of activity. In this context, exclude the fees for the customer accounts. Include the sales credits / commissions. The purpose is to relate compensation to transaction activity. Fee-based compensation is not transaction dependent.
Non-Exchange Trade Count
The number of equity trades in customer accounts executed in a market other than a National Securities Exchange, that the correspondent or self-clearing firm had on the "processed date." The count would include executions in the NASDAQ, OTCBB and OTC markets.
Does this count include 3rd market transactions? Yes
Where should syndicate transactions be included? Yes. Syndicate transactions should be included under Non-Exchange sections.
Are Prime Broker Trades included? Since we do not know where these trades are executed, they should be included here.
FINRA requires Clearing Firms to report prescribed data to FINRA that is used for surveillance purposes. The data requirements are set out in the INSITE Technical Specifications, which require Clearing Firms to file data about transactions. The data must be divided into two categories: (1) Exchange Executions (transactions executed on a national securities exchange) and (2) Non-Exchange Executions (transactions executed in the NASDAQ, OTCBB and other OTC markets). The records I submit to FINRA now include transactions in the NASDAQ Market Center in the second category. Will I be required to change this now that NASDAQ is operational as a national securities exchange?
Until further notice, FINRA will allow firms to report NASDAQ transaction data information as EITHER exchange or non-exchange execution. Firms will be expected to be able to identify which transactions are NASDAQ transactions upon inquiry by FINRA staff.
Options Transactions Count
The number of options transactions in customer accounts, regardless of where the execution took place, that the correspondent or self-clearing firm had on the "processed date."
If a clearing firm executes and clears options transactions for other broker-dealers on an omnibus basis, how are these handled? The underlying principal of Rule 3150 is reporting at the correspondent level. Omnibus Accounts are aggregate accounts and do not disclose the firms. The correspondents will have to report on their own behalf in the instance where they clear on an omnibus basis.
Are futures options included? Futures Options are not included since the CFTC regulates the Futures market and not the SEC.
Does Options Transactions refer to listed options? All Options Transactions are included, regardless of the execution venue.
Should private transactions be included? Yes.
Option Transaction Dollar Value
The total dollar value of options transactions in customer accounts, regardless of where the execution took place, that the correspondent or self-clearing firm had on the "processed date", exclusive of commissions, sales charges, and fees. The value is simply underlying quantity times price.
What should be used for Value? Use Premium Value.
Options Sales Credits/Commissions
The total dollar value of sales credits and/or commissions generated by options transactions in customer accounts, regardless of where the execution took place, that the correspondent or self-clearing firm had on the "processed date."
Should fee based options be excluded? Yes
Debt Transaction Count
The number of transactions in customer accounts for debt issues, regardless of where the executions took place, that the correspondent or self-clearing firm had on the "processed date."
Are convertible bonds included in this count? Yes
Should convertible preferreds be counted as equities? Yes
We assume that definition of debt includes corporate bonds, debentures, U.S. government and agency securities, municipal bonds, asset backed securities, certificates of deposit and foreign government bonds. Is this assumption correct? Yes.
Would the definition of debt include debt derivatives such as CMO's, TIGR's (stripped coupon bonds)? Yes
Are Repos included? No. Since repos are financing transactions, they should not be included in the debt transaction count.
Is commercial paper included as debt? No. Commercial Paper should be counted as cash.
Debt Transaction Dollar Value
The total dollar value of transactions in customer accounts for debt issues, regardless of where the executions took place, that the correspondent or self-clearing firm had on the "processed date."
Is Transaction Dollar Value, principal only or principal plus interest? Principal plus interest.
Debt Transaction Sales Credits / Commissions
The total dollar value of sales credits and/or commissions generated by transactions in customer accounts for debt issues, regardless of where the executions took place, that the correspondent or self-clearing firm had on the "processed date."
 
Number of Customer Accounts with a Securities Position and/or Credit Balance Record
The number of accounts with securities positions or credit balance records maintained for the correspondent or self-clearing firm at settlement as of the "processed date."
Does this include PAIB accounts that are not investment or trading accounts, such as clearing deposits, etc.? No.
Does this include customer accounts with short positions? Or just long securities positions? Both.
If an account has both a credit balance and a security position, is the account counted once or twice? Once.
If a customer has a cash account and a margin account with securities positions. Is both the cash and margin account counted, or is the account counted just once? Customer accounts in the same account number series should only be counted once.
What if the same customer has cash and margin accounts with different account numbers? Different account numbers are defined as different accounts and should be counted separately.
Are guarantee / guarantor accounts included in this category? No.
Margin Debits in Customer Accounts
The total dollar value of margin debits in customer accounts maintained for the correspondent or self-clearing firm at settlement as of the "processed date."
Would this number include the net balance total of all types of margin accounts? Yes.
Should customer margin debits be offset by customer credits for the same customer in other accounts? No. Customer margin debits should be offset by customer credits in sub-accounts with the same account number.
How are margin debits reported? Debits are signed positive; security positions are signed positive for long and negative for short.
Are DVP extensions and unsecureds included? No, since DVP / RVP are primarily institutional and are done in cash accounts.
Aged Initial Margin Calls (RegT)
The total dollar value of initial margin calls in customer accounts maintained by the correspondent or self-clearing firm, that are aged more than 5 business days past the initial call date as of the "processed date."
Does the definition of 'initial margin call' refer to Fed Calls? Yes.
Aged Maintenance Margin Calls (NYSE and FINRA)
The total dollar value of maintenance margin calls in customer accounts maintained by the correspondent or self-clearing firm, that are aged more than 5 business days past the initial call date as of the "processed date."
What is the definition of a FINRA Call? Are you referring to internal 'house maintenance requirements? This term refers to required maintenance margin calls under NYSE and / or FINRA rules. These requirements may differ from "house" maintenance calls.
Short Interest Accounts
The number of customer accounts with uncovered short equity positions maintained for the correspondent or self-clearing firm on the "processed date."
We assume that the definition of short position is one that results from a bonafide "short sale." Is this assumption correct? Yes
We assume that customers who sell short against the box are included in this count. Is this assumption correct? Yes.
We assume that this data element would not include short options and bonds. Is this assumption correct? Yes.
Short Interest Share Count
The number of shares of stock that have been sold short and have not yet been repurchased to close out the short position in the customer account maintained for the correspondent or self-clearing firm on the "processed date."
We assume that this data element will be the sum of the bona fide short sale positions in accounts identified in the previous data element. Is this assumption correct? Yes
Short Interest Dollar Value
The total dollar value of the uncovered short positions in customers accounts maintained for the correspondent or self-clearing firm on the "processed date."
We assume that this data element would be a "market value" based on yesterday's closing price and not the "contract value" of the transaction that created the short position. Is this a correct assumption? Yes
Unsecured Customer Account Debits (T+12 and Later) Settlement Date + 9
The aggregate unsecured net equity for all of the correspondent or self-clearing firm's customer accounts, computed as the dollar value of unsecured and the unsecured portion of partly secured customer accounts T+12 or Later (Settlement Date + 9).
What should be included for unsecured debit? Unsecured debit is a debit balance in a customer account that contains no assets that could be liquidated to cover the debit. This would include debits which result from non-trade related transactions e.g., fees etc.
We are defining partly secured customer account as follows: A debit balance would remain after liquidating all positions in all types of a customer's account (cash and all margin types) based on yesterday's closing price. Is this definition correct? Yes
Canceled Trade Count
The number of equity trades that the correspondent or self-clearing firm canceled on the "processed date," but executed on an earlier date, where the account number was changed for the transactions. This count can be derived from the details records, but this count can be used to ensure the expected number of records is sent.
Does this count include a cancel/rebill in which the base account number remained the same, and the transaction was canceled for account type only (canceling from cash to margin account)? No. The count should include unrelated account number changes only. Accounts are considered to be related if they are sub-accounts. Cancellations which are rebilled among sub-accounts of the same main account should not be included.
Are same day cancels included? No. Same day cancels should not be included under the Canceled Trade count.
Should trades, which are straight cancelled, be reported? No.
If a trade were cancelled out of one account and rebilled in an another account, should only the cancel record be reported in this field? Yes.
Should cancels for options or debt be reported? No. Canceled Trade Count applies to equity trades only.
As Of Trade Count
The number of equity as of trades (trades not reported on the same day as the execution of the trade) that the correspondent or self-clearing firm processed on the "processed date" where the as of trade date is at least 2 business days before the processed date. The number can be derived from the detail records, but this number can be used to ensure the expected number of records is sent.
Should as of trades for options or debt be reported? No. As Of Trade Counts applies to equity trades