OTC Reporting FacilityTM (ORFTM)
The OTC Reporting Facility (ORF) is the service provided by FINRA for the reporting of trades in OTC Equity Securities executed other than on or through an exchange and for trades in Restricted Equity Securities effected under Securities Act Rule 144A and dissemination of last sale reports. For those OTC Equity Securities and Restricted Equity Securities that are not eligible for clearance and settlement through the facilities of the National Securities Clearing Corporation, the ORF comparison function will not be available. However, the ORF will support the entry and dissemination of last sale data on such securities. Members that report transactions in OTC Equity Securities and Restricted Equity Securities to the ORF must comply with the Rule 6600 and 7300 Series, as well as all other applicable rules and regulations.