Revised Migration Date for New OTC Reporting Facility Technology Platform

FINRA has revised the migration date for firms to begin reporting OTC equity security trades and trades in restricted equity securities effected pursuant to Securities Act Rule 144A to the new OTC Reporting Facility (ORF) technology platform. Firms will begin reporting trades to the ORF on the new platform on Monday, June 2, 2014. Firms that expect to have trade reporting obligations under FINRA rules in OTC equity securities and reportable restricted equity securities must migrate to the new platform. Following the technology migration, the ORF will no longer operate on the NASDAQ OMX ACT technology platform.

 

FINRA previously published the FIX and CTCI technical specifications, which include the system changes required to report OTC equity securities and reportable restricted equity securities to the ORF on the new platform. The new platform will support FIX and CTCI protocols for trade reporting and trade management of OTC equity securities and reportable restricted equity securities. FINRA anticipates publishing the Application Programming Interface (API) and updated Trade Data Dissemination Service (TDDS) specifications in early February.

 

FINRA will issue additional technical notices about the following aspects of the migration as the date approaches:

  • testing-test schedule, test scripts and registration;
  • Web Application User Guide.

 

Firms are reminded that, prior to reporting trades to the ORF on or after the launch date, they must execute the FINRA Participation Agreement. Firms that have previously executed the agreement as current TRACE reporting firms must execute the FINRA Participation Agreement Amendment. FINRA also recommends that firms subscribe to FINRA email updates to receive FINRA technical updates and alerts.

 

Please direct questions concerning these changes to FINRA Product Management or call (866) 899-2107.