TRACE FAQ - Testing
Once I know how my firm plans to report to TRACE, how do I arrange for testing?
For CTCI and FINRA web browser users: Please contact FINRA Product Management at 866-899-2107 to coordinate testing.
FINRA Web Browser: Complete the TRACE User Guide and Participation Agreement/Web Access addendum (Attachment A). Once the agreement is in place, the Web Administration group will assign the digital certificates that uniquely identify individuals authorized to access TRACE via the browser.
NSCC Interface: Contact your firm's Relationship Manager at NSCC.
Third-Party Reporting Intermediaries: If your firm plans to report through a FINRA member clearing firm or via a vendor or service bureau, contact that firm directly. Most of these qualified third-party reporting intermediaries already have CTCI lines in place to NASDAQ, which is the technology provider for FINRA. It is important to ask them how extensive their service is and whether they can make corrections or manage rejected trades.
Is the NASDAQ Testing Facility (NTF) available for testing?
Yes, NTF is available for testing TRACE transactions.
Who should I contact if I experience NTF or production problems?
Call the NASDAQ Support Desk at 212-231-5180 and specify whether you are calling in regards to a Production or NTF problem and whether your firm uses CTCI or RTTM. If you are unable to resolve the testing issue through the NASDAQ Support Desk you may contact FINRA Product Management at 866-899-2107. Be sure to provide FINRA Product Management the name of the contact you had been working with from NASDAQ and the nature and duration of the problem.
If my service bureau or clearing firm is doing my TRACE reporting for me, do I still need to test?
You will be required to complete the TRACE Member Test Script regardless of your chosen reporting method.
You should coordinate with your service bureau or clearing firm, since you will have to submit sample trades that either your service bureau or clearing firm will have to report either: 1) using your firm's MPID (if a service bureau) or 2) under a "give-up" arrangement (if a FINRA member firm clearing broker/dealer).
Note: The FINRA member firm that is closest to the end customer has the obligation to report and is ultimately responsible for accurate and timely reporting, even if the trade report is submitted by a third-party intermediary. For this reason, you should verify that the clearing firm or other third-party intermediary has successfully completed testing.
Where do I find the TRACE User Guide?
The User Guide/Glossary is posted on the TRACE Web Site under TRACE Documentation Technical Documentation . The User Guide is also available on the Home page of the secure site used for trade reporting (https://www.nasdtrace.com ) under Help.
