Equity Report Cards 

These report cards allow you to check quality of markets based on transaction data and adherence to FINRA rules relating to OATS compliance, best execution, short sales, trade reporting, firm quotes, and NASDAQ Market Center (formerly ACT) compliance. Access to the Equity Report Cards includes all of the report cards below. Please note that some reports within this group may not be applicable to your firm. No additional entitlement forms will be required unless the user does not yet have Equity Report Cards access. 

Firm Summary Scorecard
The scorecard provides an overview of performance and comparison statistics from each of the report cards listed below for the current and preceding months.

OATS Compliance Report Card
This report card provides, on a monthly basis, the number and percentage of OATS late submissions, out-of-sequence events, unmatched execution reports, unmatched NASDAQ Execution System route reports, unmatched inter-firm route reports, unmatched inter-firm routes received, and unrepaired repairable rejected order events. This report card also allows users to drill down to view daily OATS information.

Best Execution Report Card
This report card details the number of transactions in which your firm participated that were executed outside of the inside market in apparent violation of the FINRA's Best Execution Rule. This allows your firm to check compliance with the Best Execution Rule: NASD Conduct Rule 2320.

 

Market Order Timeliness Report Card
The Market Order Timeliness (MOT) Report Card is a monthly status report detailing the number of market orders that were delayed in receiving a full execution in apparent violation of the FINRA's Best Execution Rule: NASD Conduct Rule 2320. 

 

Short Sale Bid Test Report Card
This report card provides, on a monthly basis, a count of the number of potential executions of short sales in violation of NASDAQ Rule 3350, as well as the percentage of potential short sales to total trades reported.  The report cards are based on execution time of the trade as reported to NASDAQ Market Center (NMC).

Executing Firm Trade Reporting Report Card
This monthly report card provides a status report for trades that another firm reported on behalf of the executing firm (market participant). The report contains counts of marked and unmarked late trades, as well as the percentage of marked and unmarked late trades to total trades reported.

Reporting Firm Trade Reporting Report Card
This monthly report card provides a status report for trades that the market participant reported for itself or on behalf of another market participant. The report contains counts of marked and unmarked late trades, as well as the percentage of marked and unmarked late trades to total trades reported.

Firm Quote Compliance Report Card
This monthly report card contains counts of the number of your firm's NASDAQ Stock Market Liability Orders or CAES/ITS orders that timed out, were cancelled by the order entry firm, or were declined by your firm in apparent violation of the SEC's firm quote rule, as well as the percentage of these orders to total trades reported. 

 

The Firm Quote Compliance (FQC) Report Cards were retired effective April 2007.  Firms should continue complying with applicable SEC and SRO firm quote rules.

Executing Firm NMC Compliance Report Card *
This monthly report card shows compliance by market participants with the requirement that Order Entry Executing Firms accept or decline trades in the NASDAQ Market Center (NMC) within 20 minutes of trade execution. It provides information about the number of trades that compared in NMC within 20 minutes of executing time and in increasing lengths of time later than 20 minutes after execution time, as well as the percentage of those trades to total trades executed. For trades market with the .PRP modifier, the report card looks at report time instead of execution time.

Reporting Firm NMC Compliance Report Card *
This monthly report card shows compliance by market participants with the requirement that Order Entry Reporting Firms accept or decline trades in the NASDAQ Market Center (NMC) within 20 minutes of trade execution. It provides information about the number of trades that compared in NMC within 20 minutes of execution time and in increasing lengths of time later than 20 minutes after execution time, as well as the percentage of those trades to total trades executed. For trades marked with the .PRP modifier, the report card looks at report time instead of execution time.

* Formerly ACT Compliance Report Card

Note: If inaccuracies are discovered or you have questions regarding the content of these reports, please contact FINRA Market Regulation at (240) 386-5126.
 
For questions or help, contact the Report Center administrator.