Front End Systemic Capture (FESC) Report Cards

The New York Stock Exchange's Front End System Capture (FESC) Report Cards are now only available through FINRA's Report Center. These report cards assist NYSE-reporting firms in monitoring compliance with NYSE Rule 123(e) and (f), which requires NYSE-reporting firms—immediately after receiving an order on the floor—to submit the order information to the FESC database before the orders are represented on the floor.

 

FESC Report Cards provide statistics on New York Stock Exchange, LLC and NYSE Amex Equities LLC (collectively, the "Exchange" or "NYSE") Members and Member Organizations' (collectively the "Members'") compliance with NYSE Rule 123(e) and (f) (the "Rule" or "NYSE Rule"). The FESC Report Cards also help Members comply with the Rule, better police themselves and supervise their activities.

 

The FESC Report Cards are comprised of the:

 

  • FESC Summary Chart: The Front End Systematic Capture (FESC) Summary Chart provides a graphic view of the Category summary counts by day. This stacked bar chart provides the Category count on the y-axis and the related day on the x-axis. Additionally, each Category is identified by a unique color.
  • NYSE Rule 123 (e) and (f) Quality Performance & Summary Report Card: The FESC and OCS Activity Quality Performance & Summary Report Card provides an overview of the firm's performance with rules NYSE Rule 123(e) and NYSE Rule 123(f). The Quality Performance section provides a quick glance of key metrics for a firm's performance against potential violations.
  • Missing Order Detail, Execution Prior to Order and Execution Exceeds Order Report: This FESC report card contains the details related to execution reports that were submitted without corresponding order details, submitted prior to the entry of the order details, and/or, the aggregate quantity of the execution reports submitted, exceeded the quantity recorded for the corresponding order.
  • Missing or Invalid Account Type Report: This FESC report card contains execution reports where the account type indicator was missing or invalid account types were submitted as part of the execution report.
  • Missing or Invalid Order Details Report: This FESC report card contains those order reports which were submitted with missing order details or contained invalid order details.

 

The FESC Report Cards are posted on or around the 15th of the following calendar month. Users who have not opted-out of notifications will receive an email indicating that the new reports have been published and are available.

 

The FESC reports were originally made available in the fall of 2008 on the NYSE's Electronic Filing Platform (EFP) and migrated to the FINRA Report Center in early 2012. On June 25, 2008, NYSE Regulation, Inc. issued Information Memo 08-31 announcing the initial introduction of these reports to Clearing Firms and later issued Information Memo 08-55 highlighting a second release of the FESC Report Cards which made them available to all Member Organizations. After a brief period in 2009 where the reports were unavailable FESC Report Cards were reintroduced on September 25, 2009 (Information Memo 09-45).

 

NYSE Rule 123 (e) and (f) requires that immediately following the receipt of an order on the Floor, Members and Member Organizations must submit the details of the order to the FESC database before the orders are represented and or executed on the Floor. Additionally, the Rule requires that all reports of execution related to such orders be reported through FESC or another system prescribed (e.g. Online Comparison System). This requires that firm submit specific data elements to be recorded when an order is entered and the related execution(s) is reported.

Last Updated: 2/8/2013