NASD Notice to Members 07-23 - May 2007

NASD Trade Reporting Requirements Related to Regulation NMS

Executive Summary

Effective Dates: Regulation NMS Trading Phase Date (March 5, 2007) for Alternative Display Facility Participants; and Regulation NMS Pilot Stocks Phase Date (Scheduled to Occur July 9, 2007) for NASD Trade Reporting Facility Participants


NASD is issuing this Notice to provide additional guidance to broker-dealer member firms on the proper use of NASD’s new transaction reporting modifiers. These trade reporting modifiers were amended and expanded to allow reporting of certain exceptions and exemptions to Rule 611 of Regulation NMS to NASD facilities. The amended trade reporting requirements were effective for Alternative Display Facility (ADF) participants on March 5, 2007, the Regulation NMS Trading Phase Date. They will be operative for each of the NASD Trade Reporting Facilities (the TRFs) on the Regulation NMS Pilot Stocks Phase Date, which is scheduled to occur on July 9, 2007. In addition to this Notice, NASD members that are also members of the New York Stock Exchange (NYSE) should review Information Memo 07-44, which is being issued by the NYSE contemporaneously with this Notice.


Questions or comments concerning this Notice may be directed to Dave Chapman, Deputy Director, Market Regulation, at (240) 386-4995; Lisa Horrigan, Associate General Counsel, Office of General Counsel, at (202) 728-8190; Kathleen A. O’Mara, Associate General Counsel, Office of General Counsel, at (202) 728-8071; Peter D. Santori, Chief Counsel, Market Regulation, at (240) 386-5098; and Chris Stone, Associate Chief Counsel, Transparency Services, at (202) 728-8457.


See Trade Reporting Notice 2/24/09 for updates to Regulation NMS trade reporting requirements.