Trade Reporting Notice - February 19, 2008

Guidance on Reporting Electronic Communications Network (ECN) Transactions

Executive Summary

This Notice addresses several inquiries regarding whether FINRA's current trade reporting rules require firms to submit a "non-media report" (i.e., a report that is submitted for clearing or regulatory purposes, but not for public dissemination)1 to reflect the offsetting leg of an over-the-counter transaction where an ECN matches two FINRA member firms.

 

Questions regarding this Notice may be directed to the Legal Section, Market Regulation, at (240) 386-5126; or the Office of General Counsel, at (202) 728-8071.

1 Non-media reports can be (1) "non-media, non-clearing," meaning that the report is submitted to FINRA solely for regulatory purposes, or (2) "clearing-only," meaning that the report is submitted to FINRA for clearing; i.e., for submission by FINRA to the National Securities Clearing Corporation (and perhaps also regulatory purposes).