SR-FINRA-2010-048

Proposed Rule Change Relating to FINRA Trade Reporting Notice on Price Validation and Price-Override Protocol

Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a FINRA Trade Reporting Notice (“Notice”) that explains the price validation protocol of the FINRA trade reporting facilities and sets forth guidance on the use of the price-override indicator in trade reports. Members are required to make systems changes necessary to trade report in accordance with the Notice no later than November 16, 2010.