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Printer-Friendly Last Updated: 5/12/08 Trade Reporting Facility (TRF)

Each FINRA Trade Reporting Facility (TRF) provides FINRA members with a mechanism for the reporting of transactions effected otherwise than on an exchange. While each FINRA TRF is affiliated with a registered national securities exchange, each FINRA TRF is FINRA facility and is subject to FINRA's registration as a national securities association. Trades by FINRA members in Nasdaq-listed and other exchange-listed securities, as approved by the Securities and Exchange Commission (SEC), executed otherwise than on an exchange may be reported to FINRA TRF.

Important TRF Information 

Holiday Closing

In observation of Memorial Day, the TRF Systems for the following exchanges will be closed on Monday, May 26, 2008: NYSE, NSX, NASDAQ.  Thank you for your attention to this matter. Please contact FINRA Operations at (866) 776-0800 if you have any questions.

FINRA/NYSE TRF

The SEC has approved a proposed rule change to increase the percentage of market data revenue shared with FINRA members that report trades to the FINRA/NYSE TRF. Pursuant to NASD Rule 7001E, a member that reports trades to the FINRA/NYSE TRF will receive 100% of the Tape A, Tape B and Tape C revenue earned by the FINRA/NYSE TRF that is attributable to the member. The proposed rule change is effective retroactive to April 18, 2007.

FINRA/NSX TRF

The SEC has approved a proposed rule change to increase the percentage of market data revenue shared with FINRA members that report trades to the FINRA/NSX TRF. Pursuant to NASD Rule 7001C, a member that reports trades to the FINRA/NSX TRF will receive 75% of the Tape A, Tape B and Tape C revenue earned by the FINRA/NSX TRF that is attributable to the member. The proposed rule change is effective retroactive to April 1, 2007.

FINRA/NASDAQ TRF

The SEC has approved a proposed rule change to modify the percentage of market data revenue shared with FINRA members that report trades to the FINRA/NASDAQ TRF. Pursuant to NASD Rule 7001B, a member that reports trades to the FINRA/NASDAQ TRF will receive a percentage of the Tape A, Tape B and Tape C revenue earned by the FINRA/NASDAQ TRF that is attributable to the member and the percentage will be based on the member's "Market Share." Under the rule, "Market Share" is defined as the percentage calculated by dividing the total number of shares represented by trades reported by a member to the FINRA/NASDAQ TRF during a given calendar quarter by the total number of shares represented by all trades reported to the applicable Securities Information Processor, and is calculated separately for Tape A, Tape B and Tape C. The proposed rule change is effective retroactive to January 1, 2008.

FINRA/NSX TRF
Effective on February 6, 2008, pursuant to NASD Rule 7003C, the FINRA/NSX TRF began charging FINRA members a fee in the amount of $0.0075 for each "non-media report" submitted to the FINRA/NSX Trade Reporting Facility. A non-media report is defined in NASD Rule 7003C as any report submitted by the member to the FINRA/NSX Trade Reporting Facility that is not submitted by the FINRA/NSX Trade Reporting Facility to the Consolidated Tape Association or the Nasdaq Securities Information Processor.

Important Notice for Firms
Effective April 14, 2008, the Consolidated Tape Association ("CTA") Plan will disseminate the actual number of shares for each transaction reported in CTA-eligible securities (exclusive of transactions in odd-lots). This change will make the CTA Plan dissemination protocol consistent with the current Nasdaq Unlisted Trading Privileges ("UTP") Plan dissemination protocol.

• SEC Notice of Proposed CTA Plan Amendment
• SEC Approval of Proposed CTA Plan Amendment

FINRA/NSX TRF

Effective January 2, 2008, the FINRA/NSX TRF will accept reports of non-regular way settlement, prior reference price, Stop Stock and weighted average price transactions. Members must use the appropriate trade report modifiers and otherwise report such transactions in accordance with FINRA's rules. 

Important Notice for Firms
Effective October 5, 2007 FINRA member firms are no longer required to submit trades marked short exempt via a FINRA Trade Reporting Facility other than when applicable on “as of” trades with a trade date earlier than October 5, 2007.

FINRA Trade Reporting Facilities technical updates:

FINRA/Nasdaq TRFTM

FINRA/NSX TRFTM

FINRA/NYSE TRFTM
Effective Friday October 5, 2007, as part of the elimination of the price or "tick" test for short sales, which went into effect on July 6, 2007 (see Exchange Act Release No. 55970 (June 28, 2007)), the FINRA/NYSE Trade Reporting Facility will no longer accept Sell Short Exempt Orders.  Any orders marked Sell Short Exempt will be rejected back to the sending party.

FINRA/BSE TRF
The FINRA/BSE TRF will cease operation at the close of business on Friday, September 21, 2007.  As of that date, any member that is a participant of the FINRA/BSE TRF must use an alternative mechanism to satisfy its trade reporting obligations under FINRA rules.

Member Alert

Notice of NASD Hotline for Regulation NMS Questions 

FINRA Self-Help Email Address

Trade Reporting Facilities (TRFs) and the Alternative Display Facility (ADF) are not considered trading centers or SRO trading facilities under SEC Regulation NMS and its Order Protection Rule. However, the participants in the TRFs and the ADF are considered trading centers and under appropriate circumstances, can invoke the self-help exception under the SEC Regulation NMS Order Protection Rule. Therefore, electronic notifications indicating the invocation of the self-help exception should be directed to the trading centers utilizing either the ADF or  TRFs and copies of the notifications should be sent to FINRA. In addition, trading centers utilizing either the ADF or TRFs should copy FINRA on any self-help notifications that they receive indicating that the self-help exception has been declared against them and copy FINRA on any electronic notifications sent by them to another trading center indicating the declaration of the self-help exception.

FINRA Self-Help Email Address: selfhelp@finra.org

Member Alert

Exemptive Relief from Certain Trade Reporting Requirements Related to Regulation NMS. View more information.

FINRA/NYSE TRF

FINRA filed with the SEC for immediate effectiveness a proposed rule change to extend the system closing time of the FINRA/NYSE Trade Reporting Facility from 6:30 p.m. until 8:00 p.m. See SR-NASD-2007-037. The proposed rule change will become operative on Monday, July 16, 2007, and as of that date, the FINRA/NYSE Trade Reporting Facility hours will be from 8:00 a.m. to 8:00 p.m.

The FINRA/NYSE Trade Reporting Facility is scheduled to commence operation on Wednesday, April 18, 2007, with respect to Nasdaq-listed and CQS-listed securities. Operation with respect to all securities will be phased-in, in accordance with the Rollout Schedule. FINRA members that meet the requirements for participation in the FINRA/NYSE Trade Reporting Facility must comply with the NASD Rule 4000E Series and NASD Rule 6000E Series, as well as all other applicable rules (Rule Filings: SR-NASD-2007-011; SR-NASD-2007-025).

Uniform Give Up Agreement

Read an important notice to all TRF, ADF and other FINRA facility participants regarding AGU and QSR relationships.

FINRA understands that, despite diligent efforts, some firms will be unable to meet the February 26, 2007 deadline for executing and submitting the required documentation in accordance with the above notice. If your firm is having difficulties obtaining or submitting the required documentation, you can request an extension by contacting FINRA Operations immediately via email. Please provide the following information: (1) your firm name; (2) the names of the participants for which you have still not received the necessary paperwork; (3) whether there is an existing QSR relationship for those participants supported by the necessary paperwork; and (4) the date you expect to have all paperwork executed and submitted.

FINRA/NSX TRF

The FINRA/NSX Trade Reporting Facility, which was approved by the SEC on November 6, 2006, is scheduled to commence operation on Monday, November 27, 2006, with respect to Nasdaq-listed securities. Operation with respect to Nasdaq-listed securities will be phased-in, in accordance with the Rollout Schedule. The FINRA/NSX TRF will accept trade reports for CQS listed securities on Tuesday, February 20, 2007. FINRA members that meet the requirements for participation in the FINRA/NSX Trade Reporting Facility must comply with the NASD Rule 4000C Series and Rule 6000C Series, as well as all other applicable rules.
 
Pursuant to recent amendments to the NASD By-Laws, members are required to report to FINRA in an automated manner all transactions that must be reported to FINRA and that are subject to a regulatory transaction fee pursuant to Section 3 of Schedule A to the NASD By-Laws ("Section 3"). As of December 15, 2006, the FINRA/NSX TRF will permit reporting in eligible securities of odd-lot transactions, sales where the buyer and seller have agreed to a price substantially unrelated to the current market for the security (also referred to as "away from the market sales"), and purchases or sales of securities effected upon the exercise of an over-the-counter ("OTC") option for purposes of Section 3. If members use the FINRA/NSX TRF to report such transactions to FINRA, they must include a special indicator denoting that such transactions are reported in accordance with Section 3 as set forth in NASD Rule 6130C(f).
 
The FINRA/NSX TRF will begin accepting trade reports for over-the-counter transactions in CQS listed securities on Tuesday, February 20, 2007. Operation with respect to CQS listed securities will be phased-in, in accordance with the Rollout Schedule.

As of February 26, 2007, the FINRA/NSX TRF can accept trade reports on a next day or "as/of" basis and the automatic cancellation of trades previously reported to the FINRA/NSX TRF.  Members must report such trades in accordance with the recent rule change.