Market Maker Transaction Data – Additional Guidance on Submission and Feedback

FINRA is issuing this supplementary guidance as a companion to the Market Maker Transaction Data Technical Specification to further describe file submission, syntax and semantic processing, linkage processing, and the timeframes for submitting a cancel or correction.

File Submission

  1. Files may be submitted to the Production Environment 24 hours per day, 5 days per week, from 08:00 Eastern Time on Monday to 08:00 Eastern Time on Saturday.
  2. Files must be named using the following convention:
    TSP_<CRD Number>_<YYYYMMDD>_<Unique File Identifier>.<file extension>.
  3. All records within the file, including the trailer, must have a delimiter of pipe (|).
  4. Each file must contain a trailer record with the total count of records within the file. Note that the record count does NOT include the trailer.
  5. Files must be placed in the tick/in folder. A sample file format is as follows:

    Sample File Name: TSP_99999_20160224_01.txt

    Sample File Contents


  6. Once a file is received and processed by FINRA, an acknowledgement indicating whether the file has been accepted or rejected will be placed in the submitting user's tick/out folder. For example:

    Sample File Name: TSP_99999_20160224_01.txt.ts1456339828.fileaccept

    Sample File Contents


Syntax and Semantic Validations

If a file passes all file level validations, FINRA will perform syntax and semantic validations on the content of the file.

  1. Each record within a file must be transmitted in the format as prescribed in the technical specification.

  2. If any record within a file is rejected, FINRA will return the entire file to the user for repair. FINRA will not process any records within the rejected file, even those that pass validations. Therefore, no linkage feedback will be returned for any records in a rejected file since FINRA will not have processed any of those records.
  3. Response feedback will be placed in the in original submitter's user's tick/out folder. An example of content feedback is:

    Sample File Name: TSP_99999_20160224_01.txt.ts1456339828.contentreject

    Sample File Contents


  4. When repairing rejected records, users must resubmit the entire file to FINRA, including the records that originally passed validations, using the original file name by placing the file in the tick/in folder within two business days of the user receiving the rejection.

Linkage Feedback

Once a file has passed all file and syntax and semantic validations and is accepted, FINRA will attempt to link applicable records to other broker-dealer and/or exchange data.

  1. Only unlinked records will be returned for correction and placed in the user's unlink/out folder. An example of an unlinked file is:

    Sample File Name: TSP_99999_20160224_02.txt.ts1456339828.unlink

    Sample File Contents


  2. Users have three business days from the time they receive notification of the unlinked record to correct the linkage field that resulted in the unlinked record and resubmit to FINRA in the unlink/in folder.
  3. Additional guidance on the specific linkage criteria is described in FINRA Guidance Linking Market Maker Transaction Data.

Reporting Cancels and Corrections

If a trade that has been previously submitted and accepted by FINRA must be cancelled, the firm must mark the trade with a Cancellation Indicator and provide all of the original details of the trade being cancelled. If a market maker needs to correct a trade, the original trade must be cancelled and a new trade entered.

Timeframes for Cancels/Corrects:

If a trade is executed on T and cancelled or corrected prior to T+4, the correction is due no later than noon on T+4. For example: If a trade is executed on T and reported on T+1, the cancel or correction is due no later than noon on T+4.

If a trade is executed on T and cancelled or corrected after the original T+4 submission deadline, the cancel or correction must be reported no later than noon on the next business day after the cancel/correction occurred. For example: If a trade is executed on T, reported and accepted on T+4 and subsequently cancel/corrected on T+5, the Market Maker or submitting usermust report the cancel/correct no later than noon on T+6.

Only trades previously reported to and accepted by FINRA should be cancelled/corrected. If a trade was never reported and is subsequently cancelled or corrected, only the corrected, final version of the trade should be reported and would be marked as a late submission if received after the T+4 reporting deadline. Trades cancelled before they are reported to and accepted by FINRA should not be reported.

For additional Tick Size Pilot program questions, please email or call 1-800-321-6273.

A Market Maker may use a third party entity to submit data on their behalf; however, file, syntax and semantic, and linkage feedback will only be returned to the user who originally submitted the data.