Technical Notice

Additional TRACE and ORF CTCI Validation Required on Trade Cancels

March 17, 2017

Beginning Monday, June 26, 2017, FINRA will require Over The Counter Reporting Facility (ORF) and TRACE Corporate and Agency (CA)and Securitized Products (SP) clients using CTCI protocols to include a Reporting Party Identifier (RPID) on all cancellation transactions sent for previously reported trades. The validation for TRACE for Treasuries (TS) will be implemented on July 10, 2017.

Note that this impacts CTCI only, as FIX and TRAQS protocols currently require the RPID field to be included in any trade cancel message to FINRA.

Modifications will be applied to all ORF and TRACE CTCI Trade Cancels. The MPID field (ORF CTCI position 54 – 57; TRACE CTCI position 63-66) will now be a required field on all Cancels even if only the transaction control number is being referenced to cancel a transaction.

The ORF and TRACE CTCI CA, SP, and TS specifications detail the format requirements changes for cancellations.

Testing for this change will be available in the Nasdaq Test Facility (NTF) beginning Tuesday, May 30, 2017.

FINRA will issue details surrounding production user acceptance testing as the date approaches.

Please contact FINRA Product Management or call (866) 899-2107 with any questions regarding this notice.