Technical Notice

Data Feed and Reference Data Specifications for the New FINRA OTC Reporting Facility (ORF) Platform

February 10, 2014

On Monday June 2, 2014, FINRA will launch the new OTC Reporting Facility (ORF) technology platform for the reporting of transactions in OTC equity securities (i.e., non-NMS stocks) and transactions in restricted equity securities effected pursuant to Securities Act Rule 144A.

As of June 2, 2014, the ORF will no longer operate via the NASDAQ OMX ACT technology platform, which is currently the platform for both the ORF and the FINRA/NASDAQOMX TRF, the facility firms use to report OTC transactions in NMS stocks.

As part of this system migration FINRA will introduce the following specifications:

NOTE: This implementation will be a hot cut change to the current processing and data message formats for each data feed and the reference data included in the API. Therefore, TDDS and BBDS data recipients who wish to continue processing OTCBB and Other OTC data, and clients who wish to continue processing ORF reference data must code to the changes detailed in the TDDS Version 2.0, BBDS version 2014-1 and ORF API Specification version 1.0 on June 2, 2014.

FINRA will issue additional technical notices informing clients of testing and other technical requirements for the migration in a future technical notice.

Please direct questions concerning this notice via email to FINRA Product Management or call (866) 899-2107.