Technical Notice

Migration Date Set for Reporting OTC Equity Security Trades to New FINRA OTC Reporting Facility

October 11, 2013

FINRA has set a migration date for firms to begin reporting OTC equity security trades to the new OTC Reporting Facility (ORF) technology platform. Firms will begin reporting trades in the new platform on April 28, 2014.

Firms that expect to have trade reporting obligations under FINRA rules in OTC equity securities must migrate to the new platform when the new platform is available. When the technology migration commences, the ORF will no longer operate on its current technology platform.

FINRA previously published the FIX and CTCI technical specifications, which include the system changes required to report OTC equity securities and reportable restricted equity securities to the new platform. The new platform will support FIX and CTCI protocols for trade reporting and trade management of OTC equity securities and reportable restricted equity securities. Firms should note that FINRA will publish updated FIX and CTCI system specifications in early November 2013.

FINRA recommends firms subscribe to FINRA email updates to receive FINRA technical updates and alerts. FINRA will issue additional technical notices about the following aspects of the migration as the date approaches:

  • testing—test schedule, test scripts and registration;
  • API specifications for OTC equity security and restricted equity security file downloads (to replace the current FTP method);
  • updated BBDS and TDDS data feed specifications to conform with the new platform; and
  • Web Application User Guide.

Firms are reminded that, prior to reporting trades to the ORF on or after the launch date, they must execute the FINRA Participation Agreement, or if they have previously executed the agreement as current TRACE reporting firms, must execute the FINRA Participation Agreement Amendment.

Please direct questions concerning these changes to FINRA Product Management or call (866) 899-2107.