Technical Notice

New Schedule for Reporting OTC Equity Security Trades to New FINRA OTC Reporting Facility

April 11, 2013

FINRA has revised the schedule for firms to begin reporting OTC equity security trades to the new OTC Reporting Facility (ORF) technology platform. Firms must now begin reporting trades in the new platform early in the first quarter of 2014 instead of August 2013, as previously announced.

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.

FINRA will issue additional technical notices about the following aspects of the migration as the date approaches:

  • a specific migration date;
  • 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.

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