Technical Notice

Reporting OTC Equity Trades to New FINRA OTC Reporting Facility (ORF) Platform

December 3, 2012

In August 2013, FINRA will launch a 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. The ORF will no longer operate on the NASDAQ OMX ACT technology platform, which today is the platform for both the ORF and the FINRA/Nasdaq TRF, the facility used by members to report OTC transactions in NMS stocks. The current anticipated effective date of the migration is August 5, 2013.

FINRA is publishing the technical specifications to provide member firms adequate time to incorporate the system changes that are required to migrate 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. The new FIX specifications for the ORF are now available. We expect to post the CTCI specifications shortly.

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

  • 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
  • FINRA TRAQS (Trade Reporting and Quotation Service) Web Application User Guide.

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