OTC (ATS & Non-ATS) Transparency

FINRA publishes over-the-counter (OTC) trading information on a delayed basis for each alternative trading system (ATS) and member firm with a trade reporting obligation under FINRA rules.  Information for firms with “de minimis” volume outside of an ATS is aggregated and published on a non-attributed basis.

The trading information is derived directly from OTC trades member firms report to FINRA’s equity trade reporting facilities.

For details on the information published and the publication schedule, please refer to Rules 6110 and 6610; see also Regulatory Notices 15-48 & 16-14.

OTC Notifications

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  • system updates
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CONTACT OTC

FINRA Business Services
(866) 953-4672

Connectivity Issues 
FINRA Connectivity Support

FINRA Entitlement Group 
(240) 386-4185

FINRA Product Management 
(866) 899-2107

FINRA Market Operations
(866) 776-0800

Proposed Rule Change to amend FINRA Rule 6730 (Transaction Reporting) to Provide a Temporary Exception to Permit Aggregate Reporting for Certain ATS Transactions in U.S. Treasury Securities
June 23, 2017
Proposed Rule Change Relating to Rule 4554 Reporting Requirements for Alternative Trading Systems
December 8, 2016
Proposed Rule Change Relating to the Implementation Date for Alternative Trading Systems to Report Sequence Numbers Under Rule 4554
November 8, 2016
Proposed Rule Change Relating to Alternative Trading System Volume and Trading Information
January 8, 2016
Proposed Rule Change to Adopt New FINRA Rule 6732 (Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System)
December 8, 2015
Proposed Rule Change Relating to Rule 4553 and Fees for Access to Alternative Trading System Volume Information Published on FINRA’s Website
June 29, 2015
Proposed Rule Change to Expand FINRA’s Alternative Trading System (“ATS”) Transparency Initiative to Publish OTC Equity Volume Executed Outside ATSs
June 23, 2015
Proposed Rule Change Relating to the Implementation Date of Market Participant Identifier Requirements for Alternative Trading Systems
October 3, 2014
Proposed Rule Change to Adopt FINRA Rule 4553 to Establish a Fee Schedule for Access to Alternative Trading System Volume Information Published on FINRA’s Website
April 4, 2014
Proposed Rule Change Relating to Reporting and Market Participant Identifier Requirements for Alternative Trading Systems
April 3, 2014
Proposed Rule to Require Alternative Trading Systems to Report Volume Information to FINRA and Use Unique Market Participant Identifiers
September 30, 2013
Proposed Rule Change Relating to Exemption from Reporting Obligation under Trade Reporting and Compliance Engine (“TRACE”) Trade Reporting Rules for Certain Alternative Trading Systems
February 28, 2012
Reporting of Information Relating to OTC Trades in NMS Stocks
December 5, 2016
SEC Approval of FINRA Rule 4554 (Alternative Trading Systems—Recording and Reporting Requirements of Order and Execution Information for NMS Stocks)
August 8, 2016
Exemption from Trade Reporting Obligation for Certain Transactions on Alternative Trading Systems
April 27, 2016
FINRA Announces Implementation Date for Publication of ATS Block-Size Trade Data
April 22, 2016
Submission of "Clearing-Only, Non-Regulatory Reports" to the FINRA Equity Trade Reporting Facilities
December 8, 2015
SEC Approves Amendments to Publish OTC Equity Volume Executed Outside Alternative Trading Systems
November 25, 2015
FINRA Requests Comment on Proposal to Require Alternative Trading Systems to Submit Quotation Information Relating to Fixed Income Securities to FINRA for Regulatory Purposes
February 6, 2015
FINRA Reminds Alternative Trading Systems (ATSs) and ATS Subscribers of Their Trade Reporting Obligations in TRACE-Eligible Securities
November 21, 2014
FINRA Requests Comment on Proposed FINRA Rules Requiring the Identification of Non-Member Broker-Dealers in Order Audit Trail System (OATS) Reports and the Reporting of Additional Order Information by Alternative Trading Systems (ATS)
November 14, 2014
FINRA Requests Comment on a Proposal to Publish OTC Equity Volume Executed Outside Alternative Trading Systems
November 12, 2014
SEC Approves New Requirements for Alternative Trading Systems
February 14, 2014
FINRA Reminds Alternative Trading Systems of Their Reporting Obligations
August 5, 2009
SEC Approval and Effective Date for New Consolidated FINRA Rules
June 15, 2009
SEC Approves New Rule and Rule Amendments Concerning Audit Trail and Trading Halt Requirements for ATSs that Trade Security Futures
March 7, 2003
NASD Offers Guidance on Complying with Notice Requirements of New SEC Rule Regarding Alternative Trading Systems
June 1, 1999
NASD Offers Guidance on Complying with New SEC Rule Regarding Alternative Trading Systems
May 1, 1999
FAQ
Frequently Asked Questions (FAQ) about OTC (ATS & Non-ATS) Transparency
August 22, 2016
Guidance
Application for Exemptive Relief from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System
June 9, 2016
Guidance

May 16, 2016

Mr. Michael McGuire
Chief Compliance Officer
Tradeweb Direct LLC
1177 Avenue of the Americas
New York, NY 10036

Re: Application for Exemptive Relief from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System 

Dear Mr. McGuire:

May 16, 2016
Targeted Examination Letter
The Trading Examinations Unit (TEU) of the Market Regulation Department at FINRA is conducting a review of Alternative Trading Systems (ATS) operated by XYZ Firm (the Firm). For the purpose of this inquiry, the term “ATS” means an ATS operated by the Firm and/or any affiliate of the Firm that is utilized to route orders or other messages into or out of the ATS.
May 1, 2013
Targeted Examination Letter
The Trading Examinations Unit (TEU) of the Market Regulation Department at FINRA is conducting a review of Alternative Trading Systems (ATS) operated by XYZ Firm (the Firm). As part of this review, TEU is requesting the following information.
September 1, 2012