OTC (ATS & Non-ATS) Transparency

Pursuant to Rules 6110 and 6610, FINRA publishes on its public web site the number of shares and trades by security executed OTC (“Trading Information”) by each ATS and member firm with a trade reporting obligation under FINRA rules. Trading Information published on FINRA’s web site is derived directly from OTC trades reported by the member firm to FINRA’s equity trade reporting facilities.

FINRA publishes Trading Information on a delayed basis as follows:

  • Weekly Trading Information for NMS stocks in Tier 1 of the NMS Plan to Address Extraordinary Market Volatility (i.e., those NMS stocks in the S&P 500 Index or the Russell 1000 Index and certain ETPs) is on a two-week delay;
  • Weekly Trading Information for all other NMS stocks and OTC Equity Securities is on a four-week delay; and
  • Monthly aggregate volume totals across all NMS stocks and all OTC Equity Securities is on a one-month delay, including block size trades in NMS stocks (ATS only).

FINRA requires each ATS to acquire and use a single, unique market participant identifier (MPID) when reporting information to FINRA. As such, for ATSs, Trading Information is published at the MPID level. For non-ATS trades, Trading Information is published at the member firm level. For firms that use more than one MPID for their non-ATS trading, Trading Information is aggregated for all MPIDs used by the firm and published under a single “parent” or firm identifier. Trading Information for firms with “de minimis” volume outside of an ATS is aggregated and published on a non-attributed basis, as described in Regulatory Notice 15-48 and the User Guide.