Trade Reporting Facility (TRF)

Each FINRA Trade Reporting Facility (TRF) provides FINRA members with a mechanism for the reporting of transactions effected otherwise than on an exchange. While each FINRA TRF is affiliated with a registered national securities exchange, each FINRA TRF is a FINRA facility and is subject to FINRA's registration as a national securities association.

Trades by FINRA members in Nasdaq-listed and other exchange-listed securities, as approved by the Securities and Exchange Commission (SEC), executed otherwise than on an exchange may be reported to a FINRA TRF.

There are currently two active TRF participants: NASDAQ and the New York Stock Exchange (NYSE.)

TRF Notifications

Sign up to receive periodic emails regarding:

  • system status
  • system updates
  • planned outages
  • other important events  

Contact TRF

FINRA Operations: (866) 766-0800


Technical Support: (866) 899-2107


Proposed Rule Change to Modify Fees and Transaction Credits for the FINRA/NYSE Trade Reporting Facility
September 28, 2016
Proposed Rule Change to Amend FINRA Rule 7650A Relating to Submission of Billing Disputes by FINRA/Nasdaq Trade Reporting Facility Participants
July 1, 2015
Reporting of Information Relating to OTC Trades in NMS Stocks
December 5, 2016
Trade Reporting Modifier for Trades that Qualify for the Intermarket Sweep Order Exception to the Trade-at Prohibition Under the Tick Size Plan
August 26, 2016
FINRA Adopts Amendments Relating to Use of the Alternative Display Facility for Trade Reporting Purposes Only
August 24, 2016
FINRA Announces Implementation Date for Publication of ATS Block-Size Trade Data
April 22, 2016
OTC Equity Trading and Reporting in the Event of Systems Issues
January 20, 2016
Submission of "Clearing-Only, Non-Regulatory Reports" to the FINRA Equity Trade Reporting Facilities
December 8, 2015
FINRA Requests Comment on a Proposal to Identify OTC Equity Trades Reported More Than Two Seconds After Execution as “Out of Sequence” and Not Last Sale Eligible
November 12, 2014
Obligation to Report Cancellations of OTC Trades in Equity Securities, Including Trades Declined by the Contra Party
July 11, 2014
SEC Approves Amendments to Equity Trade Reporting and OATS Rules
May 15, 2014
SEC Approves Amendments to Require Firms to Report OTC Transactions in Equity Securities as Soon as Practicable, But No Later Than 10 Seconds, Following Execution
May 23, 2013
Reporting Reversals of OTC Trades in Equity Securities
March 25, 2013
SEC Approves Amendments Clarifying Certain Exceptions Under Trade Reporting Rules and Adopting Notice Requirement for Transactions That Are Part of an Unregistered Secondary Distribution
August 29, 2011
FINRA Reminds Firms of Their Trade Reporting Obligations and Announces New Submission Process for Form T
June 3, 2011
Price Validation and Price-Override Protocol
September 17, 2010
Weighted-Average Price/Special Pricing Formula Trade Modifier
August 19, 2010
SEC Approves Amendments to Require Reporting of OTC Trades in Equity Securities Within 30 Seconds of Execution
April 28, 2010
FINRA Extends Implementation of Amendments Requiring Related Market Center Indicator in Non-Tape Reports Submitted to FINRA
February 8, 2010
SEC Approves Amendments to FINRA Rules on Reporting Cancellations of Previously Reported OTC Trades in Equity Securities
January 27, 2010
FINRA Adopts Amendments Relating to Reporting Transfers of Proprietary Positions in Debt and Equity Securities in Connection With Certain Corporate Control Transactions
April 15, 2009
FINRA Announces Two New Trade Reporting Modifiers Related to Regulation NMS
February 24, 2009
Trade Reporting Frequently Asked Questions
August 14, 2008
Guidance
The rules governing each NASD Trade Reporting Facility ("TRF") provide that a member may agree to allow a TRF Participant to report and lock-in trades on its behalf, only if both parties have completed an agreement to that effect (a "give up agreement") in the form specified by NASD.
January 25, 2007
FAQ
The guidance provided in this FAQ pertains to the reporting of over-the-counter (OTC) transactions in equity securities to a FINRA Facility (a Trade Reporting Facility (TRF), the Alternative Display Facility (ADF) or the OTC Reporting Facility (ORF)).