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.)