Regulatory Notice 07-46

FINRA Requests Comment on Proposed Amendments to OTC Trade Reporting Requirements for Equity Securities; Comment Period Expired November 12, 2007

Executive Summary

FINRA is issuing this Notice to solicit comments from member firms and other interested parties on two proposals relating to OTC trade reporting requirements applicable to listed and unlisted equity securities.

  • Trade Reporting Structure Proposal. FINRA is proposing to simplify and update the current market maker-based trade reporting structure and is seeking comment on alternative structures, such as, e.g., requiring the sell-side or executing party to report a trade in all cases, except where a trade is with a customer or non-member firm.

  • Linking Proposal. FINRA is proposing to require firms to provide information sufficient to link tape and non-tape reports that are submitted to FINRA for the same overall transaction (e.g., riskless principal or agency where a firm is acting as agent on behalf of another member firm).

These proposals are discussed in greater detail on the following pages.

View Full Notice PDF 95 KB

The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments.

Comments By Date Received
Liquidnet, Inc. (PDF 108 KB) 10/26/2007
NYSE Euronext (PDF 41 KB) 11/6/2007
Financial Information Forum (PDF 30 KB) 11/8/2007
Automated Trading Desk, LLC (PDF 257 KB) 11/12/2007
Pipeline Trading Systems LLC (PDF 126 KB) 11/12/2007
Ameritrade Holding Corporation (PDF 39 KB) 11/15/2007
UBS Securities LLC (PDF 333 KB) 11/15/2007
SIFMA (PDF 68 KB) 11/16/2007
Bracewell & Giuliani (PDF 821 KB) 11/30/2007