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Reg NMS Trade Through Report Card

The Reg NMS Trade Through Report Card is a monthly statistical report detailing the transactions in NMS Securities that appear to have been reported by your firm to a Trade Reporting Facility ("TRF") or to FINRA's Alternative Display Facility at a price that traded through at least one protected best bid or offer at the respective time of execution. If non-compliance with the Order Protection Rule of Regulation NMS is found to exist, your firm may be found to be in violation of SEC Rule 611 of Regulation NMS. Firms should make no inference, however, that FINRA staff has or has not determined that the information contained on the Reg NMS Trade Through Report Card does or does not constitute rule violations.

The Reg NMS Trade Through Report Card contains a rolling 6 months of data. The Detail Data and Peer Group links on the report allow you to review the detail and peer firms for the most recent month displayed on the report. To request detail data for a prior period, or to review your firm's peers for a prior period, use the period drop-down to navigate to that period.

Report Glossary 

The tables below provide a reference description for all of the elements found in the Reg NMS Trade Through Report Card. (See Reg NMS Trade Through Figures 1 and 2 for a sample segment of the report.)

Term Definition
Headers on the Reg NMS Trade Through Report Card
Primary MPID This is your firm's Primary Market Participant Identifier.
Month/Year This identifies the Month and Year during which the transactions that you are viewing took place. The Reg NMS Trade Through Report Card allows you to view certain of your firm's historical reports.
Sections of the Reg NMS Trade Through Report Card
Total Trade Through Statistics This section of the report includes summary statistics regarding the numbers of Total Trade Through Alerts and the ratios of Total Trade Through Alerts to Total Transactions for trades executed by your firm for the selected month. This section of the report also provides data pertaining to overall Tier and Industry ratios regarding Total Alerts.
Trade Through Without Any Exception Statistics This is the total number of trade throughs, during the respective Trade Through Period, reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center for a transaction being reported without any modifier designating an exemption or exception to SEC Rule 611 of Regulation NMS.
Trade Through With Exception Statistics This is the total number of trade throughs, during the respective Trade Through Period, reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center for a transaction being reported with a modifier designating an exemption or exception to SEC Rule 611 of Regulation NMS.
Trade Through Periods For each of the past 6 months, you are provided with data regarding the transactions, alerts, ratios, rankings, etc. for assistance with identifying trends and for other comparisons.
Additional Definitions
Total # of Media Reported Trades This is the total number of trades reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center.
Total Trade Through Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center.
Firm % of Trade Throughs per Trade This is your firm's percentage of total trade throughs to total trades.
Peer Group or Tier A Peer Group or Tier is made up of all firms with comparable with Total Media Reported Trades during the selected month and year.

Note:  Prior to the April 2017 report cards, peer groups were defined per the table below.  

Peer Group/Tier Total Number of Media Reported Transactions
1 333,334 or more
2 33,334 to 333,333
3 334 to 33,333
4 1 to 333

Reg NMS Trade Through Report Card Figure 1

Term

Definition

Number in Population This is the total number of MPIDs in the respective Peer Group or Industry population for the selected month and year.
Average %

This is the percentage of Total Trade Throughs to the Total Media Reported Trades among the MPID’s in your firm’s Peer Group or respective Industry Group in the given months and year (i.e., Average % = (Total Trade Throughs for all firms in the respective Peer Group or Industry Group / Total Media Reported Trades for all firms in the respective Peer Group or Industry Group) x 100). Firms with no transactions in a given month will have no value populated for Average %.

NOTE: Prior to April 2017, the Average % displayed represented the Median value

Rank This is the rank of your firm relative to other MPIDs in your respective Peer Group, or in the respective Industry population, based on the respective percentages of each MPID's total alerts to total transactions for the selected month and year. The MPIDs are ranked in ascending order from the lowest percentage to the highest percentage. Firms with no transactions in a given time interval will have no value populated for the Rank.
Percentile This is your firm's percentile (PERC), relative to your firm's respective Peer Group or the respective Industry population, for its percentage of total transactions for the selected month and year in the given time interval. This percentile is calculated by sorting or ranking the firms (RANK) based on percentage of Alerts. Once the firms are ranked, the percentile can be determined. (PERC = ((Number of Firms in respective Peer Group or respective Industry population - RANK of Firm) / Number of Firms in respective Peer Group or Industry population) x 100). Firms with no transactions in a given time interval will have no value populated for the Percentile.
Industry The industry group consists of all MPIDs who have executed at least one transaction of the respective type for the selected month and year.
Detail Peer and Industry Statistics Clicking on this button expands the viewable Peer Group and Industry Group statistics for the selected category of data (see above Median %, Rank, and Percentile).
Trade Through without any Exception Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center and has marked "No" on the Trade Through Exempt Flag portion of the trade report.
Firm % of Total Trade Throughs This is your firm's percentage of its Trade Through without any Exception Number to Total Number of Media Reported Trades.
Unspecified Exceptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt but without any specified modifier(s) designating an exemption or exception to SEC Rule 611 of Regulation NMS.
Trade Through with Unspecified Exception Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report but without any specified modifier(s) designating an exemption or exception to SEC Rule 611 of Regulation NMS.
Firm % of Unspecified Exceptions to Total Trades This is your firm's percentage of its Trade Through with Unspecified Exception Number to Total Number of Media Reported Trades.
Non-Standard Settlement Exceptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying a non-standard settlement exception to SEC Rule 611 of Regulation NMS.
Trade Through with Non-Standard Settlement Exception Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying a non-standard settlement exception to SEC Rule 611 of Regulation NMS.
Firm % of Non-Standard Settlement Exceptions to Total Trades This is your firm's percentage of its Trade Through with Non-Standard Settlement Exception Number to Total Number of Media Reported Trades.
Self Help Exceptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying a self help exception to SEC Rule 611 of Regulation NMS.
Trade Through with Self Help Exception Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying a self help exception to SEC Rule 611 of Regulation NMS.
Firm % of Self Help Exceptions to Total Trades This is your firm's percentage of its Trade Through with Self Help Exception Number to Total Number of Media Reported Trades.
Inbound ISO Exceptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying an inbound ISO exception to SEC Rule 611 of Regulation NMS.
Trade Through with Inbound ISO Exception Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying an inbound ISO exception to SEC Rule 611 of Regulation NMS.
Firm % of Inbound ISO Exceptions to Total Trades This is your firm's percentage of its Trade Through with Inbound ISO Exception Number to Total Number of Media Reported Trades.
Outbound ISO Exceptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying an outbound ISO exception to SEC Rule 611 of Regulation NMS.
Trade Through with Outbound ISO Exception Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying an outbound ISO exception to SEC Rule 611 of Regulation NMS.
Firm % of Outbound ISO Exceptions to Total Trades This is your firm's percentage of its Trade Through with Outbound ISO Exception Number to Total Number of Media Reported Trades.
Qualified Contingent Trade Exemptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying a qualified contingent trade exemption to SEC Rule 611 of Regulation NMS.
Trade Through with Qualified Contingent Trade Exemption Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying a qualified contingent trade exemption to SEC Rule 611 of Regulation NMS.
Firm % of Qualified Contingent Trade Exemptions to Total Trades This is your firm's percentage of its Trade Through with Qualified Contingent Trade Exemption Number to Total Number of Media Reported Trades.
Sub-Penny Exemptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying a sub-penny exemption to SEC Rule 611 of Regulation NMS.
Trade Through with Sub-Penny Exemption Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying a sub-penny exemption to SEC Rule 611 of Regulation NMS.
Firm % of Sub-Penny Exemptions to Total Trades This is your firm's percentage of its Trade Through with Sub-Penny Exemption Number to Total Number of Media Reported Trades.
Stopped Stock Exceptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying a stopped stock exception to SEC Rule 611 of Regulation NMS.
Trade Through with Stopped Stock Exception Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying a stopped stock exception to SEC Rule 611 of Regulation NMS.
Firm % of Stopped Stock Exceptions to Total Trades This is your firm's percentage of its Trade Through with Stopped Stock Exception Number to Total Number of Media Reported Trades.
Benchmark Exceptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying a benchmark exception to SEC Rule 611 of Regulation NMS.
Trade Through with Benchmark Exception Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying a benchmark exception to SEC Rule 611 of Regulation NMS.
Firm % of Benchmark Exceptions to Total Trades This is your firm's percentage of its Trade Through with Benchmark Exception Number to Total Number of Media Reported Trades.
Error Correction Exemptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying an Error Correction exemption to SEC Rule 611 of Regulation NMS.
Trade Through with Error Correction Exemption Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying an Error Correction exemption to SEC Rule 611 of Regulation NMS.
Firm % of Error Correction Exemptions to Total Trades This is your firm's percentage of its Trade Through with Error Correction Exemption Number to Total Number of Media Reported Trades.
Print Protection Exemptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying a Print Protection exemption to SEC Rule 611 of Regulation NMS.
Trade Through with Print Protection Exemption Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying a Print Protection exemption to SEC Rule 611 of Regulation NMS.
Firm % of Print Protection Exemptions to Total Trades This is your firm's percentage of its Trade Through with Print Protection Exemption Number to Total Number of Media Reported Trades.
Unknown Exceptions Trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which a transaction was reported as Trade Through Exempt specifying an unknown exception to SEC Rule 611 of Regulation NMS. (As of November 2009, this section of the report card is not in use; it is currently reserved for any new Reg NMS related Trade Reporting Modifiers that may be developed in the future).
Trade Through with Unknown Exception Number This is the total number of trade throughs reported to a FINRA Trade Reporting Facility or to FINRA's Alternative Display Facility in which your firm appears to have been the executing Trading Center in which a transaction was marked "Yes" on the Trade Through Exempt Flag portion of the trade report and was reported specifying an unknown exception to SEC Rule 611 of Regulation NMS.
Firm % of Unknown Exceptions to Total Trades This is your firm's percentage of its Trade Through with Unknown Exception Number to Total Number of Media Reported Trades.

Reg NMS Trade Through Report Card Figure 2

Detail Data 

Detail Data for the Reg NMS Trade Through Report Card provides a list of transactions that appear to have been reported by your firm to a Trade Reporting Facility ("TRF") or to FINRA's Alternative Display Facility at a price that traded through at least one protected best bid or offer at the respective time of execution. The data is the underlying detail of the alerts contained in the monthly Reg NMS Trade Through Report Card.

The table below provides a reference description for all of the elements found in the Reg NMS Trade Through Report Card Detail Data.

Term

Definition

Execution Date Date the trade was executed.
Report Date Date the trade was reported to a FINRA Trade Reporting Facility (TRF).
Executing Primary Firm This is the Primary MPID of your firm.
Market Center ID

 

Indicates the market center were the trade was reported.  Values are:
  • D  = FINRA Alternative Display Facility (ADF)
  • L =  FINRA/Nasdaq Trade Reporting Facility (ADF)
  • N = FINRA/NYSE Trade Reporting Facility (TRF)
  • O = Over the Counter Reporting Facility (ORF)
Executing Firm MPID of the firm that was the Executing Party of the trade.
Reporting Primary Firm Primary MPID of the firm that reported the Executing Party of the trade.
Reporting Firm MPID of the firm that reported the Executing Party of the trade.
Reporting Capacity Code This is the capacity of the firm that was responsible for trade reporting the transaction. Values are:
  • P = Principal
  • A = Agency
  • R = Riskless Principal
Buy / Sell Buy / Sell / Cross indicator of the Executing Party of the trade.  Values are:
  • B = Buy
  • S = Sell
  • X = Cross
Short Sale Code Code used to identify if the trade is a short sale.  Values are:
  • SS = Short sale
  • SX = Short sale exempt
  • [blank] =not a short sale
Execution Quantity Number of shares traded.
Issue Symbol Symbol representing the stock traded.

 

Market Class The market classification of the issue symbol.  Values are:
  • CQS = Consolidated Quotation System (NMS)
  • NNM = Nasdaq National Market (NMS)
  • SC = Nasdaq Capital Market (NMS)
  • OTC = Over the Counter
  • OTCBB = Over the Counter Bulletin Board
Execution Price Price at which the trade was executed.
Contra Executing Primary Firm Primary MPID of the firm that was the Contra Executing Party of the trade.
Contra Executing Firm MPID of the Contra Executing Party of the trade. NULL indicates no MPID was entered.
Contra Capacity Code Capacity Code for the Contra Executing Party of the trade.  Values are:
  • P = Principal
  • A = Agency
  • R = Riskless Principal
Report Time Time the trade was submitted to a Trade Reporting Facility.  
Execution Time Time the trade was executed.
Trade Through Exempt Flag Flag to identify trades that are trade through exempt.
  • Y = Trade through exemption
  • N = No trade through exemption
Published Trade Modifier 1 (Settlement Type) Settlement modifier entered by the firm when it reports the trade.
  • @ = Regular Settlement
  • C = Cash settled
  • N = Next day
  • R = Seller's option
Published Trade Modifier 2
(Reason for SEC Rule 611 Exception or Exemption)
Trade Through Exemption modifier entered by the firm when it reports the trade.
  • F = Intermarket Sweep - Inbound
  • J = Sub-penny
  • V = Qualified Contingent Trade
  • O = Market Center Open
  • 2 = FINRA Self Help Indicator
  • 3 = Intermarket Sweep - Outbound
  • 4 = Derivatively Price
  • 5 = Market Center Reopen
  • 6 = Market Center Closing
  • 7 = Error Correction
  • 8 = Print Protection
  • [blank] = No exemption
Published Trade Modifier 3
(Late / Extended Hours)
Modifier used to identify when the trade was executed. This modifier can either be entered by the firm when it reports the trade or appended by the Trade Reporting Facility.
  • Z = Executed during normal market hours and reported late
  • T = Executed outside normal market hours
  • U = Executed outside normal market hours and reported late
  • [blank] = Executed on time during normal market hours
Published Trade Modifier 4
(SRO Required Detail)
This identifier is a further classification of a trade with regard to SRO Required Detail. This modifier can either be entered by the firm or appended by the system.
  • 1 = Stop stock
  • B = Average Price Trade (CQS Securities)
  • I = Odd Lot
  • P = Prior Reference Price
  • W = Average Price Trade (NNM, SC & OTC Securities)
  • R = Away from market sale
  • X = Exercise of OTC option
  • [blank] = No unusual trade detail
Firm Entered Modifier 1
(Settlement Type)
Settlement modifier entered by the firm when it reports the trade.
  • @ = Regular Settlement
  • C = Cash Settled
  • N = Next Day
  • R = Seller's option
Firm Entered Modifier 2
(Reason for SEC Rule 611 Exception or Exemption)
Trade Through Exemption modifier entered by the firm when it reports the trade.
  • F = Intermarket Sweep- Inbound
  • J = Sub-penny
  • O = Market Center Open
  • V = FINRA Contingent Indicator
  • 2 = FINRA Self Help Indicator
  • 3 = Intermarket Sweep - Outbound
  • 4 = Derivatively Price
  • 5 = Market Center Reopen
  • 6 = Market Center Closing
  • 7 = Error Correction
  • 8 = Print Protection
  • Blank = No exemption
Firm Entered Modifier 3
(Late / Extended Hours)
Modifier used to identify when the trade was executed. This modifier can either be entered by the firm when it reports the trade or appended by the Trade Reporting Facility.
  • Z = Executed during normal market hours and reported late
  • T = Executed outside normal market hours
  • U = Executed outside normal market hours and reported late
  • [blank] = Executed on time during normal market hours
Firm Entered Modifier 4
(SRO Required Detail)
This identifier is a further classification of a trade with regard to SRO Required Detail. This modifier can either be entered by the firm or appended by the system.
  • 1 = Stop Stock
  • I = Odd Lot
  • B = Average PRice Trade (CQS Securities)
  • P = Prior Reference Price
  • W = Average Price Trade (NNM, SC, & OTC Securities)
  • R = Away from Market Sale
  • X = Exercise of OTC option
  • [blank] = No unusual trade detail
As of Flag The trade report was entered into the Trade Reporting Facility after execution date.
 
  • N = Trade reported on execution date
  • Y = Trade reported as-of
Media Report Flag Trade Status Code as assigned by the Trade Reporting Facility
 
  • N= Not media reported
  • Y = Media reported
Trade Status Identifies whether the trade was media reported or not.
 
  • A = Accepted; locked-in trade
  • B = Broken
  • C = Canceled
  • D = Declined
  • E = Error
  • F = Forced Matched; locked-in trade
  • G = One-sided submission
  • H = Hanging trade
  • I = Inhibited (by clearing firm)
  • K = Rejected sizable trade
  • L = Automatic locked-in trade at the end of T + 1
  • M = Matched; locked-in trade (Also used for AGU and PSA trades)
  • N = No portion of no/was trade
  • R = Locked-in trade; received via an execution system interface for NQ TRF
  • R = Corrected trade report for NY TRF T = Trade reporting only and not for clearing submission
  • X = As-Of open or As-Of spilt trade which is not forwarded to NSCC, but is available for query
Inside Bid at Execution Time This is the highest published price at which a Trading Center(s) was willing to buy shares of the issue at the time the trade was executed.
Inside Ask at Execution Time This is the lowest published price at which a Trading Center(s) was willing to sell shares of the issue at the time the trade was executed.
TRF Control Number Control number used for interaction between Firms and TRFs
Reporting Branch Sequence ID This is the Reporting firm's internal order sequence number.
Contra Branch Sequence ID This is the Contra firm's internal order sequence number.
Trade Through Type Name This is the field that indicates the type of trade through alert. Values are:
  • Without Exception
  • Non-Standard Settlement
  • Unspecified Exception
  • Qualified Contingent Trade
  • Stopped Stock
  • Inbound ISO
  • Outbound ISO
  • Benchmark
  • Sub-penny
  • Self-Help
  • Error Correction
  • Print Protection
  • Unknown (not currently used)