In 2020, FINRA began a multi-year initiative dedicated to improving trade reporting and reference data management capabilities for our member firms. This effort continues in 2023.
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FINRA operates systems that help member firms comply with reporting requirements and facilitate transparency in the applicable markets.
- Alternative Display Facility (ADF) – an SRO display-only facility that enables members to view quotes, report trading activity and compare trades
- Order Audit Trail System (OATS) – an integrated audit trail of order, quote, and trade information for all NMS stocks and OTC equity securities
- OTC (ATS & Non-ATS) Transparency – a tool that publishes over-the-counter (OTC) trading information on a delayed basis for each alternative trading system (ATS) and member firm
- Over-the-Counter Reporting Facility (ORF) – a service for reporting trades in OTC Equity Securities executed outside of an exchange; reporting trades in Restricted Equity Securities; and dissemination of last sale reports
- Trade Reporting and Compliance Engine (TRACE) – a tool that facilitates the mandatory reporting of OTC secondary market transactions in eligible fixed income securities
- Trade Reporting Facility (TRF) – provides FINRA members with a mechanism for the reporting of transactions effected otherwise than on an exchange.
- Uniform Practice Code (UPC) - a series of rules, interpretations and explanations designed to make uniform, where practicable, custom, practice, usage, and trading technique in the investment banking and securities business, particularly with regards to operational and settlement issues.
Trade Reporting Facilities Infrastructure Enhancements
FINRA will improve the technical infrastructure for its transparency reporting tools such as TRACE and ORF and their related data feeds and API reference data models supported by secure two-factor authentication.
This project includes changes to existing reference data API files, as well as authentication changes.