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Technical Notice

Reminder - Participant Data Management System

January 28, 2022

Beginning January 31, 2022, FINRA member firms will access the Participant Data Management System to perform the following functions for the TRACE, ORF and ADF facilities:

  • Submit, view, and amend the FINRA Participation Agreement;
  • View and modify access to the FINRA trade reporting facilities including, TRACE, ORF and ADF;
  • View, add, modify, and delete various agreements including the Uniform Reporting Agreement (USA) and Transaction Fee Transfer Agreement;
  • Manage MPIDs and communicate information regarding MPID changes to FINRA;
  • Manage TRAQS login ids

Information about the new system and access to training materials including the user guide and FAQ’s can be found by visiting our Participant Data Management page.  The system is accessible by visiting or via the quick link in the FINRA Gateway.  Participant Data Management will be available to all current FINRA Participation Agreement and FINRA Order Form users. 

The customer test environment will remain available for members that would like to update TRACE, ORF or ADF clients in the NTF environment of TRAQS.   The test environment is available at

Please note:  The FINRA Order Form and FINRA Transparency Services Participation Agreement system is being replaced.  After close of business January 28, 2022 no further submissions will be allowed.  Previous submissions will be available in a view only format.   All current drafts saved will be available for deletion only.

Please contact FINRA Market Operations  or call (866) 776-0800 Opt.2, if you have any questions regarding this notice.