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Technical Notice

Participant Data Management (PDM) System

December 14, 2021

FINRA is introducing a new system for FINRA member firms to submit the FINRA Participant agreement and FINRA order form. Beginning January 31, 2022, FINRA Member firms will be required to use the Participant Data Management platform to perform the following functions for the TRACE, ORF or 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 Explicit Fee Agreement;
  • Manage MPIDs and communicate information regarding MPID changes to FINRA;
  • Manage TRAQS login ids.

The new system will replace the existing method of submitting the FINRA Participant Agreement and FINRA Order form. 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.

Member firms may continue to test the new Participant Data Management system in the customer test environment with the same login credentials used to access the FINRA Participant Agreement or TRACE Order form today in production. The test environment is available at https://participants.ct.finra.org.

Please note: Users are encouraged to submit valid changes into the test environment as successful submissions will be transmitted to the NTF region of TRAQS. Changes to TRAQS login ids, client authorizations, clearing or agreements will be reflected in the TRAQS NTF environment.

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