Improvement Initiatives for Market Transparency Reporting Systems
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Trade Reporting Facilities Infrastructure Enhancements
Q: What is FINRA changing?
A: FINRA’s infrastructure supports the FINRA fixed income and equity trade reporting and quotation display facilities (i.e., TRACE, ORF, and ADF, and the back-end systems of the FINRA/Nasdaq TRFs and FINRA/NYSE TRF), relevant data vendor feeds, and related reference data. FINRA is upgrading the infrastructure supporting these facilities using state of the art technology for enhanced processing speeds.
The new platform is designed on a Linux-Based Operating System, which will utilize secure Cloud-Based technology for resilience and redundancy. The new platform infrastructure is also designed to support extensibility as market structure changes and transparency initiatives are introduced. By instituting Cloud Based Architecture, FINRA positions itself to utilize enhancements in cloud technology as they become available.
Q: What is the impact to FINRA member firms and vendors?
A: The project primarily focuses on updating the system infrastructure. FINRA does not expect significant changes for member firms and vendors who use the products affected by the upgrade. FINRA will introduce minor changes to the look and feel of the secure TRAQS website. Certain functional enhancements inherent in the redesign, including how users are entitled to access TRAQS and the FINRA API reference data will also be included and will require firms to make corresponding changes. FINRA will publish user specifications detailing changes that users may encounter from the new design.
Q: What are some of the changes affecting TRAQS and the API?
A: The main area of impact will be how users access the TRAQS secure website and the API. Multi-factor Authentication will be introduced for TRAQS and the API. This is explained in the API FAQ section.
Q: Are there legal or agreement changes for the continued use of the technical platform?
A: No. All current agreements will continue to be enforced and no additional user documentation will need to be submitted by member firms.
Q: Will this have any impact on reporting to the Consolidated Audit Trail (CAT)?
A: No. This upgrade is only to the infrastructure of the FINRA trade reporting and quotation display facilities identified above. CAT is operated and managed separately by FINRA CAT, a subsidiary of FINRA. These changes have no effect on CAT participation or use.
Q: Who can I contact if I have questions or concerns regarding the project?
A: These departments can answer most, if not, all questions related to the technical upgrade.
TRAQS website; (Includes the use of Multi)
Client testing offered; includes parallel period and Saturday production tests
TRAQS website; (Includes the use of Multi)
Clients live with upgraded versions of TRAQS
*Additional project timelines will be advertised as more FINRA products migrate.
Dates are subject to change. FINRA will issue updates as necessary.
New Issue Management
Q: How do I access the New Issue Form?
A: Beginning September 28, 2020, you can access the form by logging into https://newissue.finra.org or clicking on the FINRA New Issue quick link in the FINRA Gateway.
Q: What if I don’t know my Login?
A: Your login for the updated New Issue platform is the same login credentials used on the retired New Issue form. Please contact your Super Account Administrator (SAA) or FINRA Entitlement at (301) 869-6699 for further assistance with your log in
Q: I need to access an old filing that was submitted before this platform change. Can I still do that?
A: Yes. Beginning September 28, 2020, you can access historical or “legacy” filings by logging into https://newissue.finra.org and clicking on the “Legacy” icon on the left hand side of the page.
Q: Can I test the changes?
A: Yes, you may test the changes at any time in the test environment at https://newissue.ct.finra.org/ using your production login credentials.
Users should be prepared to enter valid security information, as filing submissions in the test environment will be transmitted to the NTF region of TRACE/TRAQS. Note: This environment is not actively monitored, if you have questions on your submissions please contact [email protected].
Q: What if I submitted an incorrect filing?
A: If the CUSIP or sub-product entered is incorrect and the system processed your filing, please contact Market Operations at (866) 776-0800, Option 2, or [email protected]. All other fields may be edited on your original filing and resubmitted.
Q: How can I tell a filing has been updated?
A: Filings are linked by CUSIP. You can use the grid to filter by CUSIP and see all filings associated with the same CUSIP.
Q: Who can I contact if I have questions or feedback?
A: Please reach out to Market Operations at (866) 776-0800 or [email protected] with questions or feedback.
Q: Can you tell me what exactly is changing on the New Issue Form?
A: Along with a new location, look and feel, enhancements to the New Issue Platform include:
- Allowing authorized users to view filing status
- Allowing authorized users to modify and resubmit rejected filings
- Allowing authorized users to edit submitted filings
- Providing more flexibility with bulk upload submissions that will accommodate multiple deals under the same sub-product
- Improved filters and search functionality on submission history
- Ability to export filing history
Q: Will the changes to the New Issue Form submission process affect my firm’s trade reporting?
A: No. The changes to the New Issue Form submission process will have no impact on trade reporting or your firm’s use of the TRAQS website to trade report.
Q: I am already authorized to submit TRACE or OTCE New Issue information. Is there anything I need to do to access the new platform once it is launched?
A: No. All existing users of the New Issue Form will automatically be granted access to the new platform.
Q: Who should I contact for assistance?
A: For help with Entitlements, identifying your firm’s SAA and gaining access to the New Issue Platform, contact the Gateway Call Center at (301) 590-6500.
For Assistance with logging into, navigating or submitting the form, contact FINRA Market Operations, (866) 776-0800, Option 2.
Q: What does the FINRA API support?
A: FINRA makes reference data information, such as Security Master Files, Participant Master Files, and Security Daily List files, available via a Web Application Programming Interface (API). Queries for this data ensure users have the most up to date information required for trade reporting, retrieved directly from the source for that reference data.
Q: How does the API work today?
A: In order to access the site and download files, a user needs to present a valid NASDAQ Web Security Framework (NWSF) account/password and client certificate with access to the application. File downloads use the NWSF for authentication (proper client authorization for access to particular files must be in place).
Q: What API functions does FINRA plan to change?
A: FINRA plans to change the entitlement process by eliminating the use of digital certificates and replacing the process with Multi-factor Authentication (Multi). FINRA will announce the commencement of Multi in a distributed technical notice, which will include the Multi specification, in the near future.
Q: How does Multi-factor Authentication work?
A: Multi-factor Authentication (Multi) is a second layer of security to protect an account or system. Users must go through two layers of security before being granted access to an account or system. Multi increases the safety of online accounts by requiring two types of information from the user, such as a password or PIN, or an email account for example. The first factor is the password; the second factor is the additional item.
Q: What is FINRA Developer API (“DAPI”)?
A: As part of its multi-year Digital Experience Transformation, FINRA has launched an API Developer Center (developer.finra.org) to support automation. The API Developer Center website includes information designed to assist clients interested in using API technology to gain access to FINRA data.
Q: How does Developer API work and what types of messages can I receive?
A: The Developer API website contains information about the product, including the implementation process and which data products are currently supported.
Q: Are there plans to integrate FINRA’s other reference data into DAPI?
A: FINRA is considering using DAPI for TRACE, ORF, ADF, and TRF reference data. FINRA will make a separate announcement if DAPI is available for those reference data files.