Participant Data Management Training Materials/Timeline
FINRA member firms have an obligation to report over-the-counter secondary market transactions in eligible equity and fixed income securities to a FINRA facility. The TRACE, ADF and ORF facilities are accessed by completing a FINRA Participation Agreement (FPA). Firms are also able to establish web users of the TRAQS web application by completing the FINRA Order Form.
The Participant Data Management (PDM) system will replace the existing method of submitting the FPA and FINRA Order Form. The PDM system will streamline how many Transparency Services Legal Agreements and forms including the FPA and FINRA Order Form are submitted.
Timeline
|
Phase Description |
Milestone |
Expected Timeline |
Client Impact |
|---|---|---|---|
|
Participant Data Management |
Testing |
12/19/2021 |
Client testing offered |
|
Participant Data Management |
Production |
1/31/2022 |
Clients live with new form interface. |
Dates are subject to change. FINRA will issue updates as necessary.
Training Materials
|
Participant Data Management |
Current |
|---|---|
|
Participant Data Management User Guide v1.0 |
Demonstration Videos
Agreements Management:
TRAQS User Management:
Participant Data Management FAQ
Q: What is Participant Data Management?
A: Participant Data Management is a new platform that will replace the existing FINRA Order Form and Transparency Services Participation Agreement and will allow firms to perform the following functions for the TRACE, ADF or ORF 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
Q: How will the new platform impact submitting the Order Form and the Participation Agreement?
A: The new platform will replace the existing Order Form and Participant Agreement.
Q: What if I don’t know my login?
A: Please contact your firms Super Account Administrator (SAA) or the FINRA Support Center at (800) 321-6273 for further assistance with your login.
Q: How can I access the Participant Data Management System?
A: Please use the links below to access the Participant Data Management System. Users must be entitled to the Participant Data Management Gateway entitlement. Log in by providing your FINRA Gateway credentials. If you need a login or the entitlement, please reach out to your firm’s SAA.
Production Environment: https://participants.finra.org.
Test Environment: https://participants.ct.finra.org.
Q: Will the changes to the Order Form and Participation Agreement submission process affect my firm’s trade reporting?
A: These changes will not impact any existing agreements for TRAQS users but will impact how firms view/add/modify/delete agreements and TRAQS users going forward. A limitation of the existing FINRA Order Form and Participation Agreement is that it does not provide a view of existing agreements and TRAQS users. The new platform will allow firms to view and manage access to the ADF, ORF and TRACE facilities. Firms will have greater autonomy to manage individual user’s access to the TRAQS website and to manage their agreements, clearing relationships and contacts for trade reporting compliance.
Q: Where can I access FINRA Order Forms or FINRA Participant Agreements submitted before Participant Data Management System?
A: You can access historical or “legacy” filings by visiting the FINRA Firm Gateway.
Q: Who can I contact if I have questions or feedback?
A: Please reach out to Market Operations at (866) 776-0800, Opt. 2 or [email protected] with questions or feedback.