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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 a 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 Management

Testing

Q4 2021

Client testing offered.

Participant Management

Production

Q1 2022

Clients live with new form interface.

Dates are subject to change. FINRA will issue updates as necessary.

Training Materials

Participant Data Management

Current

User Guide

Coming soon

 

Demonstration Videos

 

TRAQS 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: 

  • 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: 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: How can I get more information about this change?

Any new information about this change will be published via a technical notice for market transparency subscribers.  If you are not signed up to receive technical notices, you can subscribe to them here.