OTC (ATS & Non-ATS) Transparency
FINRA publishes over-the-counter (OTC) trading information on a delayed basis for each alternative trading system (ATS) and member firm with a trade reporting obligation under FINRA rules. Security-specific information for firms with “de minimis” volume outside of an ATS is aggregated and published on a non-attributed basis.
The trading information is derived directly from OTC trades that ATSs/member firms report to FINRA’s equity trade reporting facilities.
Find answers to commonly asked questions regarding OTC Transparency.
Keep track of service alerts, changes to documentation and system upgrades.
Download data site user guide.
View aggregated trade data reported by ATSs/member firms to FINRA equity reporting facilities.
ATS data has been aggregated on a quarterly basis to display total shares, total trades and average trade size per ATS.
A list of Fixed Income ATSs that currently have a Form ATS on file with the SEC.
A list of Equity ATSs that appear in the OTC Transparency data that either currently have a Form ATS on file with the SEC or did at one time.
OTC TRANSPARENCY NOTIFICATIONS
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- FINRA Eliminates the Order Audit Trail System (OATS) Rules
- SEC Approves Amendments to Expand Published Data Relating to OTC Equity Trading Volume
- FINRA Requests Comment on a Proposal to Publish ATS Volume Data for Corporate Bonds and Agency Debt Securities on FINRA’s Website
- SEC Approves Amendment to Require Alternative Trading Systems to Identify Non-FINRA Member Subscribers in TRACE Reports for U.S. Treasury Securities
- FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA's Website
- FINRA Reminds Alternative Trading Systems of Their Obligations to Supervise Activity on Their Platforms
- Reporting of Information Relating to OTC Trades in NMS Stocks
- SEC Approval of FINRA Rule 4554 (Alternative Trading Systems—Recording and Reporting Requirements of Order and Execution Information for NMS Stocks)
- Exemption from Trade Reporting Obligation for Certain Transactions on Alternative Trading Systems
- FINRA Announces Implementation Date for Publication of ATS Block-Size Trade Data
- Submission of “Clearing-Only, Non-Regulatory Reports” to the FINRA Equity Trade Reporting Facilities
- SEC Approves Amendments to Publish OTC Equity Volume Executed Outside Alternative Trading Systems
- FINRA Requests Comment on Proposal to Require Alternative Trading Systems to Submit Quotation Information Relating to Fixed Income Securities to FINRA for Regulatory Purposes
- FINRA Reminds Alternative Trading Systems (ATSs) and ATS Subscribers of Their Trade Reporting Obligations in TRACE-Eligible Securities
- Rules Requiring the Identification of Non-Member Broker-Dealers in Order Audit Trail System (OATS) Reports and the Reporting of Additional Order Information by Alternative Trading Systems (ATS)
- FINRA Requests Comment on a Proposal to Publish OTC Equity Volume Executed Outside Alternative Trading Systems
- SEC Approves New Requirements for Alternative Trading Systems
- FINRA Reminds Alternative Trading Systems of Their Reporting Obligations
- SEC Approval and Effective Date for New Consolidated FINRA Rules
- SEC Approves New Rule and Rule Amendments Concerning Audit Trail and Trading Halt Requirements for ATSs that Trade Security Futures
- NASD Offers Guidance On Complying With Notice Requirements Of New SEC Rule Regarding Alternative Trading Systems
- NASD Offers Guidance On Complying With New SEC Rule Regarding Alternative Trading Systems
- 2017 Exam Findings ReportThe Order Capacity section of the 2017 Report on Exam Findings informs member firms’ compliance programs by describing recent findings and observations from FINRA’s examinations, and, in certain cases, also providing a summary of effective practices.December 06, 2017
- Exemptive LetterApplication for exemptive relief from trade reporting obligation for certain teransactions on an Alternative Trading SystemAugust 09, 2016
- GuidanceApplication for Exemptive Relief from Trade Reporting Obligation for Certain Transactions on an Alternative Trading SystemJune 09, 2016
- GuidanceBased on the information provided in your application, and conditioned upon Tradeweb Direct providing the items listed below, the staff has determined that Tradeweb Direct meets the specified criteria and hereby grants, pursuant to FINRA Rule 9610, Tradeweb Direct an exemption from the trade reporting obligation under FINRA Rule 6730, subject to the monthly transaction reporting obligation and remission of the transaction reporting fees based on the fee schedule set forth in Rule 7730(b)(1) for each exempted sell transaction occurring on the ATS.May 16, 2016
- Targeted Examination LetterThe Trading Examinations Unit (TEU) of the Market Regulation Department at FINRA is conducting a review of Alternative Trading Systems (ATS) operated by XYZ Firm (the Firm). For the purpose of this inquiry, the term “ATS” means an ATS operated by the Firm and/or any affiliate of the Firm that is utilized to route orders or other messages into or out of the ATS.May 01, 2013
- Targeted Examination LetterThe Trading Examinations Unit (TEU) of the Market Regulation Department at FINRA is conducting a review of Alternative Trading Systems (ATS) operated by XYZ Firm (the Firm). As part of this review, TEU is requesting the following information.September 01, 2012
- FAQFrequently Asked Questions (FAQ) about OTC (ATS & Non-ATS) Transparency
- FAQThe guidance provided in this FAQ pertains to the reporting of over-the-counter (OTC) transactions in equity securities to a FINRA Facility (a Trade Reporting Facility (TRF), the Alternative Display Facility (ADF) or the OTC Reporting Facility (ORF)).
- December 02, 2019
- FINRA Fines Deutsche Bank $3.25 Million for Deficient Disclosures Concerning the Operation of Its Alternative Trading SystemDecember 16, 2016
- October 03, 2016
- April 25, 2016
- October 08, 2015
- September 19, 2014
- June 02, 2014