FINRA ATS Data Changes Effective Monday, April 25, 2016

Beginning on Monday, April 25, 2016, FINRA will expand the ATS transparency initiative by publishing the remaining OTC equity (or "non-ATS") volume by member firm and security, pursuant to Rules 6110 and 6610. FINRA will derive a firm's non-ATS volume information directly from OTC trades reported to FINRA's equity trade reporting facilities.

Beginning April 25, 2016, non-ATS volume information, as of April 4, 2016, will be published as follows:

• Non-ATS information will be published at the member firm level;
• For firms that use more than one MPID for their non-ATS trading, information will be aggregated for all MPIDs used by the firm and published under a single "parent" or firm identifier; and
• Non-ATS information for firms with "de minimis" volume outside of an ATS will be aggregated and published on a non-attributed basis, as described in Regulatory Notice 15-48 and the .

FINRA will publish OTC volume information (number of trades and shares) by firm (with limited de minimis exceptions) or ATS, and security on FINRA.org, as per the following criteria:

• Weekly information for NMS stocks in Tier 1 of the NMS Plan to Address Extraordinary Market Volatility (e.g., NMS stocks in the S&P 500 Index or the Russell 1000 Index and certain ETPs) on a two-week delay;
• Weekly information for all other NMS stocks and OTC Equity Securities on a four-week delay; and
• Monthly aggregate volume totals (non-ATS only) across all NMS stocks and all OTC Equity Securities on a one-month delay.

Lastly, as part of this effort, FINRA will rebrand "ATS Transparency" to "OTC Transparency." The ATS product pages on FINRA.org will be amended as such, including a new URL to access data - https://otctransparency.finra.org/otctransparency/AtsIssueData. Subscribers who have bookmarked https://ats.finra.org should make note of this