Over-the-Counter Reporting Facility (ORF)
The OTC Reporting Facility (ORF) is the service provided by FINRA for the reporting of trades in OTC Equity Securities executed other than on or through an exchange and for trades in Restricted Equity Securities effected under Securities Act Rule 144A and dissemination of last sale reports.
For those OTC Equity Securities and Restricted Equity Securities that are not eligible for clearance and settlement through the facilities of the National Securities Clearing Corporation, the ORF comparison function will not be available. However, the ORF will support the entry and dissemination of last sale data on such securities.
View recent updates to the OTC equities high price dissemination list and more.
Inter-Dealer Quotation Systems that meets specific requirements for purposes of the penny stock rules.
Keep track of service alerts, changes to documentation and system upgrades.
Download user guides, API specifications and the OTC Equity Symbol Request Form.
Find answers to commonly asked questions regarding ORF.
Rule 7710 describes the fees that are charged for using the ORF system.
Market Makers must comply with the requirements of Rule 15c2-11 of the Securities Exchange Act of 1934 when initiating or resuming quotations in a quotation medium or making a publicly available determination pursuant to 15c2-11(a)(2) if a qualified IDQS, in an OTC security.
Pursuant to an SEC request, FINRA has agreed to make reported short sale trade data publicly available.
Download the FINRA Participation Agreement (FPA), release forms and other legal agreements.
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FINRA Operations: (866) 776-0800
Office of General Counsel: (202) 728-8071
OTC Symbol Management: (866) 776-0800, Option 1
OTC Compliance Unit: (240) 386-5100
- FINRA Announces Closure of the OTC Bulletin Board10/25/2021
- FINRA Amends Its Equity Trade Reporting Rules Relating to Timestamp Granularity12/02/2020
- SEC Approves Amendments to Expand Published Data Relating to OTC Equity Trading Volume09/13/2019
- Trade Reporting Requirements Applicable to Step-Out Submissions07/16/2019
- FINRA Reminds Firms of Their Obligations Regarding Transactions in OTC Equity Securities Quoted Pursuant to a Submitted Form 21109/24/2018
- FINRA Reminds Firms of Their Obligations When Effecting OTC Trades in Equity Securities on a Net Basis09/12/2018
- FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA's Website09/11/2018
- FINRA Updates the Transparency Services FINRA Participant Agreement04/03/2017
- FINRA Announces Implementation Date for Publication of ATS Block-Size Trade Data04/22/2016
- OTC Equity Trading and Reporting in the Event of Systems Issues01/20/2016
- Submission of “Clearing-Only, Non-Regulatory Reports” to the FINRA Equity Trade Reporting Facilities12/08/2015
- FINRA Requests Comment on a Proposal to Publish OTC Equity Volume Executed Outside Alternative Trading Systems11/12/2014
- FINRA Requests Comment on a Proposal to Identify OTC Equity Trades Reported More Than Two Seconds After Execution as "Out of Sequence" and Not Last Sale Eligible11/12/2014
- FINRA Announces Elimination of OTC Bulletin Board Historical Research Reports09/17/2014
- Obligation to Report Cancellations of OTC Trades in Equity Securities, Including Trades Declined by the Contra Party07/11/2014
- SEC Approves Amendments to Equity Trade Reporting and OATS Rules05/15/2014
- SEC Approves Amendments to Require Firms to Report OTC Transactions in Equity Securities as Soon as Practicable, But No Later Than 10 Seconds, Following Execution05/23/2013
- Reporting Reversals of OTC Trades in Equity Securities03/25/2013
- FINRA Requests Comment on Proposed Amendments Relating to Reporting of OTC Trades Executed in a Mixed Capacity02/08/2012
- FINRA Reminds Firms of Their Trade Reporting Obligations Relating to Customer Sales of Low-Value OTC Equity Securities09/23/2011
- Trade Reporting Transactions in OTC Equity Securities and Restricted Equity Securities09/23/2011
- SEC Approves Amendments Clarifying Certain Exceptions Under Trade Reporting Rules and Adopting Notice Requirement for Transactions That Are Part of an Unregistered Secondary Distribution08/29/2011
- FINRA Reminds Firms of Their Trade Reporting Obligations and Announces New Submission Process for Form T06/03/2011
- Price Validation and Price-Override Protocol09/17/2010
- SEC Approves Amendments to Require Reporting of OTC Trades in Equity Securities Within 30 Seconds of Execution04/28/2010
- FINRA Extends Implementation of Amendments Requiring Related Market Center Indicator in Non-Tape Reports Submitted to FINRA02/08/2010
- SEC Approves Amendments to FINRA Rules on Reporting Cancellations of Previously Reported OTC Trades in Equity Securities01/27/2010
- FINRA Adopts Amendments Relating to Reporting Transfers of Proprietary Positions in Debt and Equity Securities in Connection With Certain Corporate Control Transactions04/15/2009
- Trade Reporting Frequently Asked Questions08/14/2008
- 2023 Report on FINRAs Examination and Risk Monitoring ProgramThe Fractional Shares: Reporting and Order Handling section of the 2023 Report on FINRA’s Examination and Risk Monitoring Program (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) regulatory obligations and related considerations, (2) findings and effective practices, and (3) additional resources.January 10, 2023
- GuidanceEffective Feb. 3, 2020, FIX will be the only protocol supported for reporting trades to FINRA's TRACE and ORF platforms.February 13, 2019
- 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
- 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)).