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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.

Members that report transactions in OTC Equity Securities and Restricted Equity Securities to the ORF must comply with the 6600 and 7300 Series, as well as all other applicable rules and regulations.


Technical Notices

Keep track of service alerts, changes to documentation and system upgrades.

Technical Documentation

Download user guides, API specifications and the OTC Equity Symbol Request Form.

Frequently Asked Questions

Find answers to commonly asked questions regarding ORF.

Fees

Rule 7710 describes the fees that are charged for using the ORF system.

Over-the-Counter Equities Data

These reports include the Daily List, Market Statistics, Trade Halts, and Equity Short Interest.

ORF Regulation SHO Data

Pursuant to an SEC request, FINRA has agreed to make reported short sale trade data publicly available.

ORF Legal Agreements

Download the FINRA Participation Agreement (FPA), release forms and other legal agreements.


ORF Notifications

Sign up to receive periodic emails regarding:

  • system status
  • system updates
  • planned outages
  • other important events

Contact ORF

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


Email: Inquiry on current OTC Equity Symbol

  • SEC Approves Amendments to Expand Published Data Relating to OTC Equity Trading Volume
  • Trade Reporting Requirements Applicable to Step-Out Submissions
  • FINRA Reminds Firms of Their Obligations Regarding Transactions in OTC Equity Securities Quoted Pursuant to a Submitted Form 211
  • FINRA Reminds Firms of Their Obligations When Effecting OTC Trades in Equity Securities on a Net Basis
  • FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA's Website
  • FINRA Updates the Transparency Services FINRA Participant Agreement
  • FINRA Announces Implementation Date for Publication of ATS Block-Size Trade Data
  • OTC Equity Trading and Reporting in the Event of Systems Issues
  • Submission of “Clearing-Only, Non-Regulatory Reports” to the FINRA Equity Trade Reporting Facilities
  • 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 Eligible
  • FINRA Requests Comment on a Proposal to Publish OTC Equity Volume Executed Outside Alternative Trading Systems
  • FINRA Announces Elimination of OTC Bulletin Board Historical Research Reports
  • Obligation to Report Cancellations of OTC Trades in Equity Securities, Including Trades Declined by the Contra Party
  • SEC Approves Amendments to Equity Trade Reporting and OATS Rules
  • SEC Approves Amendments to Require Firms to Report OTC Transactions in Equity Securities as Soon as Practicable, But No Later Than 10 Seconds, Following Execution
  • Reporting Reversals of OTC Trades in Equity Securities
  • FINRA Requests Comment on Proposed Amendments Relating to Reporting of OTC Trades Executed in a Mixed Capacity
  • FINRA Reminds Firms of Their Trade Reporting Obligations Relating to Customer Sales of Low-Value OTC Equity Securities
  • Trade Reporting Transactions in OTC Equity Securities and Restricted Equity Securities
  • SEC Approves Amendments Clarifying Certain Exceptions Under Trade Reporting Rules and Adopting Notice Requirement for Transactions That Are Part of an Unregistered Secondary Distribution
  • FINRA Reminds Firms of Their Trade Reporting Obligations and Announces New Submission Process for Form T
  • Price Validation and Price-Override Protocol
  • SEC Approves Amendments to Require Reporting of OTC Trades in Equity Securities Within 30 Seconds of Execution
  • FINRA Extends Implementation of Amendments Requiring Related Market Center Indicator in Non-Tape Reports Submitted to FINRA
  • SEC Approves Amendments to FINRA Rules on Reporting Cancellations of Previously Reported OTC Trades in Equity Securities
  • FINRA Adopts Amendments Relating to Reporting Transfers of Proprietary Positions in Debt and Equity Securities in Connection With Certain Corporate Control Transactions
  • Trade Reporting Frequently Asked Questions
  • Guidance
    Effective Feb. 3, 2020, FIX will be the only protocol supported for reporting trades to FINRA's TRACE and ORF platforms.
    February 13, 2019
  • FAQ
    The 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)).