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 Board
- FINRA Amends Its Equity Trade Reporting Rules Relating to Timestamp Granularity
- 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 Publish OTC Equity Volume Executed Outside Alternative Trading Systems
- 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 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
- Trade Reporting Transactions in OTC Equity Securities and Restricted Equity Securities
- FINRA Reminds Firms of Their Trade Reporting Obligations Relating to Customer Sales of Low-Value OTC 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
- 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)).