Introduction to Transparency Services Initiatives and Webpage

In an effort to communicate technical changes to its trade reporting and quotation facilities - TRACE, ORF, and ADF (and related systems) with FINRA member firms, FINRA is introducing a new web page, on FINRA.org, where firms may review upcoming market transparency initiatives. This page will be updated on a regular basis in addition to technical notices that will continue to be posted and distributed via email to subscribing firms. FINRA encourages firms to use the new web page to keep informed on new market transparency developments and to formulate questions as necessary in relation to these activities.

Some future initiatives highlighted on this new web page include an infrastructure upgrade to the existing TRACE Trade Reporting system and associated web application (TRAQS), a new web application for Issue Management, and enhanced Reference Data tools including firm access to manage their own entitlement. A schedule and dates for each of these initiatives will be made available on the New Initiatives Web Page and will be communicated via technical notices and emails.  A short description of these initiatives follows.

Technical Infrastructure

FINRA is constructing a new platform, designed on a Linux-Based Operating System.  The platform will utilize secure Cloud-Based technology for resilience and redundancy. The new platform infrastructure is designed to support extensibility as market structure changes and transparency initiatives are introduced.

Issue Management:

Firms currently utilize the FINRA New Issue Form to comply with FINRA TRACE Rules 6760 (Underwriter Obligation to Provide Notice) and 6730 (Transaction Reporting) and to request an OTC symbol in support of compliance with FINRA ORF Rule 6622 (Transaction Reporting).

The Issue Management redesign project seeks to improve the FINRA New Issue Form interface and provide new functionality.  

Developer API:

FINRA Reference Data API users are able to access TRACE or Equity reference data files by issuing a software code-based query or via a manual entry of the query string associated with the data requested.  FINRA recently released a new program entitled Developer API (DAPI) (developer.finra.org) which programmatically assists clients interested in using API technology.  In the future this process will be available to users who wish to gain access to TRACE and ORF reference data.   

Access to TRAQS and API Reference Data:

Currently, FINRA API users are required to download a digital certificate and present verified user id and password credentials to access TRAQS and the API reference data.  The use of a digital certificate will be replaced by Two Factor Authentication to verify that a user has proper entitled access.  Two Factor Authentication is a more secure, robust entitlement process that will ensure data and user access protection by requiring the user to submit two separate values to identify themselves.  FINRA will issue a formal Two Factor Authentication Specification in a separate technical notice in the near future.  

Please contact FINRA Product Management or call (866) 899-2107 with questions regarding this notice.