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Transparency Services Legal Agreements

FINRA member firms that have an obligation to report over-the-counter secondary market transactions in eligible equity and fixed income securities must submit their transaction reports to the appropriate FINRA facility. The facilities covered by the following agreements and documentation include:

  • TRACE (Corporate and Agency; Securitized Products; and Treasuries)
  • OTC Reporting Facility (ORF)
  • Alternative Display Facility (ADF)

The following provides guidance on the steps for accessing one or more of the facilities.

Required Documentation – all facilities

 

  (4/3/17)

The FPA is used to add a new FINRA product, delete an existing product, or, update the firm’s clearing relationships.

Please note:

Other Documentation—all facilities, or as specified

TRAQS login management via PDM
Member firms who wish to add, modify, or delete users in the TRAQS web application or use Web API to access the master files of active securities must request access using the Participant Data Management System.  Nonmembers may contact Market Operations via email at [email protected]. A firm must have the appropriate product license in place with CUSIP Global Services if requesting access containing identifiers issued by CUSIP Global Services.   Please allow up to 2 business days for processing.

FINRA Transparency Services Uniform Reporting Agreement
The USA allows a member firm to report trades on behalf of another FINRA member to the relevant facility. The fully executed agreement must be on file with FINRA prior to submitting trades on behalf of another firm.  Member firms that want to report on behalf of another FINRA Member to TRACE, ORF or ADF must submit this form via the Participant Data Management system.

FINRA New Issue Form  

  • TRACE:  The FINRA New Issue Form is used by a member firm to comply with FINRA Rules 6760 (Underwriter Obligation to Provide Notice) or 6730 (Transaction Reporting).
  • ORF:  The FINRA New Issue Form may be used by a member firm to request an OTC symbol in support of compliance with FINRA Rule 6622 (Transaction Reporting).

 

The FINRA Transaction Fee Transfer Agreement
The FINRA Transaction Fee Transfer Agreement applies to FINRA members and their respective clearing firms that choose to utilize FINRA Facilities to transfer a transaction fee on transactions reported to the Alternative Display Facility (ADF), the FINRA/NASDAQ TRF, the FINRA/NYSE TRF, or the OTC Reporting Facility (ORF). See Rules 7130(h), 7230A(h), 7230B(i), and 7330(i).  Member firms that want to transfer transaction fees to another FINRA Member to ORF or ADF must submit this form via the Participant Data Management system.

 

Other Documentation – ORF only

ORF Web Access Agreement
The ORF Web Access Agreement provides access to ORF reference data files via API Server.

Required Documentation – ADF only

ADF Pre-Approved Connectivity Provider List

ADF Trading Center Volume Projection Form

Questions on executing or submitting any of the forms listed above may be directed via email to FINRA Market Operations or phone (866)-776-0800.