Trade Reporting Facility (TRF)
Each FINRA Trade Reporting Facility (TRF) provides FINRA members with a mechanism for the reporting of transactions effected otherwise than on an exchange. While each FINRA TRF is affiliated with a registered national securities exchange, each FINRA TRF is a FINRA facility and is subject to FINRA's registration as a national securities association.
Trades by FINRA members in Nasdaq-listed and other exchange-listed securities, as approved by the Securities and Exchange Commission (SEC), executed otherwise than on an exchange may be reported to a FINRA TRF.
There are currently three active Trade Reporting Facilities (TRFs):
- FINRA/Nasdaq TRF Carteret
- FINRA/Nasdaq TRF Chicago
- FINRA/NYSE TRF
Find answers to commonly asked questions regarding TRF.
Download user manuals and API specifications for TRF systems.
Keep track of service alerts, changes to documentation and system upgrades.
FINRA publishes short sale trade data in two formats: (1) Daily Short Sale Volume Files and (2) Monthly Short Sale Transaction Files.
Download the TRF Exchange Participation Legal Agreements and other legal agreements pertaining to TRF.
Current Schedules D and E of the FINRA/Exchange TRF LLC Agreements.
Sign up to receive periodic emails regarding:
- system status
- system updates
- planned outages other important events
TRF Contact Information
FINRA Operations (866) 776-0800
Technical Support: (866) 899-2107
- 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 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
- Reporting of Information Relating to OTC Trades in NMS Stocks12/05/2016
- Trade Reporting Modifier for Trades that Qualify for the Intermarket Sweep Order Exception to the Trade-at Prohibition Under the Tick Size Plan08/26/2016
- FINRA Adopts Amendments Relating to Use of the Alternative Display Facility for Trade Reporting Purposes Only08/24/2016
- 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 Identify OTC Equity Trades Reported More Than Two Seconds After Execution as "Out of Sequence" and Not Last Sale Eligible11/12/2014
- 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
- 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
- Weighted-Average Price/Special Pricing Formula Trade Modifier08/19/2010
- 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
- FINRA Announces Two New Trade Reporting Modifiers Related to Regulation NMS02/24/2009
- 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
- 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
- GuidanceThe rules governing each NASD Trade Reporting Facility ("TRF") provide that a member may agree to allow a TRF Participant to report and lock-in trades on its behalf, only if both parties have completed an agreement to that effect (a "give up agreement") in the form specified by NASD.January 25, 2007
- FAQRegulation NMS Plan to Address Extraordinary Market Volatility Plan Frequently Asked Questions (FAQ)Regulation NMS Plan to Address Extraordinary Market Volatility Plan Frequently Asked Questions
- 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)).