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):

  1. FINRA/Nasdaq TRF Carteret
  2. FINRA/Nasdaq TRF Chicago
  3. FINRA/NYSE TRF

Frequently Asked Questions

Find answers to commonly asked questions regarding TRF.

Technical Documentation

Download user manuals and API specifications for TRF systems.

Technical Notices

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

Short Sale Trade Data

FINRA publishes short sale trade data in two formats: (1) Daily Short Sale Volume Files and (2) Monthly Short Sale Transaction Files.

Participation Agreements

Download the TRF Exchange Participation Legal Agreements and other legal agreements pertaining to TRF.

FINRA/Exchange TRF LLC Schedules

Current Schedules D and E of the FINRA/Exchange TRF LLC Agreements.

TRF NOTIFICATIONS

Sign up to receive periodic emails regarding:

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

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TRF Contact Information

FINRA Operations (866) 776-0800

Technical Support: (866) 899-2107

  • Regulatory Notice 20-41
    FINRA Amends Its Equity Trade Reporting Rules Relating to Timestamp Granularity
    12/02/2020
  • Regulatory Notice 19-29
    SEC Approves Amendments to Expand Published Data Relating to OTC Equity Trading Volume
    09/13/2019
  • Trade Reporting Notice – 7/16/19
    Trade Reporting Requirements Applicable to Step-Out Submissions
    07/16/2019
  • Regulatory Notice 18-29
    FINRA Reminds Firms of Their Obligations When Effecting OTC Trades in Equity Securities on a Net Basis
    09/12/2018
  • Regulatory Notice 18-28
    FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA's Website
    09/11/2018
  • Trade Reporting Notice – 12/5/16
    Reporting of Information Relating to OTC Trades in NMS Stocks
    12/05/2016
  • Trade Reporting Notice – 8/26/16
    Trade Reporting Modifier for Trades that Qualify for the Intermarket Sweep Order Exception to the Trade-at Prohibition Under the Tick Size Plan
    08/26/2016
  • Regulatory Notice 16-33
    FINRA Adopts Amendments Relating to Use of the Alternative Display Facility for Trade Reporting Purposes Only
    08/24/2016
  • Regulatory Notice 16-14
    FINRA Announces Implementation Date for Publication of ATS Block-Size Trade Data
    04/22/2016
  • Trade Reporting Notice – 1/20/16
    OTC Equity Trading and Reporting in the Event of Systems Issues
    01/20/2016
  • Regulatory Notice 15-51
    Submission of “Clearing-Only, Non-Regulatory Reports” to the FINRA Equity Trade Reporting Facilities
    12/08/2015
  • Regulatory Notice 14-46
    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
    11/12/2014
  • Trade Reporting Notice - 7/11/14
    Obligation to Report Cancellations of OTC Trades in Equity Securities, Including Trades Declined by the Contra Party
    07/11/2014
  • Regulatory Notice 14-21
    SEC Approves Amendments to Equity Trade Reporting and OATS Rules
    05/15/2014
  • Regulatory Notice 13-19
    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
    05/23/2013
  • Trade Reporting Notice - 3/25/13
    Reporting Reversals of OTC Trades in Equity Securities
    03/25/2013
  • Regulatory Notice 11-40
    SEC Approves Amendments Clarifying Certain Exceptions Under Trade Reporting Rules and Adopting Notice Requirement for Transactions That Are Part of an Unregistered Secondary Distribution
    08/29/2011
  • Trade Reporting Notice - 6/3/11
    FINRA Reminds Firms of Their Trade Reporting Obligations and Announces New Submission Process for Form T
    06/03/2011
  • Trade Reporting Notice - 9/17/10
    Price Validation and Price-Override Protocol
    09/17/2010
  • Trade Reporting Notice - 8/19/10
    Weighted-Average Price/Special Pricing Formula Trade Modifier
    08/19/2010
  • Regulatory Notice 10-24
    SEC Approves Amendments to Require Reporting of OTC Trades in Equity Securities Within 30 Seconds of Execution
    04/28/2010
  • Trade Reporting Notice - 2/8/10
    FINRA Extends Implementation of Amendments Requiring Related Market Center Indicator in Non-Tape Reports Submitted to FINRA
    02/08/2010
  • Regulatory Notice 10-07
    SEC Approves Amendments to FINRA Rules on Reporting Cancellations of Previously Reported OTC Trades in Equity Securities
    01/27/2010
  • Regulatory Notice 09-21
    FINRA Adopts Amendments Relating to Reporting Transfers of Proprietary Positions in Debt and Equity Securities in Connection With Certain Corporate Control Transactions
    04/15/2009
  • Trade Reporting Notice - 2/24/09
    FINRA Announces Two New Trade Reporting Modifiers Related to Regulation NMS
    02/24/2009
  • Trade Reporting Notice - 8/14/08
    Trade Reporting Frequently Asked Questions
    08/14/2008
  • 2023 Report on FINRAs Examination and Risk Monitoring Program
    Fractional Shares: Reporting and Order Handling
    The 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 Report
    Order Capacity
    The 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
  • Guidance
    Notice to All TRF, ADF and Other NASD Facility Participants Regarding AGU and QSR Relationships
    The 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
  • FAQ
    Regulation NMS Plan to Address Extraordinary Market Volatility Plan Frequently Asked Questions (FAQ)
    Regulation NMS Plan to Address Extraordinary Market Volatility Plan Frequently Asked Questions
  • FAQ
    Trade Reporting Frequently Asked Questions
    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)).