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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

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.


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 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 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
  • Reporting of Information Relating to OTC Trades in NMS Stocks
  • Trade Reporting Modifier for Trades that Qualify for the Intermarket Sweep Order Exception to the Trade-at Prohibition Under the Tick Size Plan
  • FINRA Adopts Amendments Relating to Use of the Alternative Display Facility for Trade Reporting Purposes Only
  • 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 Identify OTC Equity Trades Reported More Than Two Seconds After Execution as "Out of Sequence" and Not Last Sale Eligible
  • 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
  • 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
  • Weighted-Average Price/Special Pricing Formula Trade Modifier
  • 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
  • FINRA Announces Two New Trade Reporting Modifiers Related to Regulation NMS
  • Trade Reporting Frequently Asked Questions
  • 2023 Report on FINRAs Examination and Risk Monitoring Program
    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
    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
    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
    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)).