Over-the-Counter Reporting Facility (ORF)

Over-the-Counter Reporting Facility (ORF)

The OTC Reporting Facility (ORF) is the service provided by FINRA for the reporting of trades in OTC Equity Securities executed other than on or through an exchange and for trades in Restricted Equity Securities effected under Securities Act Rule 144A and dissemination of last sale reports.

For those OTC Equity Securities and Restricted Equity Securities that are not eligible for clearance and settlement through the facilities of the National Securities Clearing Corporation, the ORF comparison function will not be available. However, the ORF will support the entry and dissemination of last sale data on such securities.

Members that report transactions in OTC Equity Securities and Restricted Equity Securities to the ORF must comply with the 6600 and 7300 Series, as well as all other applicable rules and regulations.

ORF Notifications

Sign up to receive periodic emails regarding:

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

Contact ORF

FINRA Operations: (866) 776-0800


Office of General Counsel: (202) 728-8071


OTC Symbol Management: (866) 776-0800, Option 1


OTC Compliance Unit: (240) 386-5100


Email: Inquiry on current OTC Equity Symbol


FINRA Announces Implementation Date for Publication of ATS Block-Size Trade Data
April 22, 2016
OTC Equity Trading and Reporting in the Event of Systems Issues
January 20, 2016
Submission of "Clearing-Only, Non-Regulatory Reports" to the FINRA Equity Trade Reporting Facilities
December 8, 2015
FINRA Requests Comment on a Proposal to Publish OTC Equity Volume Executed Outside Alternative Trading Systems
November 12, 2014
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
November 12, 2014
FINRA Announces Elimination of OTC Bulletin Board Historical Research Reports; Fees for ORF Trade Reporting and Data
September 17, 2014
Obligation to Report Cancellations of OTC Trades in Equity Securities, Including Trades Declined by the Contra Party
July 11, 2014
SEC Approves Amendments to Equity Trade Reporting and OATS Rules
May 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 Execution
May 23, 2013
Reporting Reversals of OTC Trades in Equity Securities
March 25, 2013
FINRA Requests Comment on Proposed Amendments Relating to Reporting of OTC Trades Executed in a Mixed Capacity
February 8, 2012
FINRA Reminds Firms of Their Trade Reporting Obligations Relating to Customer Sales of Low-Value OTC Equity Securities
September 23, 2011
Trade Reporting Transactions in OTC Equity Securities and Restricted Equity Securities
September 23, 2011
SEC Approves Amendments Clarifying Certain Exceptions Under Trade Reporting Rules and Adopting Notice Requirement for Transactions That Are Part of an Unregistered Secondary Distribution
August 29, 2011
FINRA Reminds Firms of Their Trade Reporting Obligations and Announces New Submission Process for Form T
June 3, 2011
Price Validation and Price-Override Protocol
September 17, 2010
SEC Approves Amendments to Require Reporting of OTC Trades in Equity Securities Within 30 Seconds of Execution
April 28, 2010
FINRA Extends Implementation of Amendments Requiring Related Market Center Indicator in Non-Tape Reports Submitted to FINRA
February 8, 2010
SEC Approves Amendments to FINRA Rules on Reporting Cancellations of Previously Reported OTC Trades in Equity Securities
January 27, 2010
FINRA Adopts Amendments Relating to Reporting Transfers of Proprietary Positions in Debt and Equity Securities in Connection With Certain Corporate Control Transactions
April 15, 2009
Trade Reporting Frequently Asked Questions
August 14, 2008
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)).