Modified Specifications for Reporting OTC Equity Trades to New ORF Platform

FINRA has updated the Financial Information eXchange (FIX) and Computer-to-Computer Interface (CTCI) specifications for reporting OTC equity trades to the new OTC Reporting Facility (ORF) platform.

The new platform will support FIX and CTCI protocols for trade reporting and trade management of OTC equity securities and reportable restricted equity securities.

Overview of Major Changes to FIX (version 1.4)/CTCI (version 1.3) Specifications

The following are the major changes to the FIX (version 1.4)/CTCI (version 1.3) specifications:

  • Revised Cancel/Break processing as it pertains to trades accepted by the contra party, incorporating new Function Code “B” (CTCI) and new ORBX confirmation (FIX and CTCI). 
  • Added a rule for the use of the Short Sale Indicator on Trade Accept messages (FIX and CTCI).
  • Added sample messages to the FIX specifications to illustrate the use of certain tags (e.g., Number of Parties, Party Role, Reporting Obligation, Clearing Instruction, Publish Indicator, Locked In Indicator).

Please refer to the specifications for the detailed edits, as well as each document’s revision history. Please direct questions concerning these changes to FINRA Product Management or call (866) 899-2107.