TRACE Legal Agreements
FINRA has updated its equities and fixed income transparency facilities FINRA Participation Agreement (FPA). The revised FPA version 1.3a replaces the existing FPA version 1.2. Firms that currently have an FPA with FINRA must use the amendment to add a new FINRA product, delete an existing product or update their billing information.
Pursuant to the terms of the participation agreement, posting of the revised FPA serves as notice of this change. The modified FPA will go into effect 90 days after the posting of this notice. The posting date is indicated by the date shown next to the agreement or amendment. Participants will have 30 days after the effective date to opt out of the agreement or will be deemed to have agreed to and accepted the revised FPA. Firms that opt out of the agreement will immediately lose access to all products covered under the agreement.
Firms that will be reporting trades on behalf of another FINRA member must execute and have on file with FINRA the Uniform Service Bureau/Executing Broker Agreements (USA) prior to submitting trades to TRACE.
Questions on executing or submitting the FPA or USA may be directed to FINRA Market Operations or call (866)-776-0800.
- Instructions for completing the FINRA Transparency Services Participation Agreement and Supplements (10/6/16)
- FINRA Transparency Services Participation Agreement – Version 1.3a clean (PDF 188 KB) (10/6/16)
- FINRA Transparency Services Participation Agreement – Version 1.3a redline (PDF 340 KB) (10/6/16)
- Amendment to the FINRA Participant Agreement – Version 1.3a clean (PDF 43 KB) (10/6/16)
- Amendment to the FINRA Participant Agreement – Version 1.3a redline (PDF 144 KB) (10/6/16)
Note: Firms that choose to change their give-up relationships must also submit a completed Uniform Service Agreement.
- TRACE Order Form (Firm Gateway) - Please allow 2 business days for processing
Underwriters – 6760 Information
Underwriters must submit a TRACE New Issue Form in order to comply with Rule 6760. This form contains all the pertinent information required to submit new issues.
If you have any questions, please contact FINRA Operations at (866) 776-0800 or email FINRA Operations.
All documents are available as Portable Document Format (PDF) files, except the current TRACE Order and Trace New Issue Forms, which are available from the links above. If you do not have Adobe Acrobat Reader to view PDF files, or need to access the old order or new issue forms, please download the free plug-in. PDF items will open in a new browser window.