Transparency Services Legal Agreements

Firms that have an obligation to report over-the-counter secondary market transactions in eligible equity and fixed income securities or covered securities loans must submit their transaction reports to the appropriate FINRA facility. The facilities covered by the following agreements and documentation include:

• TRACE (Corporate and Agency; Securitized Products; and Treasuries)
• OTC Reporting Facility (ORF)
• Alternative Display Facility (ADF)
• Securities Lending and Transparency Engine (SLATE)

The following provides guidance on the steps for accessing one or more of the facilities.

Required Documentation – All Facilities

FINRA Transparency Services Participant Agreement

The FPA is used to add a new FINRA product, delete an existing product, or, update the firm’s clearing relationships.

Please note:

• While the agreement is available for download and review, a firm must use the Participant Data Management System to certify the terms of the document. Access to the Participant Data Management System (PDM) is provided by your firm’s Super Account Administrator (SAA).  
• Firms that currently have an FPA on file with FINRA and need to add a new FINRA product or MPID, delete an existing product or MPID, or update the firm’s clearing relationships or contact information must use the Participant Data Management System.

Other Documentation—All Facilities, or as Specified

TRAQS login management via PDM
FINRA member firms who wish to add, modify, or delete users in the TRAQS web application or use Web API must request access using the Participant Data Management System.  Nonmembers may contact Market Operations via email at [email protected]. A firm must have the appropriate product license in place with CUSIP Global Services if requesting access containing identifiers issued by CUSIP Global Services.   Please allow up to 2 business days for processing.

Service Bureau Access Authorization
The Service Bureau Access Authorization allows a Service Bureau to access and use FINRA's market transparency facilities, such as ADF, ORF, TRACE and SLATE. By submitting  this form, the Service Bureau requests FINRA's authorization to access these facilities in order to provide transaction reporting, quotation, or connectivity services to participating entities. For the SLATE system, this authorization must be submitted through the Participant Data Management System.

FINRA Transparency Services Uniform Reporting Agreement
The URA allows a firm  to report trades on behalf of another entity to TRACE, ORF or ADF. The fully executed URA must be on file through the Participant Data Management System prior to submitting trades on behalf of another firm. 

SLATE Reporting Agent Authorization
The SLATE Reporting Agent Authorization allows authorized Reporting Agents to submit loan events on behalf of an authorized Covered Person. The authorization  must be acknowledged by both the Covered Person and the Reporting Agent through the Participant Data Management System prior to submitting loan events on behalf of another entity.

SLATE Service Bureau Authorization
The SLATE Service Bureau Authorization allows authorized Service Bureaus to submit loan events on behalf of an authorized Covered Person or an authorized Reporting Agent. The authorization must be acknowledged by both the Service Bureau and the Covered Person or Reporting Agent through the Participant Data Management System prior to submitting loan events on behalf of another entity.

FINRA New Issue Form  

• TRACE:  The FINRA New Issue Form is used by a firm to comply with FINRA Rules 6760 (Underwriter Obligation to Provide Notice) or 6730 (Transaction Reporting).
• ORF:  The FINRA New Issue Form may be used by a firm to request an OTC symbol in support of compliance with FINRA Rule 6622 (Transaction Reporting) or SEC Rule 15c2-11(a)(2))(Qualified IDQS).

The FINRA Transaction Fee Transfer Agreement
The FINRA Transaction Fee Transfer Agreement applies to FINRA member firms and their respective clearing firms that choose to utilize FINRA Facilities to transfer a transaction fee on transactions reported to the Alternative Display Facility (ADF), the FINRA/NASDAQ TRF, the FINRA/NYSE TRF, or the OTC Reporting Facility (ORF). See Rules 7130(h), 7230A(h), 7230B(i), and 7330(i).  FINRA member firms that want to transfer transaction fees to another FINRA member firm to ORF or ADF must submit this form via the Participant Data Management system.

Transaction Fee Transfer Agreement - Redline

Other Documentation – ORF Only

ORF Reference Data Agreement
The ORF Reference Data Agreement provides access to ORF reference data files via API Server.

Required Documentation – ADF Only

ADF Pre-Approved Connectivity Provider List

ADF Trading Center Volume Projection Form

Questions on executing or submitting any of the forms listed above may be directed via email to FINRA Market Operations or phone (866)-776-0800.