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6140. Trade Report Processing

This rule is no longer applicable. NASD Rule 6140 has been superseded by FINRA Rules 7240A and 7340. Please consult the appropriate FINRA Rules.

Locked-in trades may be determined in the System by matching the trade information submitted by the Reporting Parties through one of the following methods:
(a) Trade by Trade Match

Both parties to the trade submit transaction data and the System performs an on-line match;
(b) Trade Acceptance

The Reporting Party enters its version of the trade into the System and the contra party reviews the trade report and accepts or declines the trade. An acceptance results in a locked-in trade; a declined trade report is purged from the System at the end of trade date processing;
(c) Aggregate Volume Match

A batch type comparison will be run at the end of trade date and will aggregate volume of previously entered uncompared trade reports (if all other matching fields agree) in order to effect matching;
(d) T+N Trade Processing

T+N entries may be submitted until 5:15 p.m. each business day. At the end of daily matching, all declined trade entries will be purged from the System. The System will not purge any open trade (i.e. unmatched or unaccepted) at the end of its entry day, but will carry-over such trades to the next business day for continued comparison and reconciliation. The System will automatically lock in and submit to DTCC as such any carried-over T to T+21 (calendar day) trade if it remains open as of 2:30 p.m. on the next business day. The System will not automatically lock in T+22 (calendar day) or older open "as/of" trades that were carried-over from the previous business day; these will be purged by the System at the end of the carry-over day if they remain open. Members may re-submit these T+22 or older "as/of" trades into the System on the next business day for continued comparison and reconciliation for up to one calendar year.
Adopted by SR-NASD-2005-087 eff. Aug. 1, 2006.

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