In observance of Presidents’ Day, FINRA’s Market Transparency Reporting Systems will be closed on Monday, February 20, 2023. Affected applications include:
Alternative Display Facility (ADF)
Over-the-Counter Reporting Facility (ORF)
Trade Reporting and Compliance Engine (TRACE)
FINRA/Exchange Trade Reporting Facilities (TRFs)
As stated in the data feed interface specifications, FINRA may
From Monday, September 26, 2022, through Friday, September 30, 2022, the FINRA Test Facility (NTF) for the OTC Reporting Facility (ORF) will not include the trade reporting nanosecond enhancements FINRA previously announced. All other ORF testing functions will be available during this week, including TDDS 2.1 data dissemination.
Effective Monday, December 5, 2022, ORF will begin supporting
SUGGESTED ROUTING
Senior ManagementLegal & Compliance
Executive Summary
On July 11, 1994, the Securities and Exchange Commission (SEC) approved an amendment to Section 5 of the Code of Arbitration Procedure (Code) to specify that arbitrators, at the conclusion of a proceeding, may refer matters arising or discovered during the course of a proceeding for disciplinary investigation
FINRA regulates a critical part of the securities industry – member brokerage firms doing business in the U.S. In an effort to increase public awareness and understanding about the broad range of FINRA-registered firms and individuals, FINRA shares an annual snapshot of some of the data collected in the course of its work.
Summary
FINRA is soliciting comment on a proposal to establish a new trade reporting requirement for transactions in over-the-counter options on securities with terms that are identical or substantially similar to listed options. FINRA is proposing to require firms to report this information to FINRA on a daily basis (end-of-day) for regulatory purposes only.
Questions regarding this Notice
The 2025 FINRA Annual Regulatory Oversight Report (the Report) provides member firms with insight into findings from the recent oversight activities of FINRA’s Member Supervision, Market Regulation and Enforcement programs (collectively, regulatory operations programs).
Consolidated Audit Trail (CAT)
Best Execution
Disclosure of Routing Information
Fixed Income – Fair Pricing NEW FOR 2023
Fractional Shares: Reporting and Order Handling NEW FOR 2023
Regulation SHO – Bona Fide Market Making Exemptions and Reuse of Locates for Intraday Buy-to-Cover Trades NEW FOR 2023
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Variable Annuities
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Market Integrity
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Consolidated Audit Trail (CAT
For members that intend to use the ADF for trade reporting only, the charge for connecting to the ADF via a Financial Information eXchange (FIX) line shall be $500 per month.
Amended by SR-FINRA-2016-031 eff. Sep. 12, 2016.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Adopted by SR-NASD-2002-97 eff. July 29, 2002.Selected Notices: 08-57, 16-33.
Consolidated Audit Trail (CAT)Best ExecutionDisclosure of Routing InformationRegulation SHO – Bona Fide Market Making ExemptionsFixed Income – Fair PricingOTC Quotations in Fixed Income Securities NEW FOR 2024Advertised Volume NEW FOR 2024Market Access Rule NEW FOR 2024Previous:Variable AnnuitiesUp:Market IntegrityNext:Consolidated Audit Trail (CAT)
(a) Applicability of Rule
This rule applies to arbitrations involving $50,000 or less, exclusive of interest and expenses. Except as otherwise provided in this Rule, all provisions of the Code apply to such arbitrations.
(b) Single Arbitrator
All arbitrations administered under this Rule will be decided by a single arbitrator appointed from the FINRA chairperson roster in accordance with the
