FINRA/NASDAQ Trade Reporting Facility (ACT Technology)
Real time comparison and locked in clearing for all NASDAQ-listed and CQS trades and faster, more efficient trade reconciliation, confirmation and reporting to NASDAQ’s Risk Management system.
Overview
The FINRA/NASDAQ Trade Reporting FacilityTM (TRFTM) is an automated trade reporting and reconciliation service operated on the ACT technology platform. The TRF electronically facilitates the post-execution steps of price and volume reporting, comparison and clearing of trades for NASDAQ-listed securities as well as for transactions in NYSE- and other U.S. regional exchange-listed securities* that occur off the floor. The TRF handles transactions negotiated broker-to-broker.
New Trade Reporting File Upload!
 View Demo |
NASDAQ now offers Trade Reporting File Upload functionality for the ACT platform via the NASDAQ Workstation/Weblink ACT 2.0. File Uploads give firms the ability to enter submissions for trade reporting quickly and easily by uploading a single file, which can contain up to 500 trades. |
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Firms can use this functionality when they have a large quantity of trades that must be quickly submitted. Any trade action or function performed via the Weblink ACT 2.0 Trade Entry screen can also be preformed using the File Upload process. Please see ETA #2009-022 for complete details. Subscribe now! |
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Benefits & Features
Trade reporting functions:- Facilitates 90-second trade reporting for all NASDAQ-, NYSE- and other U.S. regional exchange-listed securities.
- Collects last sale information
- Provides online access to real-time trade reporting information through the Time and Sales feature
- Same-day trade confirmation and reconciliation to market makers and order-entry firms that subscribe to NASDAQ systems
- Locked-in trade confirmation within 20 minutes of execution
- Reduced exposure to price movements and costly trade discrepancies
- On-screen confirmation of telephone-negotiated trades and the status of trades
- Virtual elimination of Questionable Trades (QTs) and Don't Knows (DKs)
- Sides reporting to the NASDAQ Risk Management system
- FINRA/NASDAQ TRF shares up to 100% revenue based on each firm’s reported market share volume
- This program applies to each of the three Tape plans (A, B & C)
- Learn more about the Data Revenue Sharing Program and how it’s calculated.
- Allows firms to build their own set of trade records to satisfy their business requirements
Connectivity
The TRF may be accessed using any of the following protocols:- NASDAQ Workstation
- CTCI for Trade Reporting
- NASDAQ FIX for Trade Reporting
- Weblink ACT 2.0
- Service Bureaus
Who Can Participate
- Generally, customers must be FINRA members.
- Your firm needs to have connectivity to NASDAQ.
- To apply, your firm must have a clearing arrangement. To set up a clearing arrangement, have your clearing agency call National Securities Clearing Corporation (NSCC) at 212.412.8623.
How to Subscribe
There are no new agreements to sign in order to use the TRF if you are an existing NASDAQ market participant.
If you are a member of the Canadian Depository for Securities Limited (CDS), you must complete the Non-Member Trade Reporting Facility Addendum to the NASDAQ Services Agreement (PDF), and fax it to NASDAQ Subscriber Services at +1 212 231 5426.
To set up a give-up relationship enabling an executing broker-dealer to submit trades on behalf of a participating broker-dealer:
- Complete the Uniform Trade Reporting Facility Service Bureau/Executing Broker Agreement (PDF), and fax it to NASDAQ Subscriber Services at +1 212 231 5426.
Testing
Hours of Operation
| Time (ET) | Event |
|---|---|
| 8:00 a.m.-9:30 a.m. | ACT opens; pre-market trades reported (.T) |
| 9:30 a.m.-4:00 p.m. | Regular market hours |
| 4:00 p.m.-8:00 p.m. | .T trade reporting hours |
| 5:15 p.m. | End of cancellation/correction window for regular market hours transactions |
| 8:00 p.m. | ACT closes |
FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority, Inc.
