FINRA/NASDAQ Trade Reporting Facility (ACT Technology)

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.

Benefits and Features

Some of the features you'll find on the FINRA/NASDAQ TRF:

Trade Reporting functions:Back Office Support:General
  • Facilitate 30-second trade reporting for all NASDAQ, NYSE and other U.S. regional exchange listed securities
  • Automatic clearing facilitation for FINRA and NASDAQ Exchange members
  • Supports special functions such as Step-outs and Explicit Fee functions for FINRA and NASDAQ Exchange members
  • Same-day trade confirmation and reconciliation to executing party and contra party firms that subscribe to NASDAQ systems
  • Locked-in trade confirmation within 20 minutes of execution
  • Reduced exposure to price movements and costly trade discrepancies
  • Virtual elimination of Questionable Trades (QTs) and Don't Knows (DKs)
  • Expanded API options
  • Complete front-end trade reporting and trade management via Weblink ACT
  • Match/Compare functionality to facilitate broker-to-broker transactions

Revenue Sharing Program - Let your Trading Pay you Back!

The FINRA/NASDAQ TRF distributes revenue based on the same formula as the Securities Information Processors (SIPs) 2013 based directly on shares and trades reported. Firms qualify for tiers on a per tape basis according to each firm2019s reported market share of total trades reported to the FINRA/NASDAQ TRF for each quarter, in each tape. Firms2019 tier qualifications are evaluated each quarter for that period2019s payout.

For more information on this program please see our Revenue Share Fact Sheet

Compliance Products


Risk Management

NASDAQ OMX Risk Management provides clearing firms, executing brokers and sponsoring firms a comprehensive view of their firms2019 activity in all NASDAQ OMX markets. NASDAQ OMX offers various methods for clearing firms to view and manage their customers2019 and their own trading activity.

General Functions:

  • Credit limits for correspondents, including blockbuster and sizeable
  • Ability to set trades to allow/inhibit once placed in a 201cheld201d status.
  • Segregation of locked-in and eligible trade limits and notifications for more control over brokers

The front end to tool provides:

  • Alert notifications when correspondents approach or exceed credit limits
  • Summary risk exposure and gross trade amounts by stock and firm
  • A message center and email alerts that allow you to monitor real-time breeches

 

Additional Information

 

FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority, Inc.