FINRA/Nasdaq TRF to Add Milliseconds
Starting on Monday, November 10, 2014, the FINRA/Nasdaq TRF will support the ability for firms to report trades to the millisecond. THe milliseconds change in the Nasdaq Test Facility (NTF) is currently available for testing, and strongly recommends participants test the millisecond functionality.
Please be advised that participants may begin to receive milliseconds in CTCI or FIX acknowledgement messages and/or drop copy messages prior to the November 10th production date. Please be prepared to accept these messages any time after October 20, 2014 as Nasdaq begins to stage changes for the milliseconds change.
• Millisecond precision will be added to all applications and associated alerts except for InterACT.
Benefits and Features
Some of the features you'll find on the FINRA/NASDAQ TRF:
- 10-second trade reporting for all U.S. Equities
- Automatic submission to clearing
- Special functions such as Step-outs and Explicit Fee functions
- Locked-in trade confirmation within 20 minutes of execution
- Using our intuitive front end, Weblink ACT 3.0, you can query for and research trades in real time.
- Same-day trade confirmation and reconciliation to executing party and contra party
- Complete front-end trade reporting and trade management via Weblink ACT
- Match/Compare functionality to facilitate broker-to-broker transactions
- Reliable, trusted technology
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) - based directly on shares and trades reported. Firms qualify for tiers on a per tape basis according to each firm's reported market share of total trades reported to the FINRA/NASDAQ TRF for each quarter, in each tape. Firms' tier qualifications are evaluated each quarter for that period's payout.
|Web Based||Industry Standard||NASDAQ Proprietary Method|
|Weblink ACT 3.0 2013 Web based method for trade reporting, trade scan, taking action on trades and more.||FIX 2013 Users can connect to us electronically using FIX.||CTCI2013 Users can connect to us electronically using CTCI.|
Complete Suite of Risk and Compliance Products
NASDAQ OMX Risk Management provides clearing firms, executing brokers and sponsoring firms a comprehensive view of their firms' activity in all NASDAQ OMX markets. We offer various methods for clearing firms to view and manage their customers' and their own trading activity.
The front end to tool provides:
FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority, Inc.