Take Charge of Compliance with RegRecon

RegRecon Overview

Reg Recon is a real-time, web-based surveillance alert and report tool that assists firms with compliance. Reg Recon has two main components:

  • Reg NMS Module– Real-time warning of potential trade-through trades.
  • Clearly Erroneous Module – Real-time alerts of potential clearly erroneous trades, online erroneous trade filings to Nasdaq MarketWatch and negotiations with the contra party.

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To access Reg Recon you must subscribe to a Nasdaq Workstation, Weblink ACT 3.0 or Clearly Erroneous Viewer.

Features and Functionality

Reg NMS Module:
  • Real-time warning of potential trade-through trades.
  • Time and Sales details showing which protected quotes were traded through.
  • Ability to download and print five days of historical data.
  • ACT trade detail viewer
  • The user/port that entered the trade(s) and how their entries compare to total potential trade-throughs for the firm.
  • Potential trade-throughs that were marked as ISO or with the Trade Through Exempt flag.
  • Reg Recon conducts continuous replay of the trading day that compares the FINRA/Nasdaq TRF trades against the SIP NBBOs, highlighting any adds/deletes that resulted from data or reporting latencies.
  • The replay is displayed in the “Update” column.
  • Record of Nasdaq Self Help declarations and revocations.
  • Above the offer and below the bid stat
  • Odd-Lot filter allows firms to view non odd-lot or odd-lot trades

Clearly Erroneous Module:
  • Erroneous trade alerts for potentially erroneous trades on The Nasdaq Stock Market.
  • Ability to view and file for multiple MPIDs. 
  • Electronic clearly erroneous filing directly with Nasdaq MarketWatch.
  • Email notifications for both potentially erroneous trades and filing status. 
  • Anonymous negotiation of erroneous trades with the contra party and the opportunity to accept the final adjustment or proceed with MarketWatch ruling.
  • Real-time filing status updates during the entire filing process.
  • CE Viewer displaying all trades under review street-wide by MarketWatch in real-time.
  • Ability to download and print 90 days of historical data.

Rule Summary

For SEC FAQs concerning rules 610 and 611, view the Responses to FAQs Concerning Reg NMS page.

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