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Friday, October 21, 2016

Equity Trader Alert #2016 - 268
ACTION REQUIRED: FINRA/Nasdaq TRF to Expand Carryover of Match-Compare Trade Reports and Enforcement of Reversal Logic for Match-Compare Trade Reports

Category:

  • System Impact

Markets Impacted:

Contact Information:

Resources:

What firms need to know?

Nasdaq will be expanding the types of trade reports that will be carried over to the next day and be eligible to be broken. Nasdaq will also enforce logic pertaining to the submission of Breaks and Reversals. This functionality will be effective as of Monday, December 5th, 2016.

This change was originally scheduled for Monday, November 7th, 2016.

The changes discussed below apply only to trade reports that are submitted to the FINRA/Nasdaq TRF for match/compare.

What is Changing?

The TRF will expand carryover of match/compare trading activity:

  • Accepted trades shall carryover to the next day and be eligible to be Broken on T+1
  • Trades in a “Pending Break” state shall carryover to the next day and be eligible to be Broken on T+1
  • Matched/Compared trades shall carryover to the next day and be eligible to be Broken on T+1

Trades that are Auto Locked on T+1(@ 2:30pm) can be broken on T+1 (i.e. any time after 2:30 pm until the end of day).

The TRF will also introduce reject logic when submitting Reversals on Match/Compare trades:

  • Reversals cannot be submitted on T+1
  • Reversals can only be submitted on T+2 and beyond

More Information

If you have any questions, please contact Nasdaq TRF Ops, Nasdaq Trading Services at +1 212 231 5180, or FINRA Market Operations at +1 866 766-0800 with any questions.

FINRATM, Trade Reporting FacilityTM and TRFTM are trademarks of Financial Industry Regulatory Authority, Inc.; FINRA/NASDAQ TRFTM is used under license for Financial Industry Regulatory Authority, Inc.

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