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FINRA/Nasdaq Trade Reporting Facility


The FINRA Trade Reporting Facility (TRF) operated in partnership with FINRA/Nasdaq TRF is an automated trade reporting and reconciliation service operated on the Nasdaq ACT technology platform.

The Nasdaq TRF electronically facilitates trade reporting, trade comparison and clearing of trades for all U.S. equities The TRF handles transactions negotiated broker-to-broker, or internalized within a firm.

The Nasdaq TRF offers the industry standard for all a firm’s trade reporting compliance needs, and currently services over 88% market share in the post-trade market and over 30% of consolidated market share (Source: NasdaqTrader.com).

Benefits and Features

Features of FINRA/Nasdaq TRF Include:

  • 10-second trade reporting for all U.S. Equities
  • Automatic submission to clearing
  • Special functions such as Step-outs/ins and Explicit Fee functions
  • Using our intuitive front end, Nasdaq ACT Workstation, 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 ACT Workstation
  • Industry standard Compliance Dashboard
    • Trade-Through Violation checks via Reg Recon
    • Limit Up-Limit Down violation checks via Limit Locator
    • Short Sale Circuit Breaker violation checks via Short Sale Monitor
  • Match/Compare functionality to facilitate broker-to-broker transactions
    • Locked-in trade confirmation within 20 minutes of execution
  • Reliable, trusted technology

Benefits and Features not Supported by Competition

Features of the Competition do not Include:

  • Match/Compare functionality to facilitate broker-to-broker transactions (not supported by competition)

Revenue Sharing Program

Currently, the FINRA/Nasdaq TRF shares back at 98% and 95% at the top tiers. 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.

For more information on this program please see our Revenue Share Fact Sheet and the pricing page for Trading Services.

Connectivity Options for Trade Reporting

Web Based Front-EndIndustry Standard - FIX
ACT Workstation 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.

Post-Trade Risk Management

Nasdaq Risk Management provides clearing firms, executing brokers and sponsoring firms a comprehensive view of their firms' activity in all Nasdaq markets. We offer various methods for clearing firms to view and manage their customers' and their own trading activity.

General Functions:

  • Ability to set Buy, Sell, net and total limits
  • Set trades to allow/inhibit once placed in a "held" status when a limit has been breached.
  • Segregation of locked-in and Match/Compare trade limits and notifications for more control over brokers

The front end to tool provides:

  • Email 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 clients to monitor real-time breaches