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.

For more information, please refer to the TRF Milliseconds FAQs or contact Adam Messick at +1 212 231 5449.

 

The FINRA/NASDAQ Trade Reporting FacilityTM (TRFTM) is an automated trade reporting and reconciliation service operated on the NASDAQ OMX ACT technology platform.

The 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.

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.

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

Connectivity Options

Web BasedIndustry StandardNASDAQ 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


Risk Management

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.

General Functions:

  • sizeableAbility to set Buy, Sell, net and total limits
  • Set trades to allow/inhibit once placed in a "held" status when a limit has been breeched.
  • 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 you to monitor real-time breeches

 

 

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