Take Charge of Compliance with RegRecon

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.

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


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 OMX 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

    New Features:
  • Above the offer and below the bid stat
  • Odd-Lot filter allows firms to view non odd-lot or odd-lot trades
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.

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 theResponses to FAQs Concerning Reg NMS page.

Contact Information