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Friday, December 2, 2016

Equity Trader Alert #2016 - 312
POSTPONED: 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?

The FINRA/Nasdaq TRF has postponed expanding the types of trade reports that will be carried over to the next day and be eligible to be broken. The FINRA/Nasdaq TRF will also postpone enforcing logic pertaining to the submission of Breaks and Reversals. This functionality was previously scheduled for Monday, December 5th, 2016.

This change is postponed and expected to be implemented in January. Additional ETA notice will be provided.

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

What was Changing?

As previously announced, the FINRA/Nasdaq TRF was going to implement the following functionality:

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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