Monday, August 15, 2022

UTP Vendor Alert #2022 - 14
OTC Reporting Facility (ORF) Testing

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • As part of its Transparency Services improvement initiatives, beginning in December 2022, FINRA will re- platform the OTC Reporting Facility (ORF) to a new Linux-based operating system. These changes will be implemented in addition to the Trade Data Dissemination Service (TDDS) protocol changes FINRA previously announced. Except for the timestamp changes listed below, all ORF trade reporting validations, TRAQS scans, FIX messages, and ORF API reference data will remain as currently designed.
  • Effective Monday, December 5, 2022, ORF will begin supporting timestamps up to nanosecond granularity (HH:MM:SS.sssssssss) in accordance with amendments to FINRA’s equity trade reporting rules. Please refer to FINRA Regulatory Notice 20-41 for additional information on firms’ reporting obligations under these amendments. ORF will support timestamps of up to nanosecond granularity on all inbound and corresponding outbound (reject and acknowledgement) trade capture report messages. The ORF FIX Specifications for Trade Reporting has been updated to reflect the new nanosecond timestamp formats.
  • FINRA invites ORF clients and TDDS data recipients to test the new platform in the Nasdaq Test Facility (NTF), which includes the nanoseconds updates.

Will there be testing opportunities?

Yes, FINRA will furnish a formal test schedule in a separate technical notice. All TDDS data clients will need to accommodate these changes by Monday, December 5, 2022.

Who should I contact for additional information?