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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, WorkX, 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 WorkX
  • 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
WorkX™ provides modular trade reporting workflow, compliance and risk management services on a cloud-based technology stack. Firms can connect to us electronically using FIX.