How to Access the FINRA Trade Reporting Facility® (TRF®) operated in partnership with Nasdaq (“FINRA/Nasdaq TRF”)


Nasdaq’s transaction execution facilities have been separated from its over-the-counter trade reporting facilities for Nasdaq-listed securities. Trade reporting of over-the-counter transactions in Nasdaq-listed and other exchange-listed stocks is offered through the FINRA Trade Reporting Facility® (TRF®) operated in partnership with Nasdaq (“FINRA/Nasdaq TRF”) , a limited liability company operated by Nasdaq that is a facility of FINRA and subject to FINRA’s regulatory license and oversight.

Definition of the Trade Reporting Facility

The FINRA/Nasdaq TRF provides FINRA members another mechanism for reporting transactions effected otherwise than on an exchange. It is a facility of FINRA, but Nasdaq operates it for FINRA. The TRF will be serviced by Nasdaq’s ACT technology platform. For a full description of the TRF and the LLC, please refer to NASD Rule Filing 2005-087.

TRF Registration Process

Firms wishing to use the TRF must be or must apply to be an FINRA member. Firms can be in a pending status when starting the process to connect to Nasdaq. For information pertaining to membership requirements, please visit

For all FINRA members that already have access to Nasdaq, complete two copies of the Nasdaq Services Agreement (if you have not already) and fax one copy to Nasdaq Subscriber Services at +1 212 231 5426, and keep the other for your records.

If you are a FINRA member, and do not have connectivity to the Nasdaq systems, please follow the steps outlined below:

To set up a give-up relationship enabling an executing broker-dealer to submit trades on behalf of a participating broker-dealer:


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

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