FINRA TRF

There are three TRFs, each operated in collaboration with major exchanges:

• Nasdaq TRF Carteret
• Nasdaq TRF Chicago
• NYSE TRF

While these TRFs are FINRA facilities, they are run with operational support from Nasdaq and NYSE, respectively. Their purpose is to handle the reporting of trades in exchange-listed securities that occur outside traditional exchanges, such as those executed through broker-dealers or alternative trading systems (ATS).

Reporting Requirements for Broker-Dealers and ATS Operators Broker-dealers and ATS operators must be registered as FINRA member firms to execute trades and are required to report their transactions to a TRF. These reports typically need to be submitted within 10 seconds of execution, ensuring prompt market data dissemination and compliance with regulatory standards.

TRF trade data can be accessed through the Consolidated Tape Association (CTA) and Unlisted Trading Privileges (UTP) Plan SIPs, which aggregate and disseminate this information. Additionally, TRF data can be obtained directly from Nasdaq Basic with NLS Plus and NYSE Trades, which are proprietary data feeds of the TRFs. FINRA also provides summary files on short sales reported to the TRFs on a daily and monthly basis.

In summary, TRFs play a key role in reporting and disseminating trades executed off-exchange, contributing to market transparency.