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What are TRF and ORF?
- Trade Reporting Facility (for Nasdaq and NMS)
- OTC Reporting Facility (for OTCBB and Pink)
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What is the requirement for trade reporting time?
- 8:00 AM to 8:00 PM - 10 seconds
- Outside of these hours, within 15 minutes of the opening on the next business day
- No need to report foreign market if they are reported by the foreign exchange/regulator
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Who reports a trade?
- Electronic systems are automatic
- Member/non-member firms, member reports
- Two member firms, quoter reports or seller reports if there are two quotes
- 20 minutes to accept or DK the trade
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How are unreported trades reported?
Form T if there’s no symbol or trade is >1 year old
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What are trade modifiers .Z, .T, .U, .O, .W, .P
- .Z late trade (after 10 seconds)
- .T after hours
- .U late trade after hours
- .O price override
- .W weighted average or stop-stock transaction
- .P prior reference price used to report a trade that should have been executed at an earlier time
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What is OATS
- Order Audit Trail System
- Records life of an order
- Includes customer received, order identifier, date/time, how received, terms
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When are OATS due?
- 8AM on the calendar day following the end of the OATS business day
- (4:00:01 PM on one market day to 4:00:00 PM on the next business day)
- A trade executed at 4:20 PM on Thursday is part of Friday OATS business day and is reported on Saturday.
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What types of orders don’t need OATS?
Prop trading desk orders or firm’s MM quotes
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What is the difference between No/Was and As/Of
- No/Was: correction on the same day of execution
- As/Of: correction on a later day than execution
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