What are TRF and ORF?
- Trade Reporting Facility (for Nasdaq and NMS)
- OTC Reporting Facility (for OTCBB and Pink)
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
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
How are unreported trades reported?
Form T if there’s no symbol or trade is >1 year old
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
What is OATS
- Order Audit Trail System
- Records life of an order
- Includes customer received, order identifier, date/time, how received, terms
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.
What types of orders don’t need OATS?
Prop trading desk orders or firm’s MM quotes
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