Trade Reporting

Trade Reporting

The FINRA/Nasdaq Trade Reporting Facility (TRF) is an automated trade reporting and reconciliation service operated on the Nasdaq ACT technology platform. The 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.

Key Features of the FINRA/Nasdaq TRF:

  • 30-second trade reporting for all U.S. Equities
  • Automatic submission to clearing Special functions such as Step-outs and Explicit Fee functions
  • Locked-in trade confirmation within 20 minutes of execution
  • Using our intuitive front end, Weblink ACT 2.0, 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 Weblink ACT
  • Match/Compare functionality to facilitate broker-to-broker transactions
  • Reliable, trusted technology

Revenue Sharing Program

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.