In 2020, FINRA began a multi-year initiative dedicated to improving trade reporting and reference data management capabilities for our member firms. This effort continues in 2023.

On This Page

• Reporting Tools
• Improvement Initiatives

Reporting Tools

FINRA operates systems that help member firms comply with reporting requirements and facilitate transparency in the applicable markets.

• Alternative Display Facility (ADF) – an SRO display-only facility that enables members to view quotes, report trading activity and compare trades
   
• OTC (ATS & Non-ATS) Transparency – a tool that publishes over-the-counter (OTC) trading information on a delayed basis for each alternative trading system (ATS) and member firm
   
• Over-the-Counter Reporting Facility (ORF) – a service for reporting trades in OTC Equity Securities executed outside of an exchange; reporting trades in Restricted Equity Securities; and dissemination of last sale reports
   
• Trade Reporting and Compliance Engine (TRACE) – a tool that facilitates the mandatory reporting of OTC secondary market transactions in eligible fixed income securities
   
• Trade Reporting Facility (TRF) – provides FINRA members with a mechanism for the reporting of transactions effected otherwise than on an exchange.
   
• Uniform Practice Code (UPC) - a series of rules, interpretations and explanations designed to make uniform, where practicable, custom, practice, usage, and trading technique in the investment banking and securities business, particularly with regards to operational and settlement issues.

Improvement Initiatives