Trade Report Facility (TRF)
The New York Stock Exchange has an arrangement with the Financial Industry Regulatory Authority (FINRATM) to provide all FINRA member organizations with a low-cost and convenient way to report off-exchange trades to the tape. The TRF is an automated trade reporting and reconciliation service that uses NYSE Arca technology. The TRF electronically facilitates the post-execution steps of price and volume reporting of trades in NYSE, NYSE ArcaSM, NASDAQ® and Amex® listed securities. The FINRA/NYSE Trade Reporting Facility is available to all FINRA members that have signed a participant agreement with the FINRA/NYSE TRF and meet applicable requirements. NYSE membership is not a requirement.
Market data revenue rebates are currently shared at 100% based on participants' market share of eligible trades. There are currently no transaction or reporting fees for the TRF, but the NYSE has plans to introduce a competitive market data revenue sharing feature.
To improve the customer experience, new functionality to the NYSE TRF includes the following:
- Client Management Tool: Enables users to better input and manage trades entered on the TRF as well as offer more transparency for compliance. These new tools will be integrated into the web-based, secure Client Management Tool (CMT) for ease of use. Key Capabilities: Enter trade reports via CMT, view trade reports entered via FIX, modify and correct trade reports, cancel existing trade reports.
- Compliance Module: Provides alerts, metrics, tracking and data to TRF users and compliance officers. Key capabilities: Static and user defined alerts based on trade reporting, static and user defined alerts based on market data, historical data, downloadable data, compliance workflow manager.
- Locked-In Clearing: Provides users with an optional capability to have clearing submitted for them to DTCC. Key capabilities: N-TRF Clearing Submitted to DTCC directly, trade corrections automatically corrected at DTCC (pre–settlement), QSR submissions by the participant remain an option, type of clearing used is designated on each order to allow flexibility.
Access to the TRF is available via FIX. We encourage you to contact Bob Hill (312) 442-7023, Dave Weiss (312) 442-7125 or Chris Mazzacano (312) 442-7053 to discuss technical questions regarding the system specifications. For more information about the TRF and other products and services offered by the NYSE, please contact your Relationship Manager.