Series 24: Execution And Reporting Systems For Unlinked ECNs

Taken from our Series 24 Online Guide

Execution and Reporting Systems for Unlinked ECNs

Unlinked ECNs cannot access the Nasdaq Market Center to transact business nor can they report trades through ACT. Since all off-the-exchange trades must be reported to FINRA, FINRA has developed several Trade Reporting Facilities (TRFs) on which these trades may be displayed and reported.

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