17.5.1 Trade Reporting Facilities
Recall that trades occurring in listed securities must be reported to the consolidated tape. Over-the-counter trades must likewise be reported to FINRA. They are reported on one of FINRA’s Trade Reporting Facilities (TRFs) developed to display and report the trades of its membership. This reporting requirement applies to all OTC equity and debt securities.
All transactions that occur on an exchange must be reported as soon as the trade is executed. All OTC transactions must be reported within 10 seconds of execution. All bond transactions must be reported within 15 minutes of execution.
OTC trades of exchange-listed securities may be reported on the FINRA/NASDAQ Trade Reporting Facility, a reporting service operated on NASDAQ’s Automated Confirmation Transaction Service (ACT). The ACT platform compares and confirms trade information by ACT participants, as well as reporting them. (Other exch