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Post-Trade Reporting on the FINRA/Nasdaq TRFs

Market-leading match engine technology, trade reporting and clearing.
Contact Us Post-Trade 23/5 FAQ
Overview

Two Independent Trade Reporting Facilities

The FINRA/Nasdaq Trade Reporting Facility (TRF) provides market-leading match engine technology for US Equity Regulation NMS Listed Security trade reporting and clearing. With two trade reporting facilities, located in Carteret and Chicago, the FINRA/Nasdaq TRFs provide operational efficiency, resiliency, compliance with FINRA’s trade reporting rules as well as compliance with FINRA’s back-up facility requirement.

Extensive data quality and validation checks according to regulatory technical standards and specifications to provide trade reporting accuracy. 

1: “FINRA/Nasdaq TRF” means the FINRA/Nasdaq TRF Carteret and the FINRA/Nasdaq TRF Chicago, depending on the facility to which the member firm reports.
FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority, Inc.; FINRA/NASDAQ TRF™ is used under license for Financial Industry Regulatory Authority, Inc.
WorkX ™ is a trademark of Nasdaq Inc.

Benefits

Choose How & Where You Connect

Real-time API acknowledgements, drop copy, and SFTP T+1 reporting services to offer clients with multiple options to integrate and scale FINRA/Nasdaq TRF post trade reporting with your systems and enterprise data warehouse.

Real-time Processing & Price Discovery

The FINRA/Nasdaq TRFs disseminate in real-time to the Security Information Processors (SIPs) providing market transparency and price discovery to industry participants.

Resilient

The FINRA/Nasdaq TRFs process over 25 million transactions per day, supporting more than 40% of total US Equities trading and are trusted post-trade platforms ingrained in the fabric of the US Equities Market.

Nasdaq WorkX

Your gateway to modern trade reporting. Providing modular trade reporting workflow, compliance and risk management services on a cloud-based technology stack. Offering easy-to-use tools for:

  • Trade reporting, compliance monitoring and workflow on the FINRA/Nasdaq TRFs.
  • Pre-trade and Post-trade risk management on Nasdaq Equity exchanges and FINRA/Nasdaq TRFs.
Experience WorkX

Resources
Product Specifications and Factsheets
WorkX Price Reject Override (PRO) Monitor FAQ Read the File WorkX Factsheet Read the File Trade Reporting FIX Specification Read the File ETJ Specifications Read the File Nasdaq TRF FAQ Read the File Post-Trade Risk Management Factsheet Read the File Pre-Trade Equities Risk Checks Overview Read the File Pre-Trade Equities Risk Checks User Guide Read the File Nasdaq WorkX and FINRA/Nasdaq TRF FIX Comparison Read the File FINRA/Nasdaq TRF Infographic Read the File
Forms and Agreements
Nasdaq Services Agreement Open WorkX Request Form Open
Pricing & Additional Resources
Product Pricing Open Equity Trader Alerts Open Test Facility Open Testing Policy Open

Contact Us

Nasdaq Trading Services and TRF Operations Support

Questions on WorkX, Post-Trade Risk Management or Pre-Trade Equity Risk Check? Reach out for support.

TRF Operations Contact Nasdaq Trading Services