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    Market-leading match engine technology, trade reporting and clearing

    Post-Trade Reporting on the FINRA/Nasdaq TRFs

    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. 

    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. 

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    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.

    Post-Trade Reporting & FINRA/Nasdaq TRFs 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.

    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 Nasdaq Trading Services

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

    TRF Operations -> Nasdaq Trading Services ->
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    North American Markets

    From breaking barriers as the first electronic stock exchange, to regularly eclipsing records for average daily volume (ADV) share, Nasdaq's North American markets give trading industry participants access to diverse and transparent liquidity in the equity and equity derivatives markets.

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