The Financial Industry Regulatory Authority (FINRA) issued a notice to address the issue of whether its trade reporting rules required submission of a clearing-only, “non-media report,” to reflect the offsetting leg of a transaction matched by a firm operating as an electronic communication network (ECN). Although such reporting is currently permitted, the FINRA trade reporting rules do not at this time require submission of a non-tape report under these circumstances. However, FINRA noted that it intends to file a proposed rule change in the future to require non-media reports for offsetting transactions when necessary to identify a member firm that was a party to a trade and did not appear on the tape report.