The Securities and Exchange Commission recently approved proposed rule amendments by the Financial Industry Regulatory Authority, Inc. that will change certain current trade reporting requirements. The rule changes will, among other things, allow firms to submit certain over-the-counter (OTC) trade cancellations on trade date until the close of the FINRA/NASDAQ Trade Reporting Facility (FINRA/NASDAQ TRF) and the OTC Reporting Facility (ORF) at 8 p.m. Eastern Time (ET). Under current FINRA rules, trade cancellations to the FINRA/NASDAQ TRF and ORF are based on the traditional 5:15 p.m. ET “media” cut-off time for the submission of trades for public dissemination purposes.  

Read more.