The Financial Industry Regulatory Authority has issued Regulatory Notice 09-54 discussing trade reporting rule amendments recently approved by the Securities and Exchange Commission. Effective March 1, 2010, firms submitting a non-tape report to the Alternative Display Facility, a Trade Reporting Facility or the OTC Reporting Facility (collectively, FINRA Facilities) associated with a previously executed trade that was not reported to that same FINRA Facility must identify the facility or market where the associated trade was reported for dissemination purposes (Related Market Center). In addition, firms are required to retain and produce to FINRA, upon request, documentation relating to the associated trade. Firms will have until the end of the day on the trade date to submit non-tape reports with the required Related Market Center information, unless a shorter reporting time is required under other FINRA rules. The Notice also provides guidance to assist firms in populating the Related Market Center field in specific reporting scenarios.
Click here to read FINRA Regulatory Notice 09-54.