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Market Transparency

FINRA operates systems that help member firms comply with reporting requirements and facilitate transparency in the applicable markets.

Alternative Display Facility (ADF)

The Alternative Display Facility (ADF) is an SRO display only facility that is operated by FINRA. The ADF provides members with a facility for the display of quotations, the reporting of trades, and the comparison of trades.

OTC (ATS & Non-ATS) Transparency

FINRA publishes over-the-counter (OTC) trading information on a delayed basis for each alternative trading system (ATS) and member firm with a trade reporting obligation under FINRA rules.  Information for firms with “de minimis” volume outside of an ATS is aggregated and published on a non-attributed basis.

Over-the-Counter Reporting Facility (ORF)

The OTC Reporting Facility (ORF) is the service provided by FINRA for the reporting of trades in OTC Equity Securities executed other than on or through an exchange and for trades in Restricted Equity Securities effected under Securities Act Rule 144A and dissemination of last sale reports.

OTC Bulletin Board (OTCBB)

The OTC Bulletin Board (or OTCBB) is an interdealer quotation system that is used by subscribing FINRA members to reflect market making interest in OTCBB-eligible securities (as defined by FINRA Rule 6530). Subscribing market makers can utilize the OTCBB to enter, update, and display their proprietary quotations in individual securities on a real-time basis.

Trade Reporting and Compliance Engine (TRACE)

The Trade Reporting and Compliance Engine is the FINRA-developed vehicle that facilitates the mandatory reporting of over-the-counter secondary market transactions in eligible fixed income securities.

Trade Reporting Facility (TRF)

Each FINRA Trade Reporting Facility (TRF) provides FINRA members with a mechanism for the reporting of transactions effected otherwise than on an exchange. While each FINRA TRF is affiliated with a registered national securities exchange, each FINRA TRF is a FINRA facility and is subject to FINRA's registration as a national securities association. Trades by FINRA members in Nasdaq-listed and other exchange-listed securities, as approved by the Securities and Exchange Commission (SEC), executed otherwise than on an exchange may be reported to a FINRA TRF.