Trade Reporting: Rapid Fire

What this video covers

• How the product determines the facility: National Market System (NMS) stocks to a Trade Reporting Facility (TRF) or Alternative Display Facility (ADF), non-NMS over-the-counter (OTC) equities to the OTC Reporting Facility (ORF), and eligible debt to the Trade Reporting and Compliance Engine (TRACE)
• Why misrouting a trade is a discrete violation independent of timing, and only the ADF handles both quotes and trade reports
• What the equity 10-second window and TRACE window really mean, and why execution time is recorded to the second, not the minute
• How the Consolidated Audit Trail (CAT) supplements but does not replace facility reporting, with T+1 initial submission and T+3 error correction both due by 8:00 a.m. Eastern time
• Why a clock drifting to 200 milliseconds violates the National Institute of Standards and Technology (NIST) sync rule even with zero late reports, and the 50-millisecond computer versus 1-second manual standard
• What written principal approval and documented reason are required for account name or designation changes, and why error corrections create a second record rather than overwrite the original
• How penny-stock supervision works: the under-$5 test, Schedule 15G delivery before the transaction, the signed customer agreement per trade, and the numerically defined established-customer exemption