Books-and-Records and Reporting-Rule Violations

What this video covers

• The three independent violation categories across the Trade Reporting Facility (TRF) and the Over-the-Counter Reporting Facility (ORF): failure to report, late reports, and inaccurate reports, and how one trade report can produce multiple violations
• The 10-second timely reporting window during normal market hours, and what triggers a late-report violation
• Locked-in reports (automatic matching from exchange or alternative trading system rulebooks) versus unlocked reports (requiring contra-party acceptance, with rejection triggering dispute resolution or DK handling)
• Why a rejected unlocked report remains incomplete, and why the trade-report obligation persists until resolved, accepted, or DK'd under inter-member comparison rules
• The complete independence of trade reporting rules, comparison and confirmation rules, and clearance and settlement rules, and why a trade can settle perfectly while still carrying a reporting violation
• Facility-specific termination authority under the Alternative Display Facility (ADF), Trade Reporting and Compliance Engine (TRACE), and ORF, and why termination at one facility does not cross to others
• How consolidated audit trail (CAT) data, order tickets, modifier patterns, and reject or cancel rates form the books-and-records defense that supports the chief executive officer's annual certification