Reporting Timeliness and MPID Mapping

What this video covers

• Why equity trades across all four facilities (TRF, ADF, ORF, and the other TRF) share the same 10-second reporting window during normal market hours, and why the exam varies the facility to bait you
• What happens when an equity report hits at 11 seconds: accepted with a late modifier that flows to public consolidated tape, not rejection
• How TRACE debt reporting differs at 15 minutes, why time of execution must be recorded to the second, and why NIST clock synchronization matters
• The T+1 as/of workflow when a TRACE trade executes within 15 minutes of system close, and why reporting before close is wrong
• Why repeated lateness violates the separate timely-transaction-reporting standard even when no single report is grossly late
• How multiple MPIDs let a firm carve reporting by desk or function, and why the principal must maintain a mapping roster
• Why misattributed MPIDs corrupt the consolidated audit trail (CAT) and produce a simultaneous CAT violation