Trade Reporting Facilities: TRF, ADF, ORF, and TRACE

What this video covers

• Why NMS stocks executed off-exchange go to the Trade Reporting Facility (TRF) or the Alternative Display Facility (ADF), never to the OTC Reporting Facility (ORF), and why misrouting is a standalone violation
• The precise functional split between the TRF, which takes trade reports only, and the ADF, which is the hybrid quote-and-trade-report combo for NMS stocks
• Which products belong to the ORF, which products belong to TRACE, and why TRACE-eligible debt like corporate bonds absolutely does not get reported to the ORF
• Why municipal securities bypass all FINRA facilities entirely and flow through the Municipal Securities Rulemaking Board (MSRB) instead
• How the Alternative Trading System (ATS) reporting exemption shifts the duty from the ATS to the executing-party member subscriber, and why both subscribers must be FINRA members for the exemption to apply
• Why participation agreements are facility specific, not universal, and the principal's mandatory duty to verify accurate Market Participant Identifier (MPID) mapping to each facility