Multiple MPIDs for Reporting Facility Participants

What this video covers

• Why a TRF or ADF participant that needs or merely wants more than one MPID must submit a written request in FINRA's required form and receive FINRA Market Operations approval
• How the ADF identifier rule covers displaying quotes, displaying orders, and reporting trades, while the TRF version focuses on trade reporting
• When a posted quote and the resulting trade report must use the same MPID, including when an electronic communications network (ECN) reports through a different FINRA system
• How the ATS identifier fence works: one separate MPID per system, all ATS transactions reported with it, and no unrelated transactions except a clearing-only, non-regulatory report
• The only exception allowing two identifiers for one ATS: one for the Trade Reporting and Compliance Engine (TRACE) debt reports and one for equity reporting facilities
• When FINRA may withdraw additional identifiers, and why losing the conditions for one identifier can block use of another identifier for that security
• How dark pools are defined, why dark-pool volume publication requires affirmative opt-in, and the three written certifications that support it