Tape, Non-Tape and Clearing-Only Reports, and Trades That Are Not Reported

What this video covers

• How tape reports publish last sale information, while non-tape, non-clearing reports and clearing-only reports stay off the public tape for different reasons
• The one-report and two-report methods for riskless principal transactions, including why markups, markdowns, commission-equivalents, and other fees are excluded from the single report
• Why the offsetting riskless principal leg may still be required even when the firm has no reporting obligation
• The two facts required to identify another member: a reporting obligation and action in a riskless principal or agency capacity for other members
• Why a clearing-only report does not substitute for regulatory reporting, and when step-outs or reversals tied to an unreported trade are prohibited
• When clearing aggregation is allowed by the Alternative Display Facility (ADF), Trade Reporting Facilities (TRFs), and Over-the-Counter Reporting Facility (ORF), including the same-price and identical-contra-party requirements
• The seven exclusions versus the ORF's five, the shelf distribution trap, three-business-day notice rule, three fee-only reports, facility deadlines, and foreign equity reporting exceptions