Trade Report Input, Acceptance and Processing

What this video covers

• How the Alternative Display Facility (ADF), Financial Industry Regulatory Authority (FINRA) Nasdaq Trade Reporting Facility, and Over-the-Counter (OTC) Reporting Facility compare and lock in unlocked trades, while the FINRA/New York Stock Exchange (NYSE) Trade Reporting Facility rejects them
• When participants must transmit reports within ten seconds, and how the twenty-minute accept-or-decline alternative works across each facility
• Why the OTC twenty-minute alternative applies to OTC equity securities, not restricted equity securities, and why it does not change the member's reporting obligation
• The difference between the ADF's seventeen data elements and the fifteen required by the other facilities, including SECID, unit price, execution time, and short indicators
• How transaction fees change the clearing price but not the tape price, and why fee transfers do not remove customer confirmation obligations
• The three ways trades become locked in, plus what happens when the contra party declines a trade that was reported for dissemination
• How T plus 21 calendar days, noon Eastern Time, T plus 22 as-of status, and the 6:30 p.m. versus 8 p.m. cutoff times work on exam questions