Which Party Reports, and What the Report Contains

What this video covers

• How the single tape-report rule assigns reporting responsibility between two members, and between a member and a customer or non-member
• The three conditions for being the executing party: receiving or being presented the order, not subsequently rerouting it, and executing the transaction
• Why rerouting an order disqualifies the original member, and why the executing party is not automatically the seller
• How the sell-side tiebreak works when both members satisfy the executing-party definition, including the requirement for contemporaneous documentation by the sell-side member
• How a give-up agreement can let another member submit and lock in a trade, while the member with the reporting obligation remains responsible and both members share responsibility for report accuracy
• Why the basic reporting-information lists contain six items for the ADF and TRFs but five for the ORF, including the difference between a basic list and an actual submission with military time and a Consolidated Audit Trail (CAT) order identifier
• How to calculate the clean reported price by excluding commissions, markups, markdowns, and service charges, and which market factors support a principal transaction's price