Reporting Trades to the Designated Reporting Facility: Rapid Fire

What this video covers

• How destination follows the security: national market system (NMS) stocks go to the Alternative Display Facility (ADF) or either Trade Reporting Facility (TRF), while over-the-counter (OTC) equity and restricted equity securities go to the OTC Reporting Facility (ORF)
• Who reports between two members, how the executing party is identified, and when the sell side breaks a tie with contemporaneous documentation
• Why an alternative trading system (ATS) needs a separate market participant identifier (MPID) for each system, and what trades that identifier can carry
• How the 9:30 a.m. to 4:00 p.m. Eastern Time reporting clock works, including the as soon as practicable 10-second ceiling and the accept-or-decline alternative
• Which facilities require participation for reportable OTC transactions, and why the Financial Industry Regulatory Authority (FINRA) New York Stock Exchange (NYSE) Trade Reporting Facility accepts only locked-in trades
• Why the system's record binds a reported party to act as principal and honor the trade on its scheduled settlement date
• How late pre-market, early pre-market, after-hours, overnight, and non-business-day trades are handled, including as/of reports, cancellation cutoffs, and the distinction between a late status and a rule violation