Series 7: 17.5.1 Trade Reporting Facilities

Taken from our Series 7 Top-off Online Guide

17.5.1 Trade Reporting Facilities

Recall that trades occurring in listed securities must be reported to the consolidated tape. Over-the-counter trades must likewise be reported to FINRA. They are reported on one of FINRA’s Trade Reporting Facilities (TRFs) developed to display and report the trades of its membership. This reporting requirement applies to all OTC equity and debt securities.

All transactions that occur on an exchange must be reported as soon as the trade is executed. All OTC transactions must be reported within 10 seconds of execution. All bond transactions must be reported within 15 minutes of execution.

OTC trades of exchange-listed securities may be reported on the FINRA/NASDAQ Trade Reporting Facility, a reporting service operated on NASDAQ’s Automated Confirmation Transaction Service (ACT). The ACT platform compares and confirms trade information by ACT participants, as well as reporting them. (Other exch

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Thank you...thank you. I took my Series 7 yesterday and passed....1st try. Read the whole book 3 times. My system was to go through and answer the questions I was positive about. Good guess at the others and park them for review. The hardest part is trying to understand what they are actually asking. This way I wasn’t bogged down and stressed being stuck on a question. Second time around go through all those parked questions...digging deeper...checking my calculations etc. again parking the ones that totally stumped me. Third time around....educated guesses and what seemed to make sense. Also, on my way there, I was picturing myself in the room....sitting at the computer (yes, I took a dry run to see the inside). It took that part of the unknown out of the equation. Be prepared for the masks and Covid precautions. Any options questions, as tricky as they make them, I would look at my charts and was able to make sense of what they were asking. Finished the test in record time. Being prepared gave me the confidence to get through it. Many thanks Lorraine

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