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The NASDAQ and the OTC markets have multiple venues for executing orders. Each of these require trades to be reported using the proper “input screen". These are user interfaces. It will help you to think of the TRF, ORF and TRACS as nothing more complicated than the order screen you use when placing an order online. The vast majority of transactions will be reported using the Trade Reporting Facility or TRF. The FINRA/Nasdaq Trade Reporting Facility (TRF) is a trade comparison service operated on the ACT platform. It has been designed to greatly reduce questionable trades and trades that one party does not know (DKs). The TRF facilitates the reporting and clearing of trades in Nasdaq and the NYSE listed stocks executed off the floor in the third market. Trades executed on the exchanges do not get reported using the TRF and are NOT reported to the ACT system.
The order reporting facility (ORF) is used to report trades in OTC MKT, OTC PINK and trades in restricted stock under Rule 144A to the NSCC. The “O” in the ORF is a great way to remember the ORF is used for OTC non nasdaq transactions.
The Trade Reporting and Comparison Service (TRACS) collects trade information for market participants who use the ADF. FINRA established TRACS to assist in the reporting of trades for ADF market participants who are not eligible to use the Nasdaq Market Center Trade Reporting Service or ACT. ADF market participants who are also market makers may choose to report trades executed through the ADF either through ACT or the TRACS systems. The TRACS system works in much the same way as ACT. However, the TRACS system will allow ADF market participants to report a three-party trade to assist in the reporting of riskless principal trades. The TRACS system reports trades to the Depository Trust Clearing Corporation (DTCC) and reports the trade to the appropriate securities information processor for public dissemination. FINRA may terminate the TRACS service upon notice to members who fail to abide by the rules of FINRA or the TRACS service.