OTC (ATS & Non-ATS) Transparency

FINRA publishes over-the-counter (OTC) trading information on a delayed basis for each alternative trading system (ATS) and member firm with a trade reporting obligation under FINRA rules.  Security-specific information for firms with “de minimis” volume outside of an ATS is aggregated and published on a non-attributed basis.

The trading information is derived directly from OTC trades that ATSs/member firms report to FINRA’s equity trade reporting facilities.

For details on the information published and the publication schedule, please refer to Rules 6110 and 6610; see also Regulatory Notices 15-48, 16-14, & 19-29.

Frequently Asked Questions

Find answers to commonly asked questions regarding OTC Transparency.

Technical Notices

Keep track of service alerts, changes to documentation and system upgrades.

Technical Documentation

Download data site user guide.

OTC Data

View aggregated trade data reported by ATSs/member firms  to FINRA equity reporting facilities.

Quarterly Statistics

ATS data has been aggregated on a quarterly basis to display total shares, total trades and average trade size per ATS.

TRACE ATS Identifiers

A list of Fixed Income ATSs that currently have a Form ATS on file with the SEC.

Equity ATS Firms

A list of Equity ATSs that appear in the OTC Transparency data that either currently have a Form ATS on file with the SEC or did at one time.

OTC TRANSPARENCY NOTIFICATIONS

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CONTACT INFORMATION

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  • Regulatory Notice 21-33
    FINRA Adopts Amendments to Rule 6432 Regarding Compliance With the Information Requirements of SEC Rule 15c2-11
    09/17/2021
  • Regulatory Notice 21-28
    FINRA Adopts Rule 6439 Governing the Operation of Inter-dealer Quotation Systems and Announces Closure of the OTC Bulletin Board
    08/06/2021
  • Regulatory Notice 21-21
    FINRA Eliminates the Order Audit Trail System (OATS) Rules
    06/17/2021
  • Regulatory Notice 19-29
    SEC Approves Amendments to Expand Published Data Relating to OTC Equity Trading Volume
    09/13/2019
  • Regulatory Notice 19-22
    FINRA Requests Comment on a Proposal to Publish ATS Volume Data for Corporate Bonds and Agency Debt Securities on FINRA’s Website
    07/09/2019
  • Regulatory Notice 18-34
    SEC Approves Amendment to Require Alternative Trading Systems to Identify Non-FINRA Member Subscribers in TRACE Reports for U.S. Treasury Securities
    10/04/2018
  • Regulatory Notice 18-28
    FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA's Website
    09/11/2018
  • Regulatory Notice 18-25
    FINRA Reminds Alternative Trading Systems of Their Obligations to Supervise Activity on Their Platforms
    08/13/2018
  • Trade Reporting Notice – 12/5/16
    Reporting of Information Relating to OTC Trades in NMS Stocks
    12/05/2016
  • Regulatory Notice 16-28
    SEC Approval of FINRA Rule 4554 (Alternative Trading Systems—Recording and Reporting Requirements of Order and Execution Information for NMS Stocks)
    08/08/2016
  • Regulatory Notice 16-15
    Exemption from Trade Reporting Obligation for Certain Transactions on Alternative Trading Systems
    04/27/2016
  • Regulatory Notice 16-14
    FINRA Announces Implementation Date for Publication of ATS Block-Size Trade Data
    04/22/2016
  • Regulatory Notice 15-51
    Submission of “Clearing-Only, Non-Regulatory Reports” to the FINRA Equity Trade Reporting Facilities
    12/08/2015
  • Regulatory Notice 15-48
    SEC Approves Amendments to Publish OTC Equity Volume Executed Outside Alternative Trading Systems
    11/25/2015
  • Regulatory Notice 15-03
    FINRA Requests Comment on Proposal to Require Alternative Trading Systems to Submit Quotation Information Relating to Fixed Income Securities to FINRA for Regulatory Purposes
    02/06/2015
  • Regulatory Notice 14-53
    FINRA Reminds Alternative Trading Systems (ATSs) and ATS Subscribers of Their Trade Reporting Obligations in TRACE-Eligible Securities
    11/21/2014
  • Regulatory Notice 14-51
    Rules Requiring the Identification of Non-Member Broker-Dealers in Order Audit Trail System (OATS) Reports and the Reporting of Additional Order Information by Alternative Trading Systems (ATS)
    11/14/2014
  • Regulatory Notice 14-48
    FINRA Requests Comment on a Proposal to Publish OTC Equity Volume Executed Outside Alternative Trading Systems
    11/12/2014
  • Regulatory Notice 14-07
    SEC Approves New Requirements for Alternative Trading Systems
    02/14/2014
  • Regulatory Notice 09-46
    FINRA Reminds Alternative Trading Systems of Their Reporting Obligations
    08/05/2009
  • Regulatory Notice 09-33
    SEC Approval and Effective Date for New Consolidated FINRA Rules
    06/15/2009
  • Notice to Members 03-16
    SEC Approves New Rule and Rule Amendments Concerning Audit Trail and Trading Halt Requirements for ATSs that Trade Security Futures
    03/07/2003
  • Notice to Members 99-42
    NASD Offers Guidance On Complying With Notice Requirements Of New SEC Rule Regarding Alternative Trading Systems
    06/01/1999
  • Notice to Members 99-34
    NASD Offers Guidance On Complying With New SEC Rule Regarding Alternative Trading Systems
    05/01/1999
  • Targeted Examination Letter
    Targeted Exam Letter on Alternative Trading Systems
    The Trading Examinations Unit (TEU) of the Market Regulation Department at FINRA is conducting a review of Alternative Trading Systems (ATS) operated by XYZ Firm (the Firm). For the purpose of this inquiry, the term “ATS” means an ATS operated by the Firm and/or any affiliate of the Firm that is utilized to route orders or other messages into or out of the ATS.
    May 01, 2013
  • Targeted Examination Letter
    Targeted Examination Letter on Alternative Trading Systems
    The Trading Examinations Unit (TEU) of the Market Regulation Department at FINRA is conducting a review of Alternative Trading Systems (ATS) operated by XYZ Firm (the Firm). As part of this review, TEU is requesting the following information.
    September 01, 2012
  • FAQ
    Frequently Asked Questions about OTC (ATS & Non-ATS) Transparency
    Frequently Asked Questions (FAQ) about OTC (ATS & Non-ATS) Transparency
  • FAQ
    Trade Reporting Frequently Asked Questions
    The guidance provided in this FAQ pertains to the reporting of over-the-counter (OTC) transactions in equity securities to a FINRA Facility (a Trade Reporting Facility (TRF), the Alternative Display Facility (ADF) or the OTC Reporting Facility (ORF)).