Contra Executing Firm 20 Minute Compliance Report Card

The Contra Executing Firm 20 Minute Compliance report card is a monthly status report that provides information on transactions in which a firm failed, as the Contra Firm to accept / decline / compare trades within 20 minutes after execution, in apparent violation of FINRA Rules 7230A(b) and/or 7330(b). It provides information about the number of trades that were accepted / declined / compared within 20 minutes of execution along with the number of trades that were accepted / declined / compared greater than 20 minutes after execution time, as well as the percentage of those trades to total trades executed.

The table below provides a reference description for all of the elements found in the Contra Executing Firm 20 Minute Compliance Report Card. (See Contra Executing Firm 20 Minute Compliance Report Card Figures 1 - 2 for a sample segment of the report.)

Term	Definition
Industry	The industry consists of all market participants who have at least one transaction for the selected month and year.
MP	Market Participant
Peer Group	A peer group or tier consists of firms within the same predetermined range of transactions as identified in the table below:

NASDAQ		CQS		Other		ALL
Peer Group/Tier	Number of Contra Firm Entries	Peer Group/Tier	Number of Contra Firm Entries	Peer Group/Tier	Number of Contra Firm Entries	Peer Group/Tier	Number of Contra Firm Entries
1	200,000 or more	1	10,000 or more	1	75,000 or more	1	200,000 or more
2	50,000 to 199,999	2	1,000 to 9,999	2	10,000 to 74,999	2	50,000 to 199,999
3	10,000 to 49,999	3	1 to 999	3	1,000 to 9,999	3	10,000 to 49,999
4	1,000 to 9,999	Not Applicable		4	1 to 999	4	1,000 to 9,999
5	1 to 999	Not Applicable		Not Applicable		5	1 to 999

Term	Definition
All Time Intervals	This column contains a total count of all time intervals. For the rows containing trades and alert information, this column contains the total number of trades or alerts for the selected MP for the selected month and year. For the rows containing the percentages and percentiles, the information contained in this column is derived based on the total alerts and trades for the MP for the selected month and year. (Please refer to the definitions for the percentages and percentile for the algorithms used to derive percentages and percentiles.)
Total Contra Executing Firm Entries	This is the total number of entries submitted by the selected MP as the Contra Executing Firm for the selected month and year in the given time interval.

Term

Definition

All Time Intervals

This column contains a total count of all time intervals. For the rows containing trades and alert information, this column contains the total number of trades or alerts for the selected MP for the selected month and year. For the rows containing the percentages and percentiles, the information contained in this column is derived based on the total alerts and trades for the MP for the selected month and year. (Please refer to the definitions for the percentages and percentile for the algorithms used to derive percentages and percentiles.)

Total Contra Executing Firm Entries

This is the total number of entries submitted by the selected MP as the Contra Executing Firm for the selected month and year in the given time interval.

Contra Executing Firm 20 Minute Compliance Report Card Figure 1

Term	Definition
Accepted / Declined / Compared within 20 minutes of execution	This is the total number of entries that were accepted / declined / compared by the MP within the required 20 minute period, for the selected month and year in a given time interval.
Firm %	This is the percentage of compliant entries that were accepted / declined / compared for the selected MP for the selected month and year in the given time interval. (% compared within 20 minutes = (Contra Firm entries accepted / declined / compared within 20 minutes / Total Contra Firm Entries) x 100)
Peer Group
Number in Population	This is the total number of MPs in the peer group for the selected month and year for the given time interval.
Average %	This is the average percentage of compliant entries that were accepted / declined / compared among the firms in the selected MP's peer group for the selected month and year in the given time interval. (AVG % Trades Compared Within 20 Minutes = (Sum of Trades Compared Within 20 Minutes for all firms in the peer group in this time interval / Total Contra Executing Firm Entries for All Firms in Peer Group in this time interval) x 100)
Best %	This is the best or highest percentage of compliant entries that were accepted / declined / compared among the firms in the selected MP's peer group for the selected month and year in the given time interval.
Rank	This is the rank of the selected MP relative to other MPs in its peer group based on its percentage of compliant entries that were accepted / declined / compared for the selected month and year. The MPs are ranked in descending order from the highest percentage to the lowest percentage.
Percentile	This is the selected MP's percentile (PERC), relative to its peers, for its percentage of compliant entries that were accepted / declined / compared for the selected month and year in the given time interval. This percentile is calculated by sorting or ranking the firms based on percentage of compliant entries that were accepted / declined / compared. Once the firms are ranked, the rank of the firm relative to its peers (RANK) can be determined, and the percentile (PERC) can be determined by dividing the firm's rank by the total number of firms being ranked. (PERC = ((Number of firms in peer group - RANK of firm) / Number of firms in peer group) x 100)
Industry
Number in Population	This is the total number of MPs in the industry for the selected month and year for the given time interval.
Average %	This is the percentage of compliant entries that were accepted / declined / compared among the firms in the industry for the selected month and year in the given time interval. (AVG % Trades Compared Within 20 Minutes = (Sum of Trades Compared Within 20 Minutes for all firms in the industry group in this time interval / Total Executing Contra Firm Entries for All Firms in Industry in this time interval) x 100)
Best %	This is the best or highest percentage of compliant entries that were accepted / declined / compared among the firms in the industry for the selected month and year in the given time interval.
Rank	This is the rank of the selected MP relative to other MPs in the industry based on its percentage of compliant entries taht were accepted / declined/ comapred for the selected month and year. The MPs are ranked in descending order from the highest percentage to the lowest percentage.
Percentile	This is the selected MP's percentile (PERC), relative to other MPs in the industry, for its percentage of compliant Contra Firm entries submitted for the selected month and year in the given time interval. This percentile is calculated by sorting or ranking the firms based on percentage of compliant entries that were accepted / declined / compared. Once the firms are ranked, the rank of the firm relative to the (RANK) can be determined, and the percentile (PERC) can be determined by dividing the firm's rank by the total number of firms being ranked. (PERC = ((Number of firms in industry - RANK of firm) / Number of firms in industry) x 100)

Contra Executing Firm 20 Minute Compliance Report Card Figure 2

Term	Definition
Accepted / Declined / Compared between 21 minutes & 45 minutes	This is the total number of entries that were accepted / declined / compared between 21 minutes and 45 minutes after trade execution for the selected month and year in the given time interval.
Firm %	This is the percentage of entries that were accepted / declined / compared by the Contra Firm between 21 minutes and 45 minutes after execution for the selected MP for the selected month and year in the given time interval. (% ≥ 21 minutes ≤ 45 minutes = (Number ≥ 21 minutes ≤ 45 minutes / Total Contra Firm entries) x 100)
Peer Group
Number in Population	This is the total number of MPs in the peer group for the selected month and year for the given time interval.
Average %	This is the percentage of entries that were accepted / declined / compared by the Contra Firm between 21 minutes and 45 minutes after execution among the firms in the selected MP's peer group for the selected month and year in the given time interval. (AVG % ≥ 21 minutes ≤ 45 minutes = (Sum of ≥ 21 minutes ≤ 45 minutes for all firms in the peer group in this time interval / Total Contra Firm entries for All Firms in Peer Group in this time interval) x 100)
Best %	This is the best (lowest) percentage of entries that were accepted / declined / compared between 21 minutes and 45 minutes after execution among the firms in the selected MP's peer group for the selected month and year in the given time interval.
Rank	This is the rank of the selected MP relative to other MPs in its peer group based on its percentage of entries that were accepted / declined / compared between 21 minutes and 45 minutes after execution for the selected month and year. The MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile	This is the selected MP's percentile (PERC), relative to its peers, for its percentage of entries that were accepted / declined / compared by the Contra firm between 21 minutes and 45 minutes after execution for the selected month and year in the given time interval. This percentile is calculated by sorting or ranking the firms based on a percentage of entries that were accepted / declined / compared by the Contra Firm between 21 minutes and 45 minutes after execution. Once the firms are ranked, the rank of the firm relative to its peers (RANK) can be determined, and the percentile (PERC) can be determined by dividing the firm's rank by the total number of firms being ranked. (PERC = ((Number of firms in peer group - RANK of firm) / Number of firms in peer group) x 100)
Industry
Number in Population	This is the total number of MPs in the industry for the selected month and year for the given time interval.
Average %	This is the percentage of entries that were accepted / declined / compared by the Contra Firm between 21 minutes and 45 minutes after execution among the firms in the industry for the selected month and year in the given time interval. (AVG % ≥ 21 minutes ≤ 45 minutes = (Sum of ≥ 21 minutes ≤ 45 minutes for all firms in the industry group in this time interval / Total Contra Firm entries for All Firms in Industry in this time interval) x 100)
Best %	This is the best (lowest) percentage of entries that were accepted / declined / compared by the Contra Firm between 21 minutes and 45 minutes after execution among the firms in the industry for the selected month and year in the given time interval.
Rank	This is the rank of the selected MP relative to other MPs in the industry based on its percentage of entries that were accepted / declined / compared by the Contra Firm between 21 minutes and 45 minutes after execution for the selected month and year. The MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile	This is the selected MP's percentile (PERC), relative to other MPs in the industry, for its percentage of entries that were accepted / declined / compared between 21 minutes and 45 minutes after execution for the selected month and year in the given time interval. This percentile is calculated by sorting or ranking the firms based on percentage of entries that were accepted / declined / compared by the Contra Firm between 21 minutes and 45 minutes after execution. Once the firms are ranked, the rank of the firm relative to the (RANK) can be determined, and the percentile (PERC) can be determined by dividing the firm's rank by the total number of firms being ranked. (PERC = ((Number of firms in industry - RANK of firm) / Number of firms in industry) x 100)

Term	Definition
Accepted / Declined / Compared between 46 minutes and 60 minutes	This is the total number of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after trade execution, for the selected month and year in the given time interval.
Firm %	This is the percentage of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after execution for the selected MP for the selected month and year in the given time interval. (% ≥ 46 minutes ≤ 60 minutes = (Number ≥ 46 minutes ≤ 60 minutes / Total Contra Firm entries) x 100)
Peer Group
Number in Population	This is the total number of MPs in the peer group for the selected month and year for the given time interval.
Average %	This is the percentage of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after execution among the firms in the selected MP's peer group for the selected month and year in the given time interval. (AVG % ≥ 46 minutes ≤ 60 minutes = (Sum of ≥ 46 minutes ≤ 60 minutes for all firms in the peer group in this time interval / Total Contra Firm entries for All Firms in Peer Group in this time interval) x 100)
Best %	This is the best (lowest) percentage of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after execution among the firms in the selected MP's peer group for the selected month and year in the given time interval.
Rank	This is the rank of the selected MP relative to other MPs in its peer group based on its percentage of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after execution for the selected month and year. The MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile	This is the selected MP's percentile (PERC), relative to its peers, for its percentage of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after execution for the selected month and year in the given time interval. This percentile is calculated by sorting or ranking the firms based on a percentage of entries that were accepted / declined / compared in by the Contra Firm between 46 minutes and 60 minutes after execution. Once the firms are ranked, the rank of the firm relative to its peers (RANK) can be determined, and the percentile (PERC) can be determined by dividing the firm's rank by the total number of firms being ranked. (PERC = ((Number of firms in peer group - RANK of firm) / Number of firms in peer group) x 100)
Industry
Number in Population	This is the total number of MPs in the industry for the selected month and year for the given time interval.
Average %	This is the percentage of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after execution among the firms in the industry for the selected month and year in the given time interval. (AVG % ≥ 46 minutes ≤ 60 minutes = (Sum of ≥ 46 minutes ≤ 60 minutes for all firms in the industry group in this time interval / Total Contra Firm Entries for All Firms in Industry in this time interval) x 100)
Best %	This is the best (lowest) percentage of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after execution among the firms in the industry for the selected month and year in the given time interval.
Rank	This is the rank of the selected MP relative to other MPs in the industry based on its percentage of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after execution for the selected month and year. The MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile	This is the selected MP's percentile (PERC), relative to other MPs in the industry, for its percentage of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after execution for the selected month and year in the given time interval. This percentile is calculated by sorting or ranking the firms based on a percentage of entries that were accepted / declined / compared by the Contra Firm between 46 minutes and 60 minutes after execution. Once the firms are ranked, the rank of the firm relative to the (RANK) can be determined, and the percentile (PERC) can be determined by dividing the firm's rank by the total number of firms being ranked. (PERC = ((Number of firms in industry - RANK of firm) / Number of firms in industry) x 100)

Term	Definition
Accepted / Declined / Compared 61 minutes or more	This is the total number of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after trade execution, for the selected month and year in the given time interval.
Firm %	This is the percentage of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after execution for the selected MP for the selected month and year in the given time interval. (% ≥ 61 minutes = (Number ≥ 61 minutes / Total Contra Firm Entries) x 100)
Peer Group
Number in Population	This is the total number of MPs in the peer group for the selected month and year for the given time interval.
Average %	This is the percentage of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after execution among the firms in the selected MP's peer group for the selected month and year in the given time interval. (AVG % ≥ 61 minutes = (Sum of ≥ 61 minutes for all firms in the peer group in this time interval / Total Contra Firm Entries for All Firms in Peer Group in this time interval) x 100)
Best %	This is the best (lowest) percentage of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after execution among the firms in the selected MP's peer group for the selected month and year in the given time interval.
Rank	This is the rank of the selected MP relative to other MPs in its peer group based on its percentage of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after execution for the selected month and year. The MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile	This is the selected MP's percentile (PERC), relative to its peers, for its percentage of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after execution for the selected month and year in the given time interval. This percentile is calculated by sorting or ranking the firms based on a percentage of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after execution. Once the firms are ranked, the rank of the firm relative to its peers (RANK) can be determined, and the percentile (PERC) can be determined by dividing the firm's rank by the total number of firms being ranked. (PERC = ((Number of firms in peer group - RANK of firm) / Number of firms in peer group) x 100)
Industry
Number in Population	This is the total number of MPs in the industry for the selected month and year for the given time interval.
Average %	This is the percentage of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after execution among the firms in the industry for the selected month and year in the given time interval. (AVG % ≥ 61 minutes = (Sum of ≥ 61 minutes for all firms in the industry group in this time interval / Total Contra Firm Entries for All Firms in Industry in this time interval) x 100)
Best %	This is the best (lowest) percentage of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after execution among the firms in the industry for the selected month and year in the given time interval.
Rank	This is the rank of the selected MP relative to other MPs in the industry based on its percentage of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after execution for the selected month and year. The MPs are ranked in ascending order from the lowest percentage to the highest percentage.
Percentile	This is the selected MP's percentile (PERC), relative to other MPs in the industry, for its percentage of entries that were accepted / declined / compared by the Contra Firm 61 minutes or more after execution for the selected month and year in the given time interval. This percentile is calculated by sorting or ranking the firms based on a percentage of entries that were accepted / declined / compared by the Contra firm 61 minutes or more after execution. Once the firms are ranked, the rank of the firm relative to the (RANK) can be determined, and the percentile (PERC) can be determined by dividing the firm's rank by the total number of firms being ranked. (PERC = ((Number of firms in industry - RANK of firm) / Number of firms in industry) x 100)

Detail Data

Detail Data for the Contra Executing Firm 20 Minute Compliance Report Cad provides a list of transactions in which your firm failed, as the Contra Firm to accept / decline / compare trades within 20 minutes after execution, in apparent violation of FINRA Rules 7230A(b) and/or 7330(b). The data is the underlying detail of the alerts contained in the Contra Executing Firm 20 Minute Compliance Report Card.

The table below provides a reference description for all of the terms found in the Contra Executing Firm 20 Minute Compliance Report Card Detail Data..

Term	Definition
Market Center ID	Indicates the market center where the trade was reported. D = FINRA Alternative Display Facility (ADF) L = FINRA/Nasdaq Trade Reporting Facility (TRF) N = FINRA/NYSE Trade Reporting Facility (TRF) O = Over the Counter Reporting Facility (ORF) g = Global OTC
Report Date	Date the trade was reported to a FINRA Trade Reporting Facility.
Execution Date	Date the trade was executed.
Report Time	Time the trade was submitted to a Trade Reporting Facility.
Execution Time	Time the trade was executed.
Issue Symbol	Symbol representing the stock traded.
Market Class	The market classification of the issue symbol. CQS = Consolidated Quotation System (NMS) NNM = Nasdaq National Market (NMS) SC = Nasdaq Capital Market (NMS) OTC = Over the Counter OTCBB = Over the Counter Bulletin Board
Primary Reporting Firm	MPID of the firm that reported the Executing Party of the trade.
Reporting Firm	MPID of the firm that was the Executing Party of the trade.
Primary Executing Firm	Primary MPID of the firm that executed the trade.
Executing Firm	MPID of the firm that was the Executing Party of the trade.
Executing Firm Capacity	Capacity Code for the executing firm.
Buy/Sell/Cross	Buy / Sell / Cross indicator of the Executing Party of the trade. B = Buy S = Sell X = Cross
Execution Quantity	Number of shares traded.
Execution Price	Price at which the trade was executed.
Primary Contra Reporting Firm	Primary MPID of the Contra Reporting Firm.
Contra Reporting Firm	MPID of the Contra Reporting firm of the Party.
Primary Contra Executing Firm	Primary MPID of the firm that was the Contra Executing Party of the trade.
Contra Executing Firm	MPID of the Contra Executing Party of the trade.
Contra Executing Firm Capacity	Capacity Code for the Contra Executing Party of the trade.
Accept Time	Time the trade was accepted by the Contra Executing Party of the trade.
Decline Time	Time the trade was declined by the Contra Executing Party of the trade.
Contra Report Time	Time the Contra Executing Party submitted its side of the trade.
Contra Execution Time	Time the Contra Executing Party identified when the trade was executed.
Assumed Execution Time	This is the earliest time when comparing the trade Execution Time, Contra Report Time, and Contra Execution Time
Published Trade Modifier 1 (Settlement Type)	Settlement modifier entered by the firm when it reports the trade. @ = Regular Settlement C = Cash Settled N = Next Day R = Seller's Option
Published Trade Modifier 2 (Reason for SEC Rule 611 Exception or Exemption)	Trade Through Exemption modifier entered by the firm when it reports the trade. F = Intermarket Sweep - Inbound J = Sub-penny V = Qualified Contingent Trade O = Market Center Open 2 = FINRA Self Help Indicator 3 = Intermarket Sweep - Outbound 4 = Derivatively Price 5 = Market Center Reopen 6 = Market Center Closing 7 = Error Corection 8 = Print Protection [blank] = No exemption
Published Trade Modifier 3 (Late/ Extended Hours)	Modifier used to identify when the trade was executed. This modifier can either be entered by the firm when it reports the trade or appended by the Trade Reporting Facility. Z = Executed during normal market hours and reported late T = Executed outside normal market hours U = Executed outside normal market hours and reported late [blank] = Executed on time during normal market hours
Published Trade Modifier 4 (SRO Required Detail)	This identifier is a further classification of a trade with regard to SRO Required Detail. This modifier can either be entered by the firm or appended by the system. 1 = Stop Stock B= Average Price Trade (CQS Securities) I = Odd lot P = Prior Reference Price R = Away From Market Sale W = Average Price Trade (NNM, SC & OTC Securities) X = Exercise of OTC options. [blank] = No unusual trade detail
Carryover Flag	Denotes whether the trade transaction was carried over (not accepted / declined / compared by the contra firm on trade date, T+0) for processing. C = Carryover [blank] = Not a carryover
Special Trade Code	Identifies special and step-out trades. S = a Step-out X = Trade is both special and step-out Q= Step-out of NASDAQ Exchange trade I= Step-in J= Trade is both special and step-in
Trade Status	Trade Status Code as assigned by the Trade Reporting Facility. A = Accepted; locked-in trade B = Broken C = Canceled D = Declined E = Error F = Forced Matched; locked-in trade G = One-sided submission H = Hanging trade I = Inhibited (by clearing firm) K = Rejected sizable trade L = Automatic locked-in trade at the end of T + 1 M = Matched; locked-in trade (Also used for AGU and PSA trades) N = No portion of no/was trade R = Locked-in trade; received via an execution system interface for NQ TRF R = corrected trade report for NY TRF T = Trade reporting only and not for clearing submission X = As-Of open or As-Of spilt trade which is not forwarded to NSCC, but is available for query.
Media Report Flag	Identifies whether the trade was media reported or not (could differ from the Publish Indicator for odd lot trades). N = Not media reported Y = Media reported
Media Report Eligible	Identifies whether the trade is media reportable or not (could differ from the Publish Indicator Flag for odd lot trades). N = Not media report eligible Y = Media report eligible
Trade Source Code	This is an indicator identifying the electronic system on which the trade was executed or reported through. J = FIX to ACT K = QIX to ACT F = FIX to MPP
Trade Through Exempt Flag	Flag to identify trades that are trade through exempt. Y = Trade through exemption N = No trade through exemption
Clearing Flag	Denotes the clearing and matching specifications of the trade. A = NASDAQ AGU for clearing C = Customer (No matching, no clearing) G = Automatic Give Up (Auto lock-in & Clearing) N = No Clearing Q = QSR (No matching, no clear) R = Risk update only, not sent to clearing S = Self clearing (No matching, no clearing) U = AGU Clearing, non-risk eligible Y = Clearing [blank] = Trade intended for matching & clearing Trade Reporting Facility only: L = Do not match, send to clearing (locked-in) received via external system interface only Z = Do not match, send to clearing (locked-in)
Reversal Flag	Denotes whether the trade report is a reversal transaction. Y = Reversal N = Not a reversal
TRF Control Number	Control Number Used for Interaction between Firms and TRF
Contra Firm Memo	This is the message appended by the contra firm to the Trade Reporting Facility entry.
PRP/Stop Stock Reference Time	The time at which the parties agree to the stop stock price or the prior reference time (i.e., the time currently required by FINRA rules). For example, for stop stock transactions, if the parties agree to the stop stock price at 10:00 a.m. and the trade is executed at 11:00 a.m., the trade detail report would reflect a “PRP/Stop Stock Reference Time” of 10:00 a.m. Similarly, for PRP transactions, if a firm executes a market-on-open order at 10:30 a.m., the trade detail report would reflect a “PRP/Stop Stock Reference Time” of 9:30 a.m. (the time the market opened). Please note – this time is only available starting with the January 2016 Report Card.