ADF Participant Information And Legal Agreements

FINRA has updated its equities and fixed income transparency facilities FINRA Participation Agreement (FPA). The revised FPA version 1.3a replaces the existing FPA version 1.2. Firms that currently have an FPA with FINRA must use the amendment to add a new FINRA product, delete an existing product or update their billing information.

Pursuant to the terms of the participation agreement, posting of the revised FPA serves as notice of this change. The modified FPA will go into effect 90 days after the posting of this notice.  The posting date is indicated by the date shown next to the agreement or amendment. Participants will have 30 days after the effective date to opt out of the agreement or will be deemed to have agreed to and accepted the revised FPA. Firms that opt out of the agreement will immediately lose access to all products covered under the agreement.

Firms that will be reporting trades on behalf of another FINRA member must execute and have on file with FINRA the Uniform Service Bureau/Executing Broker Agreements (USA) prior to submitting trades to the ADF.

Questions on executing or submitting the FPA or USA may be directed to FINRA Market Operations or call (866)-776-0800.