FINRA/Nasdaq TRF to Change Trade Modifier Logic for Non-Tape Reports

Nasdaq will be changing its FINRA/Nasdaq TRF trade modifier logic to systematically enforce FINRA trade reporting requirements for non-tape reports. Specifically, the only modifiers that are allowed on non-tape reports are 1) trade settlement type modifiers in Trade Modifier 1 and 2) modifiers used to designate that a trade is being reported for regulatory fee assessment purposes in Trade Modifier 4. (See FINRA Trade Reporting FAQ 300.1 & 600.1 for more information.)

The trade modifier logic changes will be effective as of Monday, April 29, 2019 in FINRA/ Nasdaq TRF Carteret and FINRA / Nasdaq TRF Chicago.

For additional information, please refer to Nasdaq Equity Trader Alert #2019-19.