7380. Termination of Access
FINRA may, upon notice, terminate access to the trade reporting service of the System as to a Participant in the event that a Participant fails to abide by any of the rules or operating procedures of the trade reporting service of the System or FINRA, or fails to honor contractual agreements entered into with FINRA or its subsidiaries, or fails to pay promptly for services rendered by the trade reporting service of the System.
7370. Violation of Reporting Rules
Failure of a Participant or person associated with a Participant to comply with any of the rules or requirements of the System may be considered conduct inconsistent with high standards of commercial honor and just and equitable principles of trade, in violation of Rule 2010.
| Amended by SR-FINRA-2008-057 eff. date Dec. |
7360. Audit Trail Requirements
The data elements specified in Rule 7330(d) are critical to FINRA’s compilation of a transaction audit trail for regulatory purposes. As such, all member firms utilizing the trade reporting service of the System have an ongoing obligation to input 7330(d) information accurately and completely.
| Adopted by SR-FINRA-2008-021 eff. Dec. 15, 2008. |
7350. Obligation to Honor Trades
If a Participant is reported by the System as a party to a trade that has been treated as locked-in and sent to DTCC, notwithstanding any other agreement to the contrary, that party shall be obligated to act as a principal to the trade and shall honor such trade on the scheduled settlement date.
| Adopted by SR-FINRA-2008-021 eff. Dec. 15, 2008. |
7340. Trade Report Processing
(a) Locked-in trades may be determined in the System by matching the trade information submitted by the Reporting Parties through one of the following methods:
(1) Trade by Trade Match
Both parties to the trade submit transaction data and the System performs an on-line match;
(2) Trade Acceptance
7330. Trade Report Input
(a) Reportable Transactions
Members shall comply with the Rule 7300 Series when reporting transactions to the System, including executions of less than one round lot if those executions are to be compared and locked-in. All trades that are reportable transactions will be processed pursuant to an effective transaction reporting plan.
7320. Trade Reporting Participation Requirements
(a) Mandatory Participation for Clearing Agency Members
(1) Participation in the System is mandatory for any member that has an obligation to report an over-the-counter transaction to FINRA, unless the member has an alternative electronic mechanism pursuant to FINRA rules for reporting and clearing such transaction.
7310. Definitions
(a) The term "Clearing Broker-Dealer" or "Clearing Broker" shall mean the member firm that has been identified in the System as principal for clearing and settling a trade, whether for its own account or for a correspondent firm.
(b) The term "Correspondent Executing Broker-Dealer" or "Correspondent Executing Broker" shall mean the member firm that has been identified in the System as having a correspondent relationship with a clearing firm whereby it executes trades and