FINRA/BSE™ Trade Reporting Facility (BTRF)

The Boston Equities Exchange (BeX) offers its members who are also NASD^® members, another means in which to report trades effected off-exchange. The Boston Stock Exchange, Inc. (BSE) operates the FINRA/BSE™ Trade Reporting Facility (BTRF) which is subject to regulation by FINRA™. Only non-exchange (over-the-counter) trades are accepted and reported by the BTRF.

BTRF hours of operation are from 8:00am until 6:30pm EST.

Submitting trades to the BTRF are transparent to the customer. Members use FIX connectivity to connect to the BTRF and can use the same connectivity they currently use to connect to the Boston Equities Exchange. For firms that are currently connected to the Boston Equities Exchange (BeX) gateway and are certified to trade on BeX, an additional certification will need to occur for your firm to report trades to the BTRF. For those firms that currently have no connection to BeX, an initial connection will need to be established to the BeX gateway and, from there, certification for trading on BeX, reporting trades to the BTRF, or both, can occur. Please contact Alejandro Hernandez-Lopez at (617) 235-2108 or alejandro.hernandez-lopez@bostonstock.com to begin this process.

BTRF trades in NASD^® listed issues will be disseminated via the UTP Trade Report Data Feed^SM and NYSE^® and AMEX^® listed trades will be disseminated through the Consolidated Tape System data feed. Trades reported to both data processors will be identified with a market center identifier of “.D” and an additional “.B” sub-identifier.

The BTRF will allow for 2-Party and 3-Party trade reporting for regulatory purposes. It will support 3-Party trade reporting for ECN and Riskless Principal Transactions for regulatory purposes, however, NSCC requires that ECN transactions be submitted for clearing purposes as two 2-Party trade reports.

Customers will not incur any fees from the BTRF as a result of reporting trades through its facility. In addition, firms will receive 50% Tape Revenue Sharing for all eligible trades reported through the BTRF. Tape Revenue Sharing will be distributed on a quarterly basis upon receipt of funds from the respective data processors. Customers will, however, be billed (through their clearing firm or directly if they self-clear) a regulatory transaction fee to defray NASD’s Section 31 obligations. Additionally, BTRF trades will be subject to NASD’s Member Regulatory Fees including the Trading Activity Fee. Members using the BTRF must also include transactions reported through the BTRF on NASD’s Trading Activity Self-Reporting Form.