Assume the same facts as FAQ 307.1. Should the execution time on the non-tape report(s) be the same as the execution time on the tape report?
A307.4: Yes. Where a member is matching orders of one or more members and submitting non-tape report(s) to identify the other members that are parties to the trade, the execution time on the non-tape report(s) should be the same as the execution time on the tape report. Q307.5: Member BD1 matches as agent a buy order from member BD2 and a sell order for the same quantity of shares at the same price also from member BD2. BD2 is acting as agent on behalf of two different customers, the buyer and seller. Is BD1 required to submit non-tape reports, as necessary, to identify BD2 on both the buy-side and sell-side? A307.5: Yes, BD1 must submit non-tape reports, as necessary, to identify BD2 on both sides of the trade. BD1 is the executing party and has the trade reporting obligation (see FAQ 307.1). BD1 can report this transaction in one of three ways: Alternative #1 Tape report: BD1 (as agent) reports a cross Non-tape report #1: BD1 (as agent) buys from BD2 (as agent) Non-tape report #2: BD
Related Questions
- If I am a FINRA member and typically place orders with other firms, must the execution time that I report be the same as the execution time reported by the contra side executing broker?
- Using the same facts in question 17 above, if the amendment is not filed within the time period required for the periodic report, is the report deemed to be untimely?
- Assume the same facts as FAQ 308.1 or 308.2. Should the execution time on the non-tape report(s) be the same as the execution time on the tape report?
