Who is responsible for INSITE filings when a correspondent firm uses multiple clearing firms?
Each clearing firm reports the data it has available on the correspondent. INSITE will combine the data for the correspondent. For firms that use multiple systems, or a service bureau and in-house system, does the firm need to consolidate the information prior to submission to FINRA or will FINRA consolidate the information utilizing the firm’s B/D number? Multiple organizations can submit data for a broker-dealer and INSITE will consolidate the data.
Related Questions
- What are the times that must be reported to OATS when a correspondent receives an order and sends that order to a clearing firm?
- My firm is a correspondent of one of the major clearing firms. What are our responsibilities for the INSITE program?
- Are correspondent clearing firms required to report INSITE data for non-FINRA members and foreign entities?
