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Market Information

Trading Calendar

Trading Hours

The NYSE is open from Monday through Friday 9:30 a.m. to 4:00 p.m. ET.

View Holidays and Holiday Hours

Connectivity

FIX and Binary Technical Specifications

NYSE Equities (Legacy)

NYSE Equities - NYSE CCG FIX Gateway Specifications
NYSE UTPDirect Specification

UTP Direct API Notes: Routing to Broker Booth Systems and NYSE Arca is currently unavailable through the UTP Direct API.


NYSE Pillar Equities

NYSE Pillar FIX Gateway Specification
NYSE Pillar Binary Gateway Specification


Session Request Form and Addition/Removal Procedures

Production Order Entry/Drop Copy Session Request Form*

*You may also use the Production Session Request form to request removal of sessions.

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Trade Reporting Facility
References
Data, Forms, and Fact Sheets

Trade Reporting Facility

The FINRA/NYSE Trade Reporting Facility® (TRF®) provides an automated, convenient and low-cost way to report your off-exchange trades in NYSE, NYSE American, NYSE Arca and NASDAQ listed securities. The TRF is available to all FINRA member organizations that have a signed FINRA/NYSE TRF Subscriber Services Agreement.

  • The FINRA/NYSE TRF supports single side trade reports where the submitting party identifies its side as well as the contra side
  • ATS trades and riskless principal trades may be reported by utilizing a second trade report that is reported as non-media
  • All trade reports are validated to ensure there is a Uniform Service Agreement approved by FINRA

Client Management Tool

This fully interactive and secure web-based Client Management Tool (CMT) is available for input and management of trades on the FINRA/NYSE TRF. The CMT is a multi-functional tool that provides easy order entry, a summary dashboard, reporting tools and clearing functionality for TRF reports. Its highly intuitive interface is built on the same architecture as ArcaVision and the NYSE Arca Equities CMT. You can use your existing Arca CMT logon.

  • View, download, bust, replace and create Trade Reports going back 6 months
  • View, correct and re-submit rejected reports
  • Add and modify same day Trade Reports
  • Add and reverse previous day Trade Reports
  • Filter intraday activity by any report modifier, execution time, submission time, or party information
  • Summary dashboard provides point-and-click access to Excel exportable reports and previous day’s activity by clearing type, Reg NMS modifiers, or revisions

Compliance Tools

All trades reported to the FINRA/NYSE TRF must comply with FINRA trade reporting rules and guidance, the federal securities laws, including SEC Reg. NMS rules and all other applicable rules and regulations. The compliance dashboard and reporting tools include user defined tracking and alerts as well as a downloadable audit trail.

  • Dashboard: A web page that allows a user to view summary information about their trades using multiple criteria
  • Detail Drill Down: A more granular presentation of the information on the summary dashboard
  • Trade Through Alerting: Real time comparison of trade reports to NMS protected BBO
  • Reports: Excel downloads of the detailed information
  • Multiday Capability: The ability to find information contained in the dashboard, drill downs and reports historically for 6 months.Provides alerts, metrics, tracking and data to TRF users and compliance officers. Key capabilities: Static and user defined alerts based on trade reporting, static and user defined alerts based on market data, historical data, downloadable data, compliance workflow manager.

Clearing Capability

The FINRA/NYSE TRF offers users the option to have clearing submitted for them to DTCC via QSR or AGU.

  • FINRA/NYSETRF clearing is submitted to DTCC directly via QSR or AGU
  • For clearing submitted by FINRA/NYSE TRF, trade corrections are automatically processed at DTCC (pre-settlement)
  • Clearing method is designated on each order to allow flexibility
  • QSR submission by the participant to DTCC is also supported
  • Participants must have a valid Qualified Service Representative (QSR) agreement in place with the contra parties to report a trade where the contra party is another broker dealer

Pricing and Revenue Sharing

Market Data Revenue Sharing Percentages

The table below provides the consolidated tape market data revenue sharing percentages based on market share reported by a member to the FINRA/NYSE TRF during a given calendar quarter. For purposes of Rule 7610B, a member’s “Market Share” is the percentage calculated by dividing the total number of shares represented by trades reported by a FINRA member to the FINRA/NYSE Trade Reporting Facility during a given calendar quarter by the total number of shares represented by all trades reported to the Consolidated Tape Association or the Nasdaq Securities Information Processor, as applicable, during that quarter. Market Share is calculated separately for each tape.

Market Share Reported to the FINRA/NYSE TRF in Tape A, B or C Percentage of Market Data Revenue Shared in Tape A, B or C
Greater than or equal to 2.0% 100%

Greater than or equal to 0.5% but less than 2.0%

 95%

Greater than or equal to 0.1% but less than 0.5%

 85%

Less than 0.1%

 0%

Subscriber Fee Per Month

Effective June 1, 2022, the monthly trade reporting fees applicable to participants that use the FINRA/NYSE Trade Reporting Facility have been modified. The monthly fee is based on the participant's total number of trade reports reported to the FINRA/NYSE TRF for public dissemination (or "tape") purposes during a given calendar month that are attributable to a FINRA/NYSE TRF participant. If a participant submits one or more trade reports to the FINRA/NYSE Trade Reporting Facility, the participant will pay a monthly fee equal to the sum of (i) $1,000 plus (ii) $0.0055 per published tape report. If a participant submits no trade reports to the FINRA/NYSE Trade Reporting Facility, the participant will pay a monthly fee of $2,000.

The FINRA/NYSE TRF does not charge for ports, client management tool use or invoice contra parties with any charges.

How to Subscribe

FINRA/NYSE TRF® Subscriber Service Agreement
FINRA/NYSE TRF® Subscriber Service Agreement for Retail Participants
Client Management Tool User Agreement for FINRA/NYSE TRF®
FINRA/NYSE TRF® Retail Participant Annual Certification


More Information

FINRA NYSE TRF Messaging Specification
Pricing and Data Revenue Sharing
FINRA Transaction Fee Transfer Agreement

References

Data, Forms and Fact Sheets