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.

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 trades (applicable to the relevant tape) reported by the member to the FINRA/NYSE TRF during a given calendar quarter by the total number of all trades reported to the CTA or UTP SIP (applicable to the relevant tape) during that quarter.

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

The table below provides the tiered monthly participant fee structure. The monthly fee is based on the participant’s “FINRA/NYSE TRF Market Share,” defined as the percentage calculated by dividing (a) the total number of shares 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, by (b) the total number of all shares reported to the CTA or UTP SIP, as applicable, during that period.

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

FINRA/NYSE TRF Market Share Count of Tape Reports to FINRA/NYSE TRF Monthly Subscriber Fee
Greater than or equal to 1.25% n/a $30,000
Greater than or equal to 0.75% but less than 1.25% n/a $20,000
Greater than or equal to 0.50% but less than 0.75% n/a $17,500
Greater than or equal to 0.25% but less than 0.50% n/a $15,000
Greater than or equal to 0.10% but less than 0.25% n/a $10,000
Less than 0.10% 25,000 or more trade reports $2,000
Less than 0.10% 100 or more trade reports but fewer than 25,000 trade reports $750
Less than 0.10% 1 or more trade reports but fewer than 100 trade reports $250
Less than 0.10% No trade reports $2,000

How to Subscribe

FINRA/NYSE TRF® Subscriber Service Agreement

Client Management Tool User Agreement for FINRA/NYSE TRF®


More Information