Transaction Reporting Systems
Chapters in this video
- 0:00 The four systems: TRACE, EMMA/RTRS, TRF, and ORF
- 1:35 TRACE: corporate, agency, and ABS reporting in 15 minutes
- 3:07 The Treasury securities exception: 60 minutes, no dissemination
- 3:17 EMMA/RTRS: municipal bonds through the MSRB in 15 minutes
- 4:55 ORF: unlisted OTC equities and the 10-second deadline
- 6:10 TRF versus ORF: listed stocks traded OTC versus unlisted equities
- 6:52 The consolidated tape: Tape A, Tape B, and Tape C
- 7:24 Rapid-fire exam recap
What this video covers
- TRACE's 15-minute reporting window for corporate bonds, agency debt, and asset-backed securities (ABS), plus the $5 million and $1 million dissemination caps for investment-grade and non-investment-grade bonds
- Why U.S. Treasury securities are TRACE-reportable on a 60-minute window with no public dissemination, and how that differs from standard TRACE reporting
- EMMA and its underlying Real-Time Transaction Reporting System (RTRS): 15-minute municipal reporting through the Municipal Securities Rulemaking Board (MSRB), never FINRA
- The TRF's role for National Market System (NMS) exchange-listed stocks traded over-the-counter (OTC) in the third market, and how those reports feed the consolidated tape
- The ORF's 10-second reporting deadline for unlisted OTC equities, and why it is the fastest of all four systems
- Why alternative trading system (ATS) executions still generally require trade reporting, and why the exemption is narrow rather than a blanket pass
- The consolidated tape plans (Tape A for NYSE, Tape B for regional exchanges, Tape C for Nasdaq) and how they aggregate real-time data regardless of execution venue
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