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6160. Multiple MPIDs for Trade Reporting Facility Participants

This version is valid from Jan 17 2014 through Feb 1 2015.
Amendments have been announced but are not yet effective. To view other versions open the versions tab on the right.

(a) Any Trade Reporting Facility Participant that wishes to use more than one Market Participant Symbol ("MPID") for purposes of reporting trades to a Trade Reporting Facility must submit a written request to, and obtain approval from, FINRA Operations for such additional MPID(s).
(b) A Trade Reporting Facility Participant that posts a quotation on a FINRA system and reports to that FINRA system or another FINRA system a trade resulting from such posted quotation must utilize the same MPID for reporting purposes (e.g., a member that is both a Trade Reporting Facility Participant and a Registered Reporting ADF ECN must use the same MPID when reporting a trade that resulted from its posted quotation on ADF).
(c) A Trade Reporting Facility Participant that operates an alternative trading system ("ATS") "dark pool" (defined for purposes of this Rule as an ATS that does not display quotations or subscribers' orders to any person or entity either internally within the ATS dark pool or externally beyond the ATS dark pool (other than employees of the ATS)) and opts to have its data included in published aggregate trading volume data must obtain a separate MPID designated for exclusive use for reporting its ATS dark pool transactions. The member must use such separate MPID to report all transactions executed within the ATS dark pool to a Trade Reporting Facility (or Facilities). The member shall not use such separate MPID to report any transaction that is not executed within the ATS dark pool. Any member that operates multiple ATS dark pools and opts to have the data for each ATS dark pool included in the published data must obtain a separate MPID for each ATS dark pool. Members must have policies and procedures in place to ensure that trades reported with a separate MPID obtained under this paragraph are restricted to trades executed within the ATS dark pool.

• • • Supplementary Material: --------------

.01 FINRA considers the issuance of, and trade reporting with, multiple MPIDs to be a privilege and not a right. A Trade Reporting Facility Participant must identify the purpose(s) and system(s) for which the multiple MPIDs will be used. If FINRA determines that the use of multiple MPIDs is detrimental to the marketplace, or that a Trade Reporting Facility Participant is using one or more additional MPIDs improperly or for other than the purpose(s) identified by the Participant, FINRA staff retains full discretion to limit or withdraw its grant of the additional MPID(s) to such Trade Reporting Facility Participant for purposes of reporting trades to a Trade Reporting Facility.

.02 Any FINRA Trade Reporting Facility Business Member that chooses to publish aggregate daily trading volume for transactions executed within an ATS dark pool and reported to the Trade Reporting Facility will base such volume solely on transactions reported by the ATS dark pool for purposes of publication. The Business Member will prominently disclose that its web site may not reflect 100% of the volume for any given ATS dark pool and interested parties must consult all Business Members' web sites for purposes of obtaining an ATS dark pool's total volume.

A member's dark pool transaction data will not be included in the published volume unless the member affirmatively opts in to have its data included. A member operating an ATS dark pool must certify in writing to FINRA that (1) the member is affirmatively opting in for purposes of having its dark pool transaction data included in the published data and acknowledges that its data may be presented as an overall percentage volume only or may be broken down by security; (2) the member meets the definition of ATS dark pool in paragraph (c) of this Rule; and (3) the member has obtained a separate MPID that will be used exclusively for reporting all transactions executed within the ATS dark pool as required by paragraph (c) of this Rule.

Amended by SR-FINRA-2013-042 eff. Jan. 17, 2014.
Amended by SR-FINRA-2013-008 eff. Jan. 25, 2013.
Amended by SR-FINRA-2011-074 eff. Jan. 27, 2012.
Amended by SR-FINRA-2011-003 eff. Jan. 28, 2011.
Amended by SR-FINRA-2010-001 eff. March 5, 2010.
Amended by SR-FINRA-2009-094 eff. Jan. 29, 2010.
Amended by SR-FINRA-2008-068 eff. Jan. 30, 2009.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Amended by SR-NASD-2008-003 eff. Jan. 25, 2008.
Amended by SR-NASD-2007-008 eff. Jan. 26, 2007.
Adopted by SR-NASD-2006-108 eff. Nov. 27, 2006.

Selected Notice: 08-57, 14-07.

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