On April 20, 2018, the SEC published for comment a FINRA proposal to adopt rules relating to the establishment of a second Trade Reporting Facility or “TRF” to be operated in conjunction with Nasdaq. The second FINRA/Nasdaq Trade Reporting Facility (“FINRA/Nasdaq TRF Chicago”) would provide FINRA members with another mechanism for reporting over-the-counter trades in NMS stocks and complying with FINRA’s requirements with respect to back-up trade reporting arrangements. The FINRA/Nasdaq TRF Chicago would be governed by the rules applicable to the existing FINRA/Nasdaq Trade Reporting Facility (“FINRA/Nasdaq TRF Carteret”), which were subject to notice and comment and approved by the Commission.
Proposed Rule Change: https://www.sec.gov/rules/sro/finra/2018/34-83082.pdf