The Trade Comparison and Recording Service provides for the processing of domestic and foreign equity transactions executed in the Nasdaq Stock Market and by Qualified Service Representatives (QSRs).

Overview

The Trade Comparison and Recording Service provides for the processing of domestic and foreign equity transactions executed in the Nasdaq Stock Market and by Qualified Service Representatives (QSRs). A QSR is a broker/dealer who operates an automated execution system or clears for a firm that operates an automated trading system and submits locked-in transactions on behalf of itself and other broker/dealers. A QSR must be on one side of every transaction submitted to NSCC and must proscribe to NSCC's QSR rules and regulations.

Over-the-Counter trade data is validated and then reported to participants on contract output files for reconciliation purposes.

For securities eligible at the depository, trade data is forwarded to NSCC's Continuous Net Settlement application for settlement as well as risk management systems for risk control.

Who can use the service

The service is available to all NSCC members.

Benefits

The service provides a number of operational advantages:

• Real-time data submissions into NSCC from Nasdaq allows for fast and efficient processing.
  
• Supports industry business continuity and Straight-Through Processing efforts.
  
• Trade recording is available for all Over-the-Counter securities including Nasdaq National Market (NNM), Nasdaq Small Cap and Bulletin Board/Pink Sheet issues.
  
• Settlement is centralized in NSCC's CNS application for CNS eligible securities.
  
• Balance Orders are produced for non-US equity transactions (foreign securities) to reduce the number of deliveries. (For more information, please see Foreign Securities Comparison and Netting.)
• Intra-day output is reported to participants on the 400-byte universal trade recording machine-readable output. Data is currently reported to participants eight times a day. 

NSCC accepts trade data in real-time or on a multi-batch basis. The service then validates various trade data elements and reports the trade details to NSCC participants on an intra-day and end-of-day basis. (End-of-day output is only available in a print image format.)

The intra-day output was created in a universal format so that all trade data is reported to participants using virtually the same record layout across all domestic marketplaces. 

Please call Relationship Management at 1 888.382.2721.