Trade Reporting Facility (TRF)

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TermTrade Reporting Facility (TRF)
Definition
What does Trade Reporting Facility (TRF) mean? This service is used by FINRA members to report on and reconcile transactions occurring off the exchange floor. 

How the exam might test Trade Reporting Facility (TRF): operated by Nasdaq. Supervised and governed by FINRA. All trades of Nasdaq, NYSE, and other exchange-listed securities by members of FINRA are reported to the TRF.