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Reg Recon
Take Charge of Compliance
Overview
NASDAQ offers a new a real-time surveillance alert and report module to assist firms with compliance. This service, Reg Recon, is available as an add-on to the NASDAQ Workstation and Weblink ACT 2.0. Reg Recon provides real-time warnings that notify firms when there are potential FINRA/NASDAQ Trade Reporting Facility (TRF) trade-throughs, and when NASDAQ has declared Self Help against another market*.
Warnings for FINRA/NASDAQ TRF trades that appear to be a trade-through
Potential FINRA/NASDAQ TRF trade-through violations across all NASDAQ systems regardless of which system was used to enter the trades
All Warnings now include a Time and Sales pop-up to show firms which protected quotes they potentially traded through
NASDAQ Self-Help declarations/revocations
Clearly Erroneous Warnings
Potential Clearly Erroneous trades executed on the NASDAQ Exchange
Dashboard
The Dashboard provides customers with one widow to track all Reg recon alerts and Self Help Declarations by NASDAQ. In addition, firms have the ability to see where they stand relative to the industry for:
Potential Clearly Erroneous Trades executed on the NASDAQ Exchange
To filter messages, simply check the box for the types of alerts you would like to view. If you do not want to see an alert type, uncheck the applicable box.
Configurable Display
Sort warnings by multiple criteria such as time, modifier, trade side, BBO at time of execution and quantity
Filter data to show different views, by time, trades with modifiers, trades marked as exempt, percentage away from previous NBBO and more.
Columns are sizeable and can be sorted to view data for multiple MPIDs within one firm.
Ability to view data for multiple MPIDs within your firm from one Log-On.
Downloadable Reports
Data for potential FINRA/NASDAQ TRF trade-throughs for a specified period of time
Firms can query up to five days of historical report data
Print and Export capability
Upcoming Enhancements
Erroneous Trade Viewer
Automatic Erroneous Filing: Users will have the ability to file clearly erroneous requests directly through Reg Recon. No more chasing trades and manually completing the filing forms. Reg Recon will pre-populate the form for trades sent to NASDAQ MarketWatch for adjudication.
Erroneous Filing Status Viewer: Reg Recon will show trades that are submitted and under review by MarketMatch, real-time. The status will change real-time as MarketWatch rules on the trade. For example, if a trade is “under review” “ruled to stand” or “ruled to break”, the status will be indicated in the Reg Recon Clearly Erroneous Trade Viewer.
How to Access Reg Recon
To access Reg Recon customers must have access to the NASDAQ Workstation or WeblinkACT 2.0.
Existing NASDAQ Workstation or WeblinkACT 2.0 subscribers can subscribe to Reg Recon or update an existing service by completing the NASDAQ Front-End Access Order Form (PDF) and fax it to NASDAQ Subscriber Services at 212.231.5426.
* Notice of NASDAQ’s declaration of Self Help is provided for informational purposes only and is not intended to relieve firms of their obligations to conduct independent self-help analysis and to adopt policies and procedures designed to achieve compliance with those obligations.
Reg Recon is intended as only one source of assistance for NASDAQ member firms with their compliance obligations and does not purport in any way to ensure or guarantee compliance.
