Services · Equities / Options
Equities / Options
Equity and listed-options activity gives rise to distinct but overlapping regulatory reporting, audit-trail, position-reporting, and disclosure obligations. Concyrge reviews order, route, execution, allocation, position, and customer/account data against Consolidated Audit Trail requirements for equities and listed options; evaluates off-exchange equity trade reporting through FINRA TRFs, the ADF, and ORF; and reviews short-interest, large-options-position, execution-quality, and order-routing reporting and disclosures.
Services include field-level data validation, completeness and timeliness testing, transaction-to-report reconciliation, rejection and correction analysis, aggregation testing, and identification of regulatory reporting gaps.
Regulations & Forms We Cover
CAT
Consolidated Audit Trail · Equities & Listed Options
Review of reportable order and execution lifecycle events, including order receipt, routing, modification, cancellation, execution, allocation, and applicable customer/account information. Services include field-level validation, rejected-event analysis, corrections, linkage testing, and completeness, accuracy, and timeliness controls.
FINRA TRF / ADF
Off-Exchange NMS Stock Trade Reporting
Review of OTC transactions in NMS stocks reported through FINRA Trade Reporting Facilities and the Alternative Display Facility, including reporting-party determination, execution timestamps, price and quantity, short-sale indicators, trade modifiers, cancellations, reversals, corrections, and submission timeliness.
FINRA ORF
OTC Equity & Restricted Equity Securities Reporting
Review of transactions reported through the OTC Reporting Facility for OTC Equity Securities and applicable Restricted Equity Securities, including Rule 144A transactions. Analysis includes trade-report population completeness, price, quantity, execution time, buy/sell/short indicators, reporting-party logic, corrections, and timeliness.
FINRA Rule 4560
Short-Interest Reporting
Reconciliation and validation of reportable short positions across customer and proprietary accounts, including position population completeness, gross-position calculations, account classification, reporting-date controls, and submission timeliness.
FINRA Rule 2360(b)(5) / LOPR
Large Options Positions Reporting
Review of reportable standardized and conventional options positions under the Large Options Positions Reporting framework, including position aggregation, acting-in-concert determinations, account identifiers, long/short and put/call classifications, position quantities, rejection handling, corrections, and supervisory controls.
SEC Regulation NMS Rule 605
Execution Quality Reporting · NMS Stocks
Review and validation of monthly Rule 605 execution-quality reports, including covered-order populations, order-type and order-size categorization, execution and cancellation data, time-to-execution calculations, effective and realized spreads, price-improvement metrics, size-improvement statistics, and detailed and summary report outputs.
SEC Rule 606 / FINRA Rule 6151
Order Routing Disclosures · NMS Stocks & Listed Options
Review of public and customer-specific order-routing disclosures, including routing-venue populations, order categories, payment-for-order-flow and other routing-related financial arrangements, routing percentages, venue relationships, and supporting source-data reconciliations. Rule 606(a) reporting includes applicable customer orders in NMS stocks and listed options, while Rule 606(b)(3) imposes customer-specific disclosure requirements for qualifying not-held NMS-stock orders. FINRA Rule 6151 requires FINRA members to submit Rule 606(a) reports to FINRA for centralized publication.
SEC Rule 13f-2 / Form SHO
Short Position & Short Activity Reporting Readiness
Assessment of data, position calculations, monthly activity calculations, threshold logic, aggregation methodology, source-to-report controls, and implementation readiness for institutional investment managers subject to Rule 13f-2 and Form SHO.
Facing a reporting gap, an upcoming exam, or an enforcement remediation deadline?
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