Trader Corrections

The reporting facility and report timing determine the correction method because the applicable window depends on the facility.

How Does the Reporting Facility Change the Correction Method?

• A FINRA/NYSE Trade Reporting Facility report corrected after its report date requires a reversal and a new as/of trade report.

Exam Tip: Gotchas

• A later FINRA/NYSE Trade Reporting Facility correction requires two steps. The firm reverses the trade and submits a new as/of trade report.

Which Date Does an As/Of Correction Preserve?

• An as/of report submitted after the execution date must include the original execution date.
• The original trade date is the date to which the as/of correction relates.
• The correction points back to the original transaction date.

Has the Original Settlement Date Already Passed?

• A past-settlement-date correction is made after the original transaction has passed its settlement date.
• The two labels answer different questions. An as/of report concerns the report date against the execution date, and this correction concerns settlement having passed.
• Settlement status is the defining fact: settlement has already passed.

Exam Tip: Gotchas

• The reporting facility and report timing determine the correction method. An as/of report carries the original execution date when the transaction is reported after that date.
• A past-settlement-date correction is identified by the fact that settlement has already passed. The two labels test different date references.

What Should You Check on Exam Day?

• Check the reporting facility and its applicable correction window.
• For a FINRA/NYSE Trade Reporting Facility report corrected after its report date, reverse the trade and submit a new as/of trade report.
• For an as/of report, include the original execution date.
• Check whether the original settlement date has passed.
• Keep the original transaction information distinct from the later correction.