Market Access Suite: Sonar

At Nexa we understand the burden of regulatory and reporting overhead is a daily reality. We have been supporting our clients with these challenges for many years and have developed a suite of products and services to help ease this burden.

Sonar is Nexa's actively expanding suite that offers OATS and TRF reporting, Drop Copy integration, OSO Service Bureau functions and Order Transmission and Submission to FINRA. Rely on our experience and technology to allow you to better focus on your core business and not regulatory distractions.

Highlights:

  • Order Audit Trail System (OATS) Reporting
  • Trade Reporting Facility System (TRF or ACT)
  • Drop Copy Integration
  • OSO Service Bureau Functions

Benefits of Sonar

Regulatory Compliance

Nexa actively monitors all activity within the various regulatory agencies in North America to keep its products and clients up-to-date with the latest regulations. Let us help keep you in compliance as the regulations change.

Reporting Oversight

Utilizing Nexa's many years of experience and custom built management tools, Nexa clients enjoy an always current picture of it's current regulatory reports. Additionally we make it much more manageable to handle problems such as breaks, rejects, corrections and resubmissions.

Custom Interfaces

Nexa offers custom EOD OATS and TRF reports with both real-time and batch drop copy interfaces. With Nexa interfaces, data communication is an easy plug and play experience.

Features

Order Audit Trail System (OATS) Reporting

Per Financial Industry Regulatory Authority (FINRA) pursuant to FINRA Rules 6950 (OATS Rules) all order transactions routed to exchanges must be submitted to FINRA.

Nexa acts as an Order Sending Organization (OSO) Service Bureau offering Order Transmission and Submission to FINRA.

Nexa offers Real-time processing and reporting of all OATS reportable transactions:

  • Received electronically and routed by NEXA on behalf of the Correspondent Firm
  • For Done Away trades and delivered to Nexa via the Nexa Real-time Drop Copy Processing Facility

Nexa is a Consolidated Audit Trail (CAT) compliant processing provider

  • SEC Rule 613 (Not Mandated Yet)

Trade Reporting Facility System (TRF or ACT)

Each FINRA Trade Reporting Facility (TRF) provides FINRA members with a mechanism for the reporting of transactions done somewhere other than on an exchange.

For brokerage firms that built or operate a Matching Engine, Alternative Trading System (ATS) or an ECN, Nexa offers real-time processing and reporting of all TRF reportable transactions delivered to Nexa via the Nexa Real-time Drop Copy Processing Facility. Nexa's TRF can be hosted at either Nexa's facility or operated within your ATS facility.