TRACE & ORF Surveillance watching for what regulators watch for.
Identify and mitigate behaviors like Spoofing, Layering, and Trade-Through through automated monitoring and customizable supervisory requirements to meet FINRA's TRACE and ORF standards.
How TRACE & ORF surveillance runs on ADEPT™.
ADEPT™ takes trade and order data through the same three stages before anything reaches FINRA: ingest, monitor for restricted behaviors, and report with lineage attached.
- Step 01Ingest trade & order data
- ADEPT™ pulls fixed-income trade data and OTC equity order and execution data from your OMS, EMS, and clearing feeds into one governed intake. No separate TRACE and ORF exports to keep in sync.
- Step 02Monitor for restricted behaviors
- Customizable supervisory rules continuously scan the order and trade lifecycle for Spoofing, Layering, and Trade-Through, surfacing exceptions to a queue instead of leaving them to manual sampling.
- Step 03Report with lineage
- Each TRACE or ORF submission goes out carrying its full lineage back to source, so when a regulator asks why a trade was reported the way it was, the answer is a query, not a reconstruction.
How TRACE & ORF surveillance moves through the ADEPT™ pipeline.
Built for TRACE & ORF obligations.
Behavioral Monitoring & Analysis
ADEPT™ watches for the patterns FINRA cares about (Spoofing, Layering, and Trade-Through) as trades happen, so exceptions surface before a submission goes out, not after an inquiry comes in.
Advanced Surveillance Dashboard
Alerts, dispositions, and trade reports for both regimes surface in one surveillance dashboard, so exceptions are worked where they are found rather than reconciled across separate tools.
Customizable Supervisory Requirements
Thresholds, escalation paths, and review workflows are configured to your firm's own supervisory procedures rather than a fixed, one-size-fits-all rule set.
Comprehensive Lifecycle View
Every TRACE and ORF submission carries its lineage back to the source order and execution, so audit trail requests are answered from the platform rather than rebuilt by hand.
Frequently asked questions
TRACE is FINRA's trade reporting facility for fixed-income securities, and ORF, the OTC Reporting Facility, covers over-the-counter equity trades. Both require timely, accurate trade reports along with surveillance for behaviors like spoofing, layering, and trade-throughs.
At minimum, supervisory procedures need to catch Spoofing (placing orders with no intent to execute them, to move the market), Layering (stacking multiple non-bona-fide orders at different price levels to create a false impression of supply or demand), and Trade-Through (executing at a price that fails to honor a better price available elsewhere). ADEPT™ monitors for all three across the trade and order lifecycle rather than treating them as separate review processes.
FINRA sets the reporting window under Rule 6730, and it varies by security type, most TRACE-eligible fixed-income trades now need to be reported within minutes of execution, with FINRA having tightened these windows over time. ADEPT™ reports as trades are ingested so the applicable window is met without a manual submission step.
TRACE covers fixed-income securities: corporate bonds, agency debt, and securitized products. ORF covers over-the-counter equity trades that aren't reported to an exchange's consolidated tape. They're separate FINRA facilities with separate eligible-security scopes, which is why ADEPT™ keeps their reporting and surveillance logic distinct even while running both on the same underlying platform.
See TRACE & ORF Surveillance in Action
Request a live demo of ADEPT™'s TRACE and ORF surveillance, scoped to your own fixed-income and OTC equity obligations, not a generic product tour.
Talk to a TRACE & ORF Specialist
Tell us about your current reporting and surveillance setup