> ## Knowledge Base Index
> Fetch the complete knowledge base index at: https://biasinvestors.crisp.help/sitemap.xml
> Use this file to discover available pages before exploring further.
> Pure-Markdown content can be obtained by appending a '.md' suffix to the content URLs listed in the sitemap (without the trailing slash).

# Trade Reporting Facility (TRF)

Nasdaq’s service that receives trade reports from [market makers](/en/article/market-maker-vaixy6/) in Nasdaq Global Market securities, Nasdaq Capital Market securities, [CQS](/en/article/consolidated-quotation-system-cqs-ilaemd/) issues, [OTC](/en/article/over-the-counter-otc-w3bgo4/) equity securities, and Nasdaq-listed [convertible](/en/article/convertible-securities-t9d5gc/) bonds within 90 seconds (during applicable hours). Formerly known as the Automated Confirmation Transaction Service or ACT.