Transparency in Off-Exchange Trading
FINRA publishes monthly short sale transaction files that detail trade activity reported to the Alternative Display Facility (ADF) and Trade Reporting Facilities (TRFs). These files are essential for market participants seeking to understand the volume of short sales executed off-exchange.
Data Limitations
It is important to note that these files do not include non-publicly disseminated trading activity and are not consolidated with exchange data. To obtain a complete picture of short sale volume, analysts must aggregate data from multiple sources, including TRFs, the ADF, and individual exchanges. These files should not be confused with the bi-monthly official short interest reports.
Signal data sourced from FINRA. This post is an original analysis prepared by The Forensic Ledger from publicly available data. Not investment advice.
Not investment advice. This is original reporting and analysis prepared by The Forensic Ledger from publicly available data. Nothing here is a recommendation to buy, sell, or hold any security. Always consult the original source and a licensed professional. See our full disclaimer and source-citation policy.