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A broker-dealer accepts orders in Exchange Traded Managed Fund Shares ("ETMF"), or "NextShares", as defined under Nasdaq Rule 5745. When reporting orders in ETMFs to CAT should prices be reported in the "proxy price" format or using the Net Asset Value ("

A broker-dealer accepts orders in Exchange Traded Managed Fund Shares ("ETMF"), or "NextShares", as defined under Nasdaq Rule 5745. When reporting orders in ETMFs to CAT should prices be reported in the "proxy price" format or using the Net Asset Value ("NAV") established at the end of the day?

Industry Members must use the "proxy price" format established by Nasdaq, and not the final trade price, when reporting orders for ETMFs to CAT. 

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Reach out to the FINRA CAT Helpdesk by phone at 888-696-3348 or email at [email protected].