ACT, or Automated Confirmation of Transactions, is a NASDAQ stock market system for reporting and clearing trades. In contrast to QSR (Qualified Special Representative) clearing via NSCC, which requires multiple relationships between broker/dealers and clearing firms, ACT facilitates the simplifies the process of clearing by providing a single counterparty to interact with. ACT offers a risk management system that allows clearing firms to monitor the activity of their clients. This tool is unique within the clearing business. The ACT tool no longer exists and is now known as the TRF or Trade Reporting Facility.
