Off-Exchange Trading To Continue To Grow In US 0 Shares There will continue to be an increase in off-exchange equity trading volumes in the US, after record volume last year, according to Greenwich Associates’ Top 2021 Market Structure Trends report. Trade Reporting Facilities (TRFs) run by Nasdaq and NYSE capture trading off-exchange such as in alternative trading systems, internalizers, internal matching by central risk books and single-dealer platforms. The consultancy said in a report that the growth in TRF volume follows the large rise in retail trading (and resulting increased internalization of retail order flow) last year, but also highlights other trading systems and functionality offered by brokers and alternative trading systems.