Final answer:
Nasdaq stock transactions between dealers must be reported to the Financial Industry Regulatory Authority (FINRA) to the Trade Reporting Facility (TRF) to ensure market transparency.
Step-by-step explanation:
Transactions between two dealers for Nasdaq stock must be reported to the Financial Industry Regulatory Authority (FINRA), specifically to the Trade Reporting Facility (TRF) that FINRA operates in conjunction with the Nasdaq. This reporting is necessary to ensure market transparency and is a regulatory requirement. It is done almost in real-time, and it is essential for the accurate dissemination of price information for the security in question in the broader market.