Pending a filing with the SEC, effective Monday, April 12, 2021, Nasdaq will be introducing WorkX™ (pronounced ‘Works’) and Real-Time Stats, which are re-platformed and upgraded versions of the ACT Workstation and Nasdaq InterACT services, respectively.

Nasdaq WorkX™ will facilitate trade reporting and clearing functions for the FINRA/Nasdaq Trade Reporting Facility Carteret and the FINRA/Nasdaq Trade Reporting Facility Chicago (collectively, the “FINRA/Nasdaq TRFs¹”). Nasdaq Real-Time Stats will provide trade statistics for activity on the FINRA/Nasdaq TRFs. WorkX™ is designed to facilitate FINRA member reporting in accordance with FINRA’s trade reporting rules (see the FINRA Rule 6300A and 7200A Series); WorkX™ does not change or impact FINRA/Nasdaq TRF processing, electronic FIX submission or the FIX for Trade Reporting Specification.

Firms will migrate to WorkX™ each month in waves starting April 12, 2021. Firms may request to migrate in a given wave or be assigned a migration wave. In the first month of transitioning to WorkX™ and Real-Time Stats, users will have the option of operating both the ACT Workstation and InterACT products and the re-platformed WorkX™ and Real-Time Stats products. After the first month on the re-platformed service, a member firm will be expected to fully migrate to the re-platformed product.

Nasdaq is offering the same pricing structure for Nasdaq WorkX™ and Real-Time Stats as for ACT Workstation and Nasdaq InterACT services, respectively. In the first month of usage (i.e. when WorkX™ and Workstation services are available to users in parallel), WorkX™ and Real-Time Stats fees will be waived. After the first month of service on each of the re-platformed products, a member firm will be charged for any fees incurred for using the new products thereafter.

As previously announced in ETA2020-81 , Nasdaq will support timestamps up to nanosecond (HH:MM:SS.sssssssss) granularity in accordance with amendments to FINRA rules, effective November 15, 2021. Firms will be able to submit timestamps up to nanoseconds to the FINRA/Nasdaq TRF using TRF FIX 4.2 ports and Nasdaq WorkX™. If a firm is required to report to the FINRA/Nasdaq TRF in microseconds or nanoseconds pursuant to the FINRA rule amendments, the firm must migrate to TRF FIX 4.2 and/or Nasdaq WorkX™ prior to November 15, 2021.

Testing

Prior to their WorkX™ migration, customers are encouraged to test Nasdaq WorkX™ service offerings as follows:

1. Customers can perform WorkX™ UAT tests in the Nasdaq Test Facility. Customers may request UAT access using WorkX™ WorkX Service Request Form. There is no fee associated with WorkX™ testing in the Nasdaq Test Facility.
2. Customers can perform WorkX™ UAT tests in the Production environment prior to WorkX™ migration. Customers may contact Nasdaq Trading Services by email or by phone (212) 231-5180 to set up WorkX™ weekend production testing. FINRA/Nasdaq TRF Chicago and FINRA/Nasdaq TRF Carteret production systems will be available for Production User Acceptance Testing in accordance with the Nasdaq Saturday Testing Policy .

Service Requests

To request a WorkX™ Service in UAT or Production environments, please complete the WorkX Service Request Form.

More Information

If you would like to learn more about WorkX™, please refer to the WorkX™ product page or contact Nasdaq TRF Product Management to set up a product demonstration.

^Notes:

^{1: “FINRA/Nasdaq TRF” means the FINRA/Nasdaq TRF Carteret and the FINRA/Nasdaq TRF Chicago, depending on the facility to which the member firm reports.}

^{2: FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority, Inc.; FINRA/NASDAQ TRF™ is used under license for Financial Industry Regulatory Authority, Inc.}