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Friday, August 8, 2025

Equity Trader Alert #2025 - 55
WorkX Price Reject Override Monitor Launching September 8, 2025

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  • System Impact

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The FINRA/Nasdaq Trade Reporting Facilities (TRFs™) price validate OTC trades in NMS stocks against reference price data to reduce the likelihood of erroneously reported trade prices disseminated to the tape. For additional information on price validation and price overrides, please refer to the FINRA Trade Reporting Notice.

What is the current TRF price reject workflow?

Currently, the price reject override process involves multiple steps, including contacting FINRA Market Operations and Nasdaq MarketWatch via phone or email to initiate Price Override Requests (PORs) for one or multiple securities.

What is changing in the TRF price reject workflow?

Pending an SEC rule filing (SR-NASDAQ-2025-060), starting on September 8, 2025, WorkX™ users will have access to the Price Reject Override (PRO) Monitor, a modernized workflow for FINRA/Nasdaq TRF™ Price Rejects. The WorkX™ PRO Monitor is designed to automate and streamline the current manual POR process by enabling firms to electronically submit a POR and track the approval status in real-time.

How do new users sign up for the PRO Monitor?

Access to the PRO Monitor is granted through the WorkX platform. Users need to have the appropriate entitlements and permissions set up. Please fill out the WorkX Request Form or contact Nasdaq Trading Services with any entitlement inquiries.

Testing and Support

All firms are encouraged to test functionality ahead of the change. Testing is free and currently available in the Nasdaq Testing Facility (NTF).

Please refer to the user guide in WorkX for more information. If you are in need of assistance, contact Nasdaq Trading Services for product access and setup support, and TRF Operations for product training.

 

 

 

Nasdaq® is a registered trademark of Nasdaq, Inc.

“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.

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.


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