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Tuesday, September 2, 2025

Equity Trader Alert #2025 - 63
Changes to FINRA/Nasdaq TRF Acceptance Criteria for Large Notional Trade Value

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

What do firms need to know?

An upcoming change to the FINRA/Nasdaq TRFs™ will expand trade acceptance criteria for large notional trade value. Presently, the maximum allowable Contract Amount is up to $1 Billion ($999,999,999.99) and the maximum allowable Unit Price is up to $1 Million ($999,999.999999). This change will increase the maximum allowable Contract Amount up to $10 Billion ($9,999,999,999.99). The maximum allowable Unit Price will remain unchanged at $999,999.999999 Million. The processing change will be effective in production on September 12th, 2025, for FINRA/Nasdaq TRF Chicago and on September 15th, 2025, for FINRA/Nasdaq TRF Carteret.

Additional Clearing Information

At the National Securities Clearing Corporation (NSCC), trades submitted with a notional amount of $1 Billion or greater are automatically put into a “soft reject” status.  For trades submitted via the FINRA/Nasdaq TRF, the NSCC will alert Nasdaq’s Market Operation team, who will then approve the trade on the client’s behalf.

Testing Opportunities

The FINRA/Nasdaq TRF processing change is currently available for client testing in the Nasdaq Test Facility (NTF). Customers may test with FIX free of charge for a 30 consecutive day period in NTF by registering their firm MPID and start date with NTFbilling@nasdaq.com prior to the commencement of testing. Please indicate the testing purpose when submitting the fee waiver request.

More Information

For more information on specific TRF rules, please refer to the FINRA/Nasdaq FIX Specification.

For FINRA/Nasdaq TRF questions, please contact Nasdaq TRF Operations by email or by phone: +1 212 231 5180.

For NSCC questions, please contact the DTCC hotline: 888-382-272 or email NSCC support.

 

““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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