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Monday, October 6, 2025

Equity Trader Alert #2025 - 77
FINRA/Nasdaq TRF: Fractional Share Reporting Testing Availability

Category:

  • System Impact

Markets Impacted:

Contact Information:

Resources:

As previously announced in ETA #2025-40, starting February 23, 2026, FINRA/Nasdaq TRF will support trade reporting in a Fractional Share Quantity field. Firms that execute trades in fractional shares will be required to report in both the Quantity and the Fractional Share Quantity fields in accordance with FINRA's Trade Reporting Notice dated 3/22/24 (and supplemented by FINRA’s Technical Notice dated 3/28/25).

Testing

Customers are encouraged to test in preparation for the changes to the FINRA/Nasdaq TRF to support the reporting of Fractional Share quantities.

Fractional share quantity testing in the Nasdaq Testing Facility (NTF) is scheduled to begin as of October 20th, 2025.

FIX Testing in the Nasdaq Test Facility: Customers will be able to test using TRF FIX 4.2 and WorkX in the NTF. The NTF is available Monday through Thursday, 7:30 a.m. to 10:00 p.m., ET and Fridays, 7:30 a.m. to 4:00 p.m.. Customers may test free of charge for a 30 consecutive day period in the NTF by registering their firm MPID and start date with NTFbilling@nasdaq.com in advance of testing. Please indicate the testing purpose when submitting the fee waiver request. Customers who register for the testing fee waiver will be charged for such testing at the expiration of the 30 consecutive day fee waiver period. Customers who do not register for the testing fee waiver will be charged for all testing, as set out in the Price List.

Equity Trade Journal (ETJ) testing availability will be announced in a future ETA.

Additionally, FINRA/Nasdaq TRF plans to support Saturday tests in conjunction with the SIPs on the following dates:

  • 11/15/25
  • 12/13/25
  • 1/10/26
  • 2/7/26

Additional information

For more information regarding the Nasdaq Testing Facility (NTF), including billing and registration information, please refer to our NTF Overview, FAQ, and pricing pages.

For FINRA/Nasdaq TRF technical questions about the fractional share quantity and reject message changes, please contact Nasdaq Trading Services or TRF Ops at +1 212 231 5180.

For fractional share quantity regulatory questions, please refer to the listed contacts in FINRA's Trade Reporting Notice.

 

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.