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Thursday, August 20, 2026

Equity Trader Alert #2026 - 48
New NSCC Requirements for 23/5 Trade Reporting

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

What you need to know:

DTCC’s NSCC subsidiary expanded its hours of operation on June 28, 2026, to support 24x5 trading, and as part of the industry-wide extended hours initiative, the FINRA/Nasdaq TRFs will move to a 23/5 schedule on December 6, 2026, as announced in a May FINRA Notice and in Nasdaq ETA #2026-39.

The NSCC has developed new 24x5 requirements as announced in a January NSCC Notice and as recently published in a FINRA Notice.

One of the new NSCC requirements for overnight trade reporting requires clearing firms to establish separate 9A/9B trading relationships for the overnight session. For Correspondent Clearing (CORR) and Qualified Special Representative (QSR) relationships, members wishing to participate in overnight trading must establish and maintain separate relationships for the overnight sessions. These relationships can be established through the Automated Special Representative Facility.

If firms do not adhere to the NSCC requirement, there could be a situation where QSR clearing trades are reported to and accepted at a TRF, but those same trades would be rejected at NSCC if firms have not established their 9A/9B agreements for the overnight session, as required by NSCC. Note: DTCC’s 9A/9B Trading Relationship validations do not apply to AGU clearing trades.

DTCC has published a set of Trade Processing FAQs to help its members prepare for the expanded NSCC hours.

Nasdaq recommends that firms ensure that the new, NSCC-required separate 9A/9B trading agreements for the overnight session are in place by October 1st, 2026, to signify readiness for the transition to 23/5 trade reporting.

 

Additional Information

Firms are advised to contact the NSCC Integration Team at NSCCIntegration@dtcc.com if they have any questions.

For FINRA/Nasdaq TRF technical questions about the expanded system hours, firms may review the Trading Specifications or contact Nasdaq Trading Services or TRF Ops at +1 212 231 5180. For regulatory questions regarding your trade reporting responsibilities, please refer to the listed contacts in FINRA’s Technical Notice.

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“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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