In preparation for the TRF expanded system hours change to 9:00 p.m.  Sunday to 8:00 p.m. ET Friday, with a one-hour pause 8:00 p.m. to 9:00 p.m. ET Monday through Thursday, excluding holidays (“Expanded Hours”) effective on December 6, 2026, the FINRA/Nasdaq TRFs will make specific system changes starting on November 2, 2026. For more information about the TRF expanded system hours change, please refer to ETA #2026-39. Note: Prior to December 6, 2026, the FINRA/Nasdaq TRFs will continue to process trade reporting and clearing from 4:00 a.m. to 8:00 p.m. ET, Monday through Friday (“Current Hours”).

What is changing?

TRF Shutdown at 8:00 p.m. ET

As described in Section 3.1 of the Nasdaq FIX Trading Reporting Specifications, the FINRA/Nasdaq TRFs will shut down at 8:00 p.m. ET each day the TRFs are open, a change from the current shutdown time of 8:20 p.m. New trade reports and trade actions will be rejected starting at 8:00 p.m. and while the system is closed. Any match eligible and trade compare trade reports will be carried over and remain available for trade matching during the next Trade Date that the TRFs are open. Firms using Post-Trade Risk services should note that the clearing firm’s default action will apply for all trade report with a Held status at the system close of 8:00 p.m. Firms should note that if they report a trade after 7:45 p.m., clearing firms will have less time than the standard 15-minute period to action the held trade before the Post-Trade Risk system closes. This schedule change will occur on November 2, 2026.

TRF Clearing Processing Change

Tentatively scheduled for November 2, 2026, the FINRA/Nasdaq TRFs will send clearing reports to the NSCC on 24/5 ports during Current Hours, and the NSCC will process new clearing validations in accordance with its Extended Trading Hours rules. Nasdaq will confirm the effective date of this change in subsequent notice. Effective December 6, 2026, the FINRA/Nasdaq TRFs will send clearing reports to the NSCC during the expanded system hours, from 9:00 p.m. to 8:00 p.m. ET as noted above.

As outlined in ETA #2026-48 and in previous industry communications, the NSCC has developed new 24/5 requirements, including a requirement for clearing firms to establish separate 9A/9B trading relationships for the overnight session. If firms do not adhere to the NSCC requirement, there could be a situation where QSR clearing trades with an execution timestamp in the Overnight Trading Session (8:00 p.m. - 4:00 a.m.) are reported to and accepted at a TRF, but those same trades would be soft rejected at NSCC if firms have not established their 9A/9B agreements for the overnight session, as required by NSCC. Upon a soft NSCC reject, firms will be notified by the Nasdaq TRF Operations team and will have until 6:00 p.m. to establish new NSCC paperwork and remediate these trades with the NSCC. If no action is taken, these trades will be hard rejected by the NSCC.

Note: DTCC’s 9A/9B Trading Relationship validations do not apply to AGU clearing trades. Nasdaq encourages firms that wish to trade overnight to update their QSR agreements in DTCC’s Automated Special Representative Facility through the DTCC Portal.

Client Testing Availability

The FINRA/Nasdaq TRFs will operate with Expanded Hours in the Nasdaq Testing Facility (NTF) beginning September 28^th, 2026. There will be Saturday UAT Production testing options available that will align with the SIP industry dates and Nasdaq on-exchange testing. For more information, please refer to ETA #2026-50.

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 expanded system hours, firms may review the Trading Specifications, the Post-Trade 23x5 FAQ, 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.