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Friday, March 6, 2026

Data Technical News #2026 - 4
Enhancing Market Insight: TRF Trade Reporting Expands to 4AM

Markets Impacted:

Products Impacted:

  • Nasdaq Last Sale
  • Nasdaq Last Sale Plus
  • Nasdaq Basic
  • TRF FilterView

Contact Information:

What you need to know:

Nasdaq is taking a major step toward true global trading hours market data.

Effective March 30, 2026, the FINRA/Nasdaq TRFs will launch early-morning trade reporting, now beginning at 4:00 AM Eastern Time on business days. This extends the opening of the trading day four hours.

What is changing?

Nasdaq is officially extending the FINRA/Nasdaq TRF service window to provide additional pre-market transparency for investors. In a major step towards true global trading hours, we’re expanding the trading day by four hours.

Starting March 30, 2026:

  • New Hours: 4:00 AM – 8:00 PM ET (previously 8:00 AM – 8:00 PM ET)
  • More coverage: Four additional hours of visibility into off-exchange trading activity each business day

This shift represents a major milestone in delivering richer and more timely global trading data coverage to enhance value for clients and investors worldwide.

For more information on the expanded TRF hours, please refer to FINRA’s rule filing: SR--FINRA--2025--011.

Note: “FINRA/Nasdaq TRF” refers to the FINRA/Nasdaq TRF Carteret and the FINRA/Nasdaq TRF Chicago, depending on which the facility the member firm reports.

Why is this change important?

  • Expanded insight: TRF trades will begin flowing at 4:00 AM ET across Nasdaq Basic, Nasdaq Last Sale, Nasdaq Last Sale Plus, and TRF FilterView.
  • An Extended View: This extension is a major step forward towards providing clients with near-continuous access to the data that drives liquidity, transparency and integrity in the capital markets.

Are any technical changes required?

No system or specification changes are needed.

However, customers should expect to see trades from the FINRA/Nasdaq TRF starting at 4:00 AM ET beginning March 30, 2026.

To ensure alignment with the latest standards, continue using the most up-to-date specifications on the Nasdaq Market Data specifications page for:

  • Nasdaq Last Sale
  • Nasdaq Last Sale Plus
  • Nasdaq Basic
  • TRF FilterView

Who should I reach out to for more information?

Please reach out to your Nasdaq representative for any questions. Please see the Equities Trader Alert for additional details about FINRA/TRF changes.


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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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