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Monday, December 15, 2025

Equity Trader Alert #2025 - 100
Changes to FINRA/Nasdaq TRF System Hours Effective March 30, 2026

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

What you need to know:

In accordance with FINRA Regulatory Notice 25-15, the FINRA/Nasdaq TRF1 will begin supporting trade reporting starting at 4:00 AM Eastern Time (ET) on business days effective March 30, 2026. The new FINRA/Nasdaq TRF service hours will be 4:00 AM to 8:00 PM ET each business day, expanded from the current system hours of 8:00 AM – 8:00 PM ET each business day.  For information on changes to firms’ reporting obligations in connection with expanded TRF hours, please refer to FINRA's rule filing: SR-FINRA-2025-011.

To prepare for these upcoming regulatory changes, please review the Nasdaq FIX trade reporting specification update. Clients are encouraged to test system changes in preparation for the reporting rule change. Details on client system testing availability will be provided in a future alert.

How will this change affect WorkX system hours and Price Override Requests (POR)?

WorkXTM hours will also be expanding in support of the new FINRA/Nasdaq TRF system hours, from 4:00 AM to 8:00 PM ET, effective March 30, 2026. WorkX add-on features (Post-Trade Risk, Equity Risk Checks (EQRC), Compliance Dashboard, Real-Time Stats and PRO Monitor services) will be available with the new system hours.

The POR feature in WorkX PRO Monitor, which allows for trades rejected for a price out of override range to be re-submitted to FINRA for review, will be available at 4:00 AM ET starting March 30, 2026, in accordance with FINRA's updated reporting rules.

Other FINRA/Nasdaq TRF Updates

It was announced in ETA #2025-40 that the FINRA/Nasdaq TRF is expanding its FIX reject messages to include all trade information reported by its clients. This change was initially scheduled for Q4 2025, but it has been delayed to a future date. Details on testing availability and the production date will be shared in a future alert.

More Information

Please refer to the Specifications Page for more information on the FIX Trading Reporting.

“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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