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Friday, July 10, 2026

Equity Trader Alert #2026 - 39
FINRA/Nasdaq TRF FIX and ETJ Specification Updates for 23/5 Trading

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

What you need to know:

As announced in a FINRA Technical Notice, effective December 6, 2026, FINRA/Nasdaq TRF1 system hours will operate from 9:00 p.m. Eastern Time (ET) Sunday to 8:00 p.m. ET Friday, with a one-hour pause from 8:00 p.m. to 9:00 p.m. ET on Monday through Thursday. FINRA/Nasdaq TRF system hours will expand from the current 4:00 AM – 8:00 PM schedule from Monday to Friday. WorkX system hours will align with the new TRF hours. Please refer to FINRA's Rule Filing for additional information on firms’ reporting obligations.

What is changing and who is impacted by 23/5 trading?

FINRA/Nasdaq TRF participants who trade outside current TRF system hours will be affected and need to prepare for the reporting change. Trades executed during the new trading hours will have the same reporting obligations as during the current trading hours. Firms may use existing Native FIX and WorkX connections to access the FINRA/Nasdaq TRFs in expanded system hours.

FIX Trade Reporting and Equity Trade Journal Specification updates

Nasdaq is publishing FIX trade reporting and Equity Trade Journal specification version updates in support of client test planning and production readiness for 23/5 trade reporting. Refer to the 23/5 version of the FIX for Trade Reporting specifications document on the Specifications Page for these updates. ETJ updates will appear in the versions with fractional shares, as those specifications will be the only version in use at the time of the extended hours change on December 6th, per ETA #2026-20.  Client and industry testing information will be announced via subsequent Nasdaq ETAs closer to the implementation date.

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, please contact Nasdaq Trading Services or TRF Ops at +1 212 231 5180. An FAQ will be published at a later date.

For regulatory questions regarding your trade reporting responsibilities, please refer to the listed contacts in FINRA’s Technical Notice.

“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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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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