What is changing?

Effective February 23, 2026, the FINRA/Nasdaq TRF^TM1 will support fractional share quantity reporting and dissemination to both the UTP and CTA Security Information Processors (SIPs) for NMS stocks in accordance with FINRA’s Trade Reporting Notice dated 3/22/24. Fractional share reporting information will be available in the Equity Trade Journal (ETJ), TRF FIX Port Drop Copy, WorkX and TradeInfo. For further information on the details of this change, please refer to ETA #2025-40.

Nasdaq is publishing updates to the ETJ reports to expand upon trade details for fractional share quantity information. The new reports will be titled Equity Trade Journal Fractional Share, Equity Trade Journal Fractional Share – Security and Equity Fractional Share – Clearing. ETJ report specifications with fractional shares have been revised and firms should refer to the Trading Specs for the latest ETJ Specification updates.

How will ETJ testing work?

Starting February 9, 2026, firms will have the opportunity to test the ETJ Reports² with fractional shares in the Nasdaq Test Facility. To test ETJ reports, firms may submit transactional data in the Nasdaq Test Facility (NTF) environment and then contact Nasdaq Trading Services to request on-demand ETJ reports to be generated and sent to the user. Please specify ETJ report type (ETJ, ETJ for Clearing, or ETJ by Security),  the MPID and the date range related to the test data. For an ETJ Clearing report, please also specify the Clearing Number. For an ETJ by Security report, please also specify the security for the report.

Will the existing (non-Fractional Share) ETJ reports be maintained?

Both the new reports with fractional shares and the old reports without fractional shares will be available in ReportHQ for production reports on February 23, 2026. The existing ETJ reports without fractional shares will be maintained. Later this year, Nasdaq will merge the versions with fractional shares and the versions with extended timestamps so only three reports (below) will exist. The merged reports will simply be titled:

• Equity Trade Journal
• Equity Trade Journal by Security
• Equity Trade Journal for Clearing Firms

Subscribers of an Extended Timestamp version or a Fractional Shares version will be required to migrate to the merged report. Subscribers of a version of the default ETJ (without fractional shares or extended timestamps) will remain subscribed to the merged report and should anticipate the planned changes. Further information on this migration, including timelines and testing availability, will be available at a later 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 fractional share quantity change, please contact Nasdaq Trading Services or TRF Ops at +1 212 231 5180.

For fractional share quantity regulatory questions, please refer to the listed contacts in FINRA’s Trade Reporting Notice.