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Tuesday, September 8, 2026

Equity Trader Alert #2026 - 50
FINRA/Nasdaq TRF 23/5 Expanded Hours Client Testing Schedule and FAQs

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

As announced in a May FINRA Technical Notice and in ETA #2026-39, the FINRA/Nasdaq TRFs will move to a 23/5 schedule on December 6, 2026. To answer expected client questions, Nasdaq has released a Post-Trade 23/5 FAQ, which can be found on Nasdaq's Global Trading Hours Hub.

Client Testing Schedule

The FINRA/Nasdaq TRFs will offer 23/5 hours in the Nasdaq Testing Facility (NTF) beginning September 28th, 2026. There will be Saturday UAT testing options available that will align with the SIP industry dates and Nasdaq on-exchange testing.

Nasdaq Test Facility (NTF)

  • September 28, 2026

Weekend Production User Acceptance Test (UAT) Schedule

  • October 2, 2026
  • October 16, 2026
  • October 30, 2026
  • November 6, 2026
  • November 20, 2026
  • December 4, 2026

Customers will be able to test using TRF FIX 4.2 and WorkX in the NTF. Customers may test with TRF FIX free of charge for a 30 consecutive day period in the NTF by registering their firm MPID and start date with NTFbilling@nasdaq.com in advance of testing. Please indicate the testing purpose when submitting the fee waiver request. Customers who register for the testing fee waiver will be charged for such testing at the expiration of the 30 consecutive day fee waiver period. Customers who do not register for the TRF FIX testing fee waiver will be charged for all testing, as set out in the Price List. Customers can test WorkX free of charge in the NTF.

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 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.

“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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