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Wednesday, February 18, 2026

Equity Trader Alert #2026 - 9
REMINDER: Final Fractional Shares Testing Opportunity

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

Change Overview

Effective February 23, 2026, FINRA/Nasdaq TRFTM 1 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 2. FINRA/Nasdaq TRF will not support fractional share reporting for clearing transactions. Please refer to FINRA's Notice for additional information on firms’ reporting obligations. Please refer to ETA #2025-40 for more specific information related to fractional share reporting on the FINRA/Nasdaq TRF.

Testing Opportunities

Customers are encouraged to test in preparation for the changes to the FINRA/Nasdaq TRF to support the reporting of Fractional Share quantities. The final Confidence Test before the fractional shares launch will occur on 2/21/26. Testing in the Nasdaq Test Facility (NTF) is currently available.

ETJ Testing and Specification Updates

Nasdaq published an ETJ Specification update on 2/13/26 to reflect the new report with fractional shares. ETJ Testing will occur via manual requests to Nasdaq Trading Services and will exclusively use NTF data. Note that this means ETJ testing will not be available for the final Saturday UAT production testing session. ETJ testing will occur through Friday, February 20th. For more details, please refer to ETA #2026-4.

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.

1: “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.

2: FINRA issued a Technical Notice on 3/28/25 announcing the effective date for the change. See here.

FINRATM, Trade Reporting FacilityTM and TRFTM are trademarks of Financial Industry Regulatory Authority, Inc.; FINRA/NASDAQ TRFTM is used under license for Financial Industry Regulatory Authority, Inc.


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