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Wednesday, August 12, 2026

UTP Vendor Alert #2026 - 24
UPDATE: UTP SIP Extended Trading Hours

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • As prefaced in UTP SIP Vendor Alert #2026-20, the continued implementation plan for UTP SIP Extended Trading Hours includes the following:
    • The updated UTP SIP transmission schedule supporting Extended Trading Hours will take effect on December 6, 2026. Please refer to the updated transmission schedule on the UTP Technical Specifications page for detailed information.
    • Beginning in October 2026, the UTP SIP will offer evening format testing on select weekdays. The evening broadcast service will end on December 6, 2026, after which firms should use Saturday UAT sessions for format testing.
    • Effective December 6, 2026, the UTP SIP will introduce a new overnight LULD indicator value, which firms can test during the Extended Trading Hours UAT testing beginning in October 2026. Please refer to UTP SIP Vendor Alert #2026-20,for the Extended Trading Hours UAT testing schedule.

What is Changing?

As prefaced in UTP SIP Vendor Alert #2026-20, the continued implementation plan for UTP SIP Extended Trading Hours includes the following:
  • The UTP SIP evening test broadcast service will be discontinued on December 6, 2026; after that date, firms should participate in Saturday UAT sessions for format testing. Beginning in October 2026, the UTP SIP will offer evening format testing on select weekdays.
  • Effective December 6, 2026, the UTP SIP will introduce a new overnight LULD indicator value, which firms can test during the Extended Trading Hours UAT testing beginning in October 2026. Please refer to UTP SIP Vendor Alert #2026-20,for the Extended Trading Hours UAT testing schedule.

When will the new UTP Transmission Schedule be in effect?

As mentioned in UTP SIP Vendor Alert #2026-20, the updated UTP SIP transmission schedule supporting Extended Trading Hours will take effect on December 6, 2026. Please refer to the updated transmission schedule on the UTP Technical Specifications page for detailed information.

When will evening format testing no longer be available?

To support the implementation of Extended Trading Hours, the evening test broadcast service will be discontinued effective December 6, 2026.

Beginning in October 2026, the evening test broadcast service will be available only on select weekdays. UTP will provide updated broadcast schedule details in future announcements before the change takes effect.

Why will evening format testing be discontinued when Extended Trading Hours begin?

Beginning December 6, 2026, the UTP SIP will operate 23 hours a day, five days a week to support Extended Trading Hours. Operations will run from Sunday at 9:00 p.m. ET through Friday at 8:00 p.m. ET, with a planned one-hour maintenance window each evening from approximately 8:00 to 9:00 p.m. ET.

Because the current evening test broadcast runs from 9:30 to 10:30 p.m. ET, the service cannot continue under the new UTP SIP transmission schedule.

How can data subscribers and participants conduct format testing after December 6?

After December 6, 2026, data subscribers and participants should participate in UTP Saturday UAT sessions for format testing.

Please refer to the UTP transmission schedule on the Technical Specifications page for more information.

What new data elements will the LULD Overnight Indicator Message include?

To support Extended Trading Hours, the CTA and UTP Operating Committees have requested that the processors support additional trading protection messages during Extended Trading Hours. These protections will work similarly to the SEC’s current Limit Up-Limit Down (LULD) mechanism, which is designed to limit extraordinary volatility by preventing trades in NMS stocks outside specified price bands.

During Extended Trading Hours, the UTP SIP will distribute new Protection Price Limits that exchanges and other market participants can use to prevent trades outside those limits. The Listing Market will establish the limits and related procedures, then send them to the UTP SIP for distribution through the existing LULD Price Band Message (Category A – Type P).

Effective December 6, 2026, the UTP SIP will introduce a new overnight LULD indicator value to production:

LULD Price Band Indicator

Description Value
Opening Update A
Intra-Day Update B
Restated Value C
Suspended during trading halt or trading pause D
Re-Opening Update E
Outside price band rule hours F
Extended Operational Hours (9pm – 4am)
  • Initial / Update Value
  • Zeroing Value
 “G”
“H”
None provided <space>

Please refer to the updated UTP Output Specifications page for additional message details.

What is the implementation timeline for the LULD Overnight Indicator?

Effective December 6, 2026, the UTP SIP will introduce the new overnight LULD indicator value to production.

The indicator has been available in the UTP evening test broadcast since July 13, 2026. Firms may continue testing during Extended Trading Hours UAT sessions beginning in October. Please refer to UTP SIP Vendor Alert #2026-20 for the UAT schedule.

Who should I contact for additional information?