Technical Notice

FINRA T+2 Settlement User Acceptance Tests

July 24, 2017

In accordance with the industry-led initiative to shorten the settlement cycle from three business days (T+3) to two business days (T+2), FINRA will sponsor two production User Acceptance Tests (UAT) to allow clients to test the changes for T+2 Settlement for the Over-The-Counter Reporting Facility (ORF) and the Alternative Display Facility (ADF). These tests will occur on Saturday, August 5, 2017 and Saturday, August 19, 2017. The details for the August 5th test are listed below. FINRA will distribute a separate technical notice detailing the specifics for the August 19th test.

Testing Details/Guidelines – August 5, 2017 UAT

Firms and Service Bureaus may use the Computer-to-Computer Interface (CTCI)1, Financial Information eXchange (FIX) protocols, and TRAQS Web browser to report transactions for the UAT. CTCI and FIX users will connect via their production circuits. Equity trade reporting web users should use the production TRAQS URL: https://www.finratraqs.org.

Firms should notify FINRA Market Operations of their intent to participate in the UAT via an email to FINRAOperations@finra.org. Please include the firm name, MPID(s) to be used, names of testers and web usernames, if applicable no later than noon on Thursday August 3, 2017 in order to successfully register for the test.

Note 1: AGU and QSR trades will be supported as long as valid USA (Uniform Service Agreements) are in effect.

Note 2: For Match and Break scenarios, firms should reach out to other counterparty firms to partner for the test in order to produce matching trades.

Clearing Firms

Clearing firms are invited to participate in the test to monitor their correspondents’ trade activity marked for clearing. Clearing firms may use the TRAQS Clearing Scan function. 

Because NSCC cannot receive trades via its production connection on Saturdays, FINRA will submit the Saturday test’s clearing instructions through the FINRA-NSCC test connection to NSCC on Monday, August 7, 2017 with a Trade Date of August 7th. Clearing firms will be able to reconcile Saturday’s trade activity in ORF against the Universal Trade Capture’s output from the NSCC’s test environment on Monday, August 7.

Note: Trades entered in the ADF and ORF test region (NTF) on Monday, August 7, 2017, will not be sent to the NSCC test region in order to keep the files separate from the Saturday production test trade activity.

The UAT will start at approximately 9 a.m. ET and end at approximately 12 p.m. ET. The conference line listed below will be open for the duration of the test. Due to a limited number of lines, firms should consider sharing the line if calling from the same location.

Date: Saturday, August 5, 2017
Time: 9 a.m. – 12 p.m. ET
Dial-in: (800) 519-4276
Pass code: 8584438


1. Available for ORF only.