Technical Notice

ORF and ADF Changes for Trade Reporting and T+2 Settlement

April 6, 2017

In accordance with the industry-led shortened settlement cycle from three business days (T+3) to two business days (T+2) FINRA will make available its changes for equity trade reporting.

Please refer to Regulatory Notice 16-09 and SR-FINRA-2016-047 for more information on the changes for the trade reporting related to shorten settlement cycle.

Details on these changes and testing information are outlined below.

ORF and ADF Trade Reporting Changes

  1. Updated Trade Modifier 1 definition of Regular
  2. Updated Seller’s Option Days definition and valid values

TDDS Changes

  1. Updated Seller’s Option Days definition and valid values

ADDS Changes

  1. Updated Seller Days definition and valid values

General Testing Information

Beginning Monday, April 10, 2017, firms can test the modifications to support the trade reporting changes in the NASDAQ Testing Facility (NTF). The NTF environment is connected to NSCC’s test environment reflecting T+2 Settlement. Testing of T+3 Settlement is no longer available in NTF.

Note: The NTF environment is available for clients to test throughout the lifecycle of the T+2 Settlement software release, weekdays from April 10, 2017, through September 1, 2017.1

FINRA will issue details regarding user acceptance testing of these changes in a future technical notice.

Test Registration

This information should be used for connecting to the trade reporting and dissemination in the NASDAQ Testing Facility (NTF). Only authorized firms may enter and process test transaction data and download reference data in the NTF environment.

Subject Information Contact

Test registration

Required

FINRA Product Management; (866) 899-2107

Testing hours

Mon – Fri 8 a.m. – 6 p.m. ET

 

Connectivity requirements – FIX and CTCI (NTF trade reporting)

To enter test trades and receive acknowledgements via FIX and CTCI, ensure you are routing messages to the NTF environment.

To authorize an NTF port connection - NASDAQ Subscriber Services at (212) 231-5180.

Connectivity requirements – TRAQS (NTF trade reporting and transaction view)

To enter test trades and view transactions on the TRAQS test website: https://www-ntf.finratraqs.org/

FINRA Operations; (866) 776-0800

Test Connectivity requirements - NTF Data Feeds (TDDS 2.0)

To receive streaming test data, firms may purchase a circuit to directly connect to the NTF IP addresses for each feed or contact their extranet provider to request access to the test data stream.

Note: The volume of test data being streamed is dependent on user trade reporting testing activity. There may be periods of time where the amount of data traffic is low.

To purchase a circuit, contact NASDAQ Subscriber Services at (212) 231-5180; Option #3.

If you connect via an extranet (e.g. Verizon), please contact your provider

ORF Specifications

ADF Specifications

TDDS Dissemination Specifications

ADDS

Questions regarding this notice or any of the equity trade reporting technical changes should be directed to FINRA Product Management at (866) 899-2107.


1. Pending a Nasdaq rule filing and SEC approval, fees to test in NTF will be waived for the first 30 calendar days, so long as the subscriber notifies Nasdaq at NTFbilling@nasdaq.com at the commencement of such testing. After the 30-calendar day period ends, normal NTF fees will apply for subscribers connecting and testing the T+2 software release. Questions regarding NTF fees can be directed to Nasdaq Technical Services at (212) 231-5180.