Technical Notice

ORF and ADF Testing for FIX Trade Reporting Tag Changes and Equity Short Sale Validations

May 29, 2018

On Monday, August 20, 2018, FINRA will require a change to all FIX trade reporting related to the processing of execution time during Daylight Savings Time (DST) changes. FIX Tag 60 (TransactTime) will be used to indicate the Execution Time for all products and Tag 22007 (ExecutionTime) will be retired from processing use.

Additionally, on August 20, 2018, FINRA will begin to apply validations to the OTC Trade Reporting Facility (ORF) and the Alternative Display Facility (ADF) for equity transactions submitted with the Short Sale Indicator.

Please refer to the technical notices announcing Changes to FIX Trade Reporting and Equity Short Sale Validations for more details on the upcoming changes and validations.

General Testing Information

From Monday, July 9, 2018, through Friday, August 17, 2018, firms may conduct testing for the upcoming changes and validations.1 The testing will be available through the NASDAQ Testing Facility (NTF). Details on testing registration are listed below.

Firms may test free of charge in NTF for 30 calendar days. Once a firm informs the NASDAQ test team they are starting testing, the free period will begin and cannot be interrupted. Subscribers must notify at the commencement of testing. After the 30-day period ends, normal NTF fees will apply for subscribers connecting and testing. Questions regarding NTF fees can be directed to NASDAQ Technical Services at (212) 231-5180.

In addition to testing in the NTF environment, FINRA has scheduled two Production User Acceptance Tests for the following dates:

  • Saturday, July 21, 2018
  • Saturday, August 4, 2018

FINRA encourages firms to participate in these tests. As the test dates for the Production User Acceptance Tests approach, FINRA will post additional details in a technical notice.

Test Registration

This information should be used for connecting to trade reporting in the NASDAQ Testing Facility. 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: FINRA Product Management; (866) 776-0800

Please contact FINRA Product Management or call (866) 899-2107 with questions regarding this notice.

1. During testing, FINRA will adjust software functions as required.