Technical Notice

FIX Format Changes

December 4, 2017

Starting Monday, March 5, 2018, FINRA will require a change to FIX Tag 22007 (Execution Time) to more accurately process execution time during Daylight Savings Time (DST) changes. This update affects firms’ transaction reports for all FINRA Multi Product Platform Products (MPP), including TRACE, The Over the Counter Trade Reporting Facility (ORF) and The Alternative Display Facility (ADF). 

Currently, Tag 22007 is defined as a UTCTimeOnly Data Type. FINRA will redefine this tag to a UTCTimestamp Data Type.   

The following transaction messages sent to FINRA are impacted:

  1. Trade Entry
  2. Trade Corrections
  3. Trade Reversals

In addition FINRA message Acknowledgements will be modified to provide Tag 22007 in the new format.

FIX Tag Format through 3/2/18 Format beginning 3/5/18
22007 Does not include date Includes Date.
YYYYMMDDHH:MM:SS.sss format

Note: TRACE For Treasuries Execution time also includes microseconds and will be validated by the following format YYYYMMDD-HH:MM:SS.sssmmm

Note - All times must continue to be sent in UTC as per FIX protocol.

Specifications:

Beginning on March 5, 2018, Tag 22007 will require a date to be included in its format. Any transaction sent via FIX which does not include a date in Tag 22007 will be rejected.

FINRA expects testing to be available in its NTF environment starting in early February, 2018. FINRA will issue a technical notice with testing details in a separate notice.

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