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Technical Notice

ADF Timestamp Granularity Change for Trade Reporting

June 11, 2021

On November 15, 2021, FINRA’s Alternative Display Facility (ADF) will begin supporting timestamps up to nanosecond granularity (HH:MM:SS.sssssssss) in accordance with amendments to FINRA’s equity trade reporting rules.  Please refer to FINRA Regulatory Notice 20-41 for additional information on firms’ reporting obligations under these amendments.

ADF currently supports timestamps up to milliseconds.  Effective November 15, 2021, ADF will support timestamps of up to nanosecond granularity on all inbound and corresponding outbound (reject and acknowledgement) trade capture report messages.  

The FIX Specifications for Trade Reporting to ADF have been updated to reflect the new nanosecond timestamp formats. Firms that have been authorized to trade report to the ADF can test their FIX codes in the FINRA Test Facility (NTF) starting August 16, 2021. 

For questions regarding the specification updates or testing, please email FINRA Product Management or phone (866) 899-2107.