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Technical Notice

FINRA/Nasdaq TRF Issue

December 01, 2023

The FINRA/Nasdaq TRF1 experienced an issue today, Friday, December 1, 2023, from 8:00 a.m. ET through 9:23:22 a.m. ET.   The FINRA/Nasdaq TRF was rejecting trade reports for a subset of firms, and the root cause was due to a misconfiguration on Nasdaq’s Post Trade Risk system. The configuration was an update to the Post Trade Risk system in preparation for ACT Risk Management service retirement.

This issue was resolved with manual configuration updates until Nasdaq was able to systemically restore settings. Additional details can be found at

All firms are advised to resubmit all of their rejected trade reports from that time period.

If firms are having issues or have further questions, they should contact Nasdaq Market Operations at (212) 231-5180.

1. “FINRA/Nasdaq TRF” means the FINRA/Nasdaq TRF Carteret and the FINRA/Nasdaq TRF Chicago, depending on the facility to which the member firm reports.