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Technical Notice

Second Reminder: Upcoming Effective Date for Changes Relating to FINRA ADF and TRF Timestamp Granularity

October 15, 2021

On November 15, 2021, the FINRA equity trade reporting facilities (the Alternative Display Facility, the FINRA/Nasdaq Trade Reporting Facilities and the FINRA/NYSE Trade Reporting Facility, through which member firms report OTC transactions in NMS stocks to FINRA1) will begin supporting timestamps up to nanosecond (HH:MM:SS.sssssssss) granularity in accordance with amendments to FINRA’s equity trade reporting rules. As discussed in FINRA Regulatory Notice 20-41, FINRA has amended its rules to require firms to report time fields in trade reports submitted to a FINRA equity trade reporting facility using the same timestamp granularity that they use when reporting to the Consolidated Audit Trail (CAT). Technical specifications have been published and can be found here (for the ADF) and here (for the TRFs). In addition, all participants are now able to test with the ADF and the TRFs and are encouraged to complete testing before the November 15th go-live date.

For any technical questions related to this change, please reach out to the ADF and TRFs using the contact information below:


Email FINRA Product Management or call (866) 899-2107


Email Nasdaq Trading Services  or call (212) 231-5180


Email [email protected] or call (212) 896-2830 - Option 1/1

1 The effective date for the OTC Reporting Facility (ORF) is November 14, 2022.