Skip to main content
Technical Notice

FINRA API Reference Data Multi Factor Authentication (MFA) Testing

May 01, 2024

Currently, FINRA API users wishing to get access for TRACE, ADF, ORF, and TRF Reference Data are required to download a digital certificate and present verified user id and password credentials to access the API. As part of its Transparency Services improvement initiatives, FINRA is introducing a new method for users to gain secure access to the API.

FINRA will replace digital certificates with Multi Factor Authentication (MFA) for access to the API. Multi Factor Authentication is a secure, robust entitlement process, ensuring data and user access protection by requiring the user to submit two separate values to identify themselves.

FINRA has updated the ADF, ORF, and TRACE API Reference User Guides available on A dedicated TRAQS/API Multi Factor Authentication User Guide and MFA Web Help Page are also available for reference. FINRA recommends that users review these guides to familiarize themselves with the new processes for continued API secure access.

To access the API, users will need to be entitled to use the product, have an assigned user name (Email address) and password, answer security questions and have at least one second factor authentication method. Users will be required to enroll in MFA in the NTF and/or production environments as the environments become available for enrollment.

The available second factor authentication methods include:

  • Okta Verify;
  • Google Authenticator;
  • SMS Authentication; and
  • Voice Call Authentication.

Signup and usage of these methods are illustrated in the Multi Factor Authentication User Guide. Existing, active users will be emailed automatically when MFA is implemented.

To establish a new API user name, a person with administrator access to the FINRA Order Form must complete the FINRA Order Form. An email will then be sent to the user containing an invitation to access the NASDAQ MFA service.

Testing via NTF:

Beginning the week of April 29, 2024, FINRA users may test the Multi Factor Authentication entitlement process for the API via the NASDAQ Testing Facility (NTF). At a later date FINRA will announce users’ access to the production region for API access.




Setup entitlement for API user access NTFhttps://mpp-test.nasdaq.comAllows user to access their NTF user profile and all files in new NTF platform via Multi Factor Authentication
FINRA TRAQS NTFhttps://www-ntf.finratraqs.orgAllows user to access all files in new NTF platform via Multi Factor Authentication
Access to API reference datahttps://apidownload-ntf.finratraqs.orgAllows user to review API files


Users may test free of charge in NTF for 30 calendar days. Users must notify [email protected] at the commencement of testing. Once a user informs the NASDAQ test team, the testing free period will continue uninterrupted for 30 calendar days. After the 30-day period ends, normal NTF fees will apply for connecting and testing. Questions regarding NTF fees can be directed to NASDAQ Technical Services at (212) 231-5180.

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