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Technical Notice

Reminder - Testing TRACE Portfolio Trades and TRACE Treasuries Reporting Timeframe

March 27, 2023

Beginning May 15, 2023, the following FINRA TRACE rules changes will take effect:

  1. Members must report transactions in TRACE-eligible corporate debt securities which are part of a portfolio trade with an appropriate modifier. The Sale Condition 4 modifier, available via the TRAQS secure web browser and the TRACE FIX protocol (Tag 22004), will be available for this designation, as described in Regulatory Notice 22-12.
  2. FINRA will reduce the timeframe for reporting transactions in Treasuries securities to TRACE, as described in Regulatory Notice 22-27.

Testing Access

Testing is currently available weekdays in the Nasdaq Test Facility (NTF). FINRA invites TRACE clients to also participate in Saturday production User Acceptance Tests (UAT). To gain access to TRACE all clients must use the Participant Management System (PDM) to acknowledge the terms of the FINRA Participant Agreement (FPA). PDM is also used to manage agreements and TRAQS users. For more information about PDM, please see the PDM page on For assistance with using PDM, please call FINRA Market Operations at (866) 776-0800.


Through Friday, May 12, 2023.

Function Link Notes

PDM Test Environment

Use this link to complete the FPA, manage TRAQS users and agreements for the NTF environment of MPP.

Note: The production FINRA Gateway login is used to access this site. 

TRAQS Test Environment



FIX Test Environment



Users must connect to their dedicated FIX NTF ports

Current, active, TRACE users may test free of charge in NTF for 30 calendar days. New TRACE users who have never accessed the NTF system will receive 60 days of free testing.

All users must notify [email protected] at the commencement of their testing. Once a user informs the NASDAQ test team, the testing free period will continue uninterrupted for 30 (60) calendar days. After the 30 (60)-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.

User Acceptance Testing Dates

FINRA will sponsor production User Acceptance Tests (UAT) from 9 a.m. to 12 p.m. ET on Saturday, April 22, 2023, and Saturday, May 6, 2023. Clients who wish to participate in these tests MUST register with FINRA Market Operations or at (866) 776-0800 no later than noon the Thursday prior to each UAT. FINRA will issue a reminder for these tests, including support details, as the dates approach.

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