TRF/ADF Specifications Update for Fractional Shares

As previously announced on March 22, 2024 in a FINRA Trade Reporting Notice, FINRA is implementing enhancements to the FINRA equity trade reporting facilities¹ to support the reporting of fractional share quantities. These enhancements are being made in coordination with the Unlisted Trading Privileges (UTP) and Consolidated Tape Association (CTA) Securities Information Processors (SIPs) to facilitate the dissemination of fractional share quantities for NMS stocks. The effective date for fractional reporting and dissemination of NMS stocks is scheduled for Monday, February 23, 2026.

In the follow up Technical Notice on March 28, 2025, FINRA indicated the TRFs and the ADF would publish updates to their Technical Specifications by Monday, June 30th. Those updates are now available and can be found here:

TRF – https://www.finra.org/filing-reporting/trf/trf-documentation 

ADF - https://www.finra.org/filing-reporting/adf/adf-documentation 

Additionally, the TRFs and the ADF will support functionality testing in their respective test facilities beginning in October 2025. The weekend User Acceptance Testing (UAT) schedule that will be supported by the TRFs, the ADF, and the SIPs in advance of the effective date is as follows:

• 11/15/25
• 12/13/25
• 1/10/26
• 2/7/26

The SIPs previously announced their Technical Specification updates in Vendor Notices that were published in March 2024 ((see here for UTP (#2024-17) and CTA)). 

Firms may sign up for FINRA Facilities-related notifications via the FINRA Email Subscription Service page by accessing the “Equities” subscription list under the “Market Transparency” section.

If you have any questions, please contact FINRA Business Services.