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Technical Notice

User Acceptance Test TRACE Portfolio Trades and TRACE Treasuries Reporting

April 13, 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.

To support these changes, a production User Acceptance Test (UAT) will occur on Saturday, April 22, 2023. Firms should notify FINRA Market Operations of their intent to participate in the UAT via email. Please include the firm name, MPID(s) used, names of testers and web usernames, if applicable, no later than noon on Thursday, April 20, 2023, to register for the test.

The UAT will start at approximately 9:30 a.m. ET and end at approximately 12:30 p.m. ET.

The trade execution date for the test will be April 22, 2023. Please note that during this test FINRA’s Participant Data Management (PDM) system will be unavailable.

A conference line will be open for the duration of the test. Due to a limited number of lines, firms should consider sharing the line if calling from the same location.

Function Link Notes
TRAQS Production Environment

FIX Production Environment N/A Users must connect to their dedicated FIX production ports
TRACE Data Feeds N/A Production Addresses will broadcast data

Date: Saturday, April 22, 2023
Time: 9:30 a.m. – 12:30 p.m. ET
Dial-in: (800) 519-4276
Passcode: 8584438

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