23x5 TRF/CAT Testing | FINRA.org

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Technical Notice

23x5 TRF/CAT Testing

October 30, 2026

FINRA is publishing this Technical Notice to announce that FINRA CAT will support TRF/Exchange linkage testing in the CAT Industry Test Environment in coordination with the FINRA TRFs1 and exchanges participating in the weekend test of extended hours scheduled for November 6 and 7, 2026. Firms are encouraged to participate.

As previously announced in a Technical Notice on May 22, 2026, FINRA’s TRFs will be extending their operating hours starting December 6, 2026, such that the TRFs will be operational from 9:00 p.m. ET on Sundays through 8:00 p.m. ET Fridays, excluding holidays, with a one-hour technical pause from 8:00 p.m. ET to 9:00 p.m. ET Monday through Thursday. 

Firms participating in the testing on November 6 and 7, 2026, are encouraged to:

  • Identify their interest to participate in the CAT reporting component of the test with the FINRA CAT Helpdesk (888-696-3348 or [email protected]).
  • Submit corresponding linkage-eligible CAT Events to the CAT Industry Test Environment after it opens on November 6, 2026 and prior to 8:00 a.m. ET on November 7, 2026.
  • Verify linkage results and any resulting feedback returned through standard CAT Industry Test processing.

Additionally, member firms that wish to test are encouraged to reach out to their respective equity trade reporting facilities to register for testing, as follows:

FINRA/Nasdaq TRFs:

FINRA/NYSE TRF:

Please note: This will be the only CAT-supported TRF/Exchange linkage testing opportunity associated with the industry-wide 23x5 extended hours initiative prior to production implementation on December 6, 2026. 

After this test, there will still be two more opportunities to test firm readiness for 23x5 trading:

  • Friday, November 20, 2026; and
  • Friday, December 4, 2026 (Confidence Test).

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.

1 FINRA’s Trade Reporting Facilities are the FINRA/NYSE TRF, the FINRA/Nasdaq TRF Carteret, and the FINRA/Nasdaq TRF Chicago. FINRA’s Alternative Display Facility (ADF), which is also a trade reporting facility for the purpose of reporting Over-The-Counter (OTC) trades in NMS stocks, will not be adjusting its operating hours at this time.