TRF/ADF Fractional Trade Testing

The FINRA equity trade reporting facilities (the Alternative Display Facility, the FINRA/Nasdaq TRF Carteret, the FINRA/Nasdaq TRF Chicago, and the FINRA/NYSE TRF) are now supporting testing for fractional share trade reporting in NMS stocks in their respective test facilities. The effective date for fractional share trade reporting is February 23, 2026.

As previously announced on March 22, 2024 in a FINRA Trade Reporting Notice,1 FINRA will be implementing enhancements to the FINRA equity trade reporting facilities to support the reporting of fractional share quantities. FINRA will make associated updates to its trade reporting guidance, as described in greater detail in the Trade Reporting Notice. 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.

In support of the initiative, there will be weekend production User Acceptance Testing (UAT) opportunities that will be supported by the FINRA/Nasdaq TRF Carteret, the FINRA/Nasdaq TRF Chicago, and the FINRA/NYSE TRF, the Alternative Display Facility (ADF), and the SIPs in advance of the effective date. They are as follows:

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

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 ADF - [email protected]
• FINRA/Nasdaq TRFs - [email protected]
• FINRA/NYSE TRF – [email protected]

The technical specifications for the facilities can be found on the ADF Documentation page and the TRF Documentation page on FINRA.org.

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.