TRF Technical Specification Updates for Extended Operating Hours
FINRA is publishing updated Technical Specifications for FINRA’s Trade Reporting Facilities1 (TRFs) in support of the upcoming extension of the TRF operating hours to 23 hours per day, five days per week.
As previously announced in a Technical Notice on May 22nd, 2026, FINRA’s TRFs will be extending their operating hours starting December 6th, 2026 such that the TRFs will be operational from 9:00 p.m. ET on Sundays to 8:00 p.m. ET Fridays, excluding holidays, with a one-hour pause from 8:00 p.m. ET to 9:00 p.m. ET on Monday through Thursday. The rule filing amending the TRF reporting rules to support extended operating hours can be found below:
The updated TRF technical specifications will become effective on December 6th, 2026. TRF alerts and updated technical specifications can be found below:
NYSE Trader Update NYSE TRF Specifications
Nasdaq Equity Trader Alert NASDAQ TRF Specifications
Testing Opportunities for CTA and UTP can be found below:
CTA
CTA will offer industry testing opportunities over production multicast IPs, Friday evenings from 11:00 pm until 12:00 pm Saturday afternoons on the following dates:
- Test 1: Friday, October 2, 2026 (Functional and Capacity)
- Test 2: Friday, October 16, 2026 (Functional/Failure Recovery)
- Test 3: Friday, October 30, 2026 (Release Rollback)
- Test 4: Friday, November 6, 2026 (Confidence Test for Pre-Launch Period)
- Test 5: Friday November 20, 2026 (Functional)
- Test 6: Friday Dec. 4, 2026 (Confidence Test for Production Launch)
UTP
UAT industry testing will begin on Friday night at 11:00 p.m. EST. The system will remain available through standard Saturday testing hours (8:00 a.m.–12:00 p.m.) to support all testing needs.
- Test 1: Friday, October 2, 2026
- Test 3: Friday, October 30, 2026 (Intraday Fallback)
- Test 4: Friday, November 6, 2026
- Test 5: Friday November 20, 2026
- Test 6: Friday Dec. 4, 2026 (Confidence Test)
FINRA will also be publishing a series of Notices to inform its membership of the following in connection with the new TRF operating hours:
- FINRA/Exchange Test Facility availability
- Additional CTA/UTP Testing Availability/Schedules
- Updates to FINRA’s Trade Reporting Frequently Asked Questions (FAQs)
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.