Final Reminder - FINRA TRACE Securitized Products Replatform and Data Feed Protocol Changes

As part of its Transparency Services improvement initiative, FINRA will re-platform TRACE Securitized Products to a new Linux-based operating system. The implementation date for this initiative is Monday, May 19, 2025.

On May 19, 2025, FINRA will introduce a new protocol to the TRACE Securitized Products Data feeds – SPDS, and SPDS-144A. TRACE data feed clients must adhere to the new protocol and feed changes. The legacy SPDS and SPDS-144A data feed addresses will discontinue publishing after the close of business on Friday, May 16, 2025. 

From May 19 through June 16, 2025, FINRA will use best efforts to disseminate the legacy Original Sequence Number in the Original Trade Identifier fields in the SPDS and SPDS-144A data feeds for cancels and corrections completed against original trades processed and disseminated prior to May 19, 2025.  After June 16, only the Original Trade Id values will be used, as the 20 day transition period of trades that can be acted upon prior to the MOLD feeds going live will have expired. In the event the Original Trade Identifier field is zero-filled, data feed clients should attempt to match up trade details from the original trade in the trade section of the message format. 

Testing:

NTF: Weekdays 8 a.m. – 6 p.m. ET

Evening Feed Testing: Weekdays 9:30 p.m. – 10:30 p.m. ET

Production Parallel Period: Weekdays 8 a.m. – 6:30 p.m. ET

Legacy SPDS and SPDS-144A multicast and SPDS, SPDS-144A 2.1 (MOLD/UDP) feed versions will concurrently broadcast weekday TRACE transaction production data through May 16, 2025. 

FINRA does not recommend using SPDS and SPDS-144A 2.1 (MOLD/UDP) data for presentation into client production data feed engines until May 19, 2025. 

It is required that all TRACE data feed clients will accommodate the data feed changes by Monday, May 19, 2025.

Please email FINRA Client and System Management with questions regarding this notice.