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Technical Notice

Update - TRACE Treasuries Hedge Primary Market Transactions

April 03, 2020

As described in a December 2019 TRACE Technical Notice, beginning June 1, 2020, members were required to begin to report transactions in U.S. Treasury Securities executed to hedge a List or Fixed Offering Price Transaction or a Takedown Transaction (as defined in FINRA Rule 6710) with an appropriate identifier.  

Due to current market conditions, and to allow members to adequately plan for this change, FINRA will delay the effectiveness of this rule until Monday, August 3, 2020.  

The testing for this change will operate as follows:

From Monday, June 1, 2020, through Friday, July 31, 2020, members may conduct testing for the upcoming change. The testing will be available through the NASDAQ Testing Facility (NTF).

Members may test free of charge in NTF for 30 calendar days. Once a member informs the NASDAQ test team testing has commenced, the free period will begin and cannot stop. Members must notify [email protected] at the commencement of testing. After the 30-day period ends, normal NTF fees will apply for connecting and testing. Questions regarding NTF fees can be directed to NASDAQ Technical Services at (212) 231-5180.

In addition to testing in the NTF environment, FINRA has scheduled Production User Acceptance Tests for the following dates:

  • Saturday July 11, 2020
  • Saturday July 25, 2020

FINRA encourages members to participate in these tests. FINRA will post additional details in a technical notice as the production test dates approach.

Test Registration

This information is for connecting for trade reporting in the NASDAQ Testing Facility. Only authorized members may enter and process test transaction data in the NTF environment.

Subject Information Contact

Test registration

Required

FINRA Product Management; (866) 899-2107

Testing hours

Mon – Fri 8 a.m. – 6 p.m. ET

 

Connectivity requirements – FIX (NTF trade reporting)

To enter test trades and receive acknowledgements via FIX ensure you are routing messages to the NTF environment.

To authorize an NTF port connection - NASDAQ Subscriber Services at (212) 231-5180.

Connectivity requirements – TRAQS (NTF trade reporting and transaction view)

To view transactions on the TRAQS test website: https://www-ntf.finratraqs.org/

FINRA Operations; (866) 776-0800

FINRA will issue additional technical notices regarding testing and other relevant information about this software release as the new production date approaches.  

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