FINRA Adopts Amendments to Extend the Trade Reporting Facilities Operating Hours

Summary

FINRA has adopted amendments to Rules 6380A and 6380B to extend the operating hours of the FINRA Trade Reporting Facilities from opening at 8:00 a.m. Eastern Time to opening at 4:00 a.m. Eastern Time each business day. These amendments will take effect on March 30, 2026.

The text of the amended rules is available in the online FINRA manual.

Questions concerning this Notice may be directed to:

• Brendan Loonam, Senior Director, Market & Regulatory Services, at (212) 858-4203 or by email; or
• for legal or interpretive questions, Nawreen Sattar, Associate General Counsel, Office of General Counsel, at (646) 315-7300 or by email.

Background & Discussion

The FINRA/NYSE Trade Reporting Facility, the FINRA/Nasdaq Trade Reporting Facility Carteret and the FINRA/Nasdaq Trade Reporting Facility Chicago (the “Trade Reporting Facilities” or “TRFs”) provide FINRA members with a mechanism for reporting over-the-counter (OTC) trades in NMS stocks. Currently, the operating hours of the TRFs are 8:00 a.m. Eastern Time (ET) to 8:00 p.m. ET¹ each business day.² These operating hours are reflected in the transaction reporting rules for the FINRA/Nasdaq TRFs (Rule 6380A (Transaction Reporting)) and the FINRA/NYSE TRF (Rule 6380B (Transaction Reporting)). Generally, these rules require transactions executed between 8:00 a.m. and 8:00 p.m. on a business day to be reported as soon as practicable but no later than ten seconds after execution, while transactions executed at other times when the TRFs are closed must be reported by 8:15 a.m. after the TRF system opens.

FINRA has amended its TRF reporting rules to provide that the TRF operating hours will now begin at 4:00 a.m. each business day.³ Under the amended TRF reporting rules, transactions executed between 4:00 a.m. and 8:00 p.m. on a business day must be reported as soon as practicable but no later than ten seconds after execution, while transactions executed at other times when the TRFs are closed must be reported by 4:15 a.m. after the TRF system opens. Specifically:

• transactions executed between 9:30 a.m. and 4:00 p.m. on a business day must be reported as soon as practicable but no later than ten seconds after execution;
• transactions executed between 4:00 a.m. and 9:30 a.m., or between 4:00 p.m. and 8:00 p.m., on a business day must be reported as soon as practicable but no later than ten seconds after execution with the unique trade report modifier to denote execution outside normal market hours;
• transactions executed between midnight and 4:00 a.m. on a business day must be reported by 4:15 a.m. that business day with the unique trade report modifier to denote execution outside normal market hours; and
• transactions executed between 8:00 p.m. and midnight, or on any non-business day, must be reported by 4:15 a.m. the next business day, designated “as/of” to denote execution on a prior day with the unique trade report modifier to denote execution outside normal market hours. 

The amendments will become effective on March 30, 2026.⁴

Endnotes