Reminder - TRACE Allocations
As previously announced on February 5, 2026, beginning Monday, June 8, 2026, as described in Regulatory Notice 25-17, FINRA will introduce a new “Allocations” field across all TRACE products. This new field permits a firm that is both a broker-dealer and an investment adviser to report allocations of specified orders to managed customer accounts in a streamlined, aggregated manner.
| Project Timeline | Date |
|---|---|
| NTF* | April 6, 2026 (Previously announced as March 23, 2026) |
| UAT 1 | May 9, 2026 |
| UAT 2 | May 16, 2026 |
| Production | June 8, 2026 |
FINRA has updated the below documentation to reflect the change. Please note: The FIX changes will be available in both the current legacy and Native FIX environments.
| TRACE FIX Specification | Effective June 8, 2026 |
|---|---|
| Corporates and Agencies (Legacy) | Version 1.6 |
| Corporates and Agencies (Native FIX) | Version 2.1 |
| Securitized Products (Legacy) | Version 1.9 |
| Securitized Products (Native FIX) | Version 2.1 |
| Treasury Securities (Legacy) | Version 1.6 |
| Treasury Securities (Native FIX) | Version 2.1 |
| Web User Guides | Effective June 8, 2026 |
|---|---|
| Corporates and Agencies | Version 6.3 |
| Securitized Products | Version 6.3 |
| Treasury Securities | Version 3.3 |
| Dissemination | Effective June 8, 2026 |
|---|---|
| TRACE BTDS Specification | BTDS MOLD/UDP v5.1 |
| TRACE BTDS 144a Specification | BTDS-144A MOLD/UDP v3.1 |
| TRACE ATDS Specification | ATDS MOLD/UDP v4.1 |
| TRACE SPDS Specification | SPDS MOLD/UDP v3.1 |
| TRACE SPDS 144a Specification | SPDS-144A MOLD/UDP v2.1 |
| FINRA ADDS User Guide | Effective June 8, 2026 |
|---|---|
| FINRA ADDS User Guide | Version 18.0 |
*TRACE clients may test free of charge in NTF for 30 calendar days. All users must notify [email protected] at the commencement of their testing. Once a user informs the NASDAQ test team, the testing free period will continue uninterrupted for 30 calendar days. 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.
Please contact FINRA Client & System Management with technical questions regarding this notice. For all other questions related to this change, please r