FINRA T+1 Settlement User Acceptance Tests (UAT)
In accordance with the industry-led initiative to shorten the settlement cycle from two business days (T+2) to one business day (T+1), FINRA will sponsor two production User Acceptance Tests (UAT) to allow clients to test the changes for T+1 Settlement for the Over-The-Counter Reporting Facility (ORF) and the Alternative Display Facility (ADF). These tests will occur on Saturday, May 4, 2024, and Saturday, May 18, 2024. The details for the May 4th test are listed below. FINRA will distribute a separate technical notice detailing the specifics for the May 18th test.
UAT Testing Details/Guidelines – May 4, 2024
Firms and Service Bureaus may use the Financial Information eXchange (FIX) protocol, and the TRAQS Web browser to report transactions for the UAT. FIX users will connect via their production circuits. Equity trade reporting web users should use the production TRAQS URL: https://www.finratraqs.org.
Firms should notify FINRA Market Operations of their intent to participate in the UAT via an email to [email protected]. Please include the firm name, MPID(s) to be used, names of testers and web usernames, if applicable no later than noon on Thursday, May 2, 2024, to successfully register for the test.
Note 1: AGU and QSR trades will be supported as long as valid USA (Uniform Service Agreements) are in effect.
Note 2: For Match and Break scenarios, firms should reach out to other counterparty firms to partner for the test in order to produce matching trades.
Clearing Firms
Clearing firms are invited to participate in the test to monitor their correspondents’ trade activity marked for clearing. Clearing firms may use the TRAQS Clearing Scan function.
Because NSCC cannot receive trades via its production connection on Saturdays, FINRA will submit the Saturday test’s clearing instructions through the FINRA-NSCC test connection to NSCC on Monday, May 6, 2024, with a Trade Date of May 6th. Clearing firms will be able to reconcile Saturday’s trade activity in ORF against the Universal Trade Capture’s output from the NSCC’s test environment on Monday, May 6.
Note: Trades entered in the ADF and ORF test region (NTF) on Monday, May 6, will not be sent to the NSCC test region in order to keep the files separate from the Saturday production test trade activity.
The UAT will start at approximately 9 a.m. ET and end at approximately 12 p.m. ET. The conference line listed below will be open for the duration of the test. Due to a limited number of lines, firms should consider sharing the line if calling from the same location.
Date: Saturday, May 4, 2024
Time: 9 a.m. – 12 p.m. ET
Dial-in: (800) 519-4276
Pass code: 8584438