Skip to main content
Technical Notice

Trade Reporting and T+1 Settlement Testing

November 27, 2023

Effective May 28, 2024, in accordance with the industry-led shortened settlement cycle from two business days (T+2) to one business day (T+1), FINRA will implement its changes for equity trade reporting. Please see DTCC notice for details of the financial industry coordination for this project and FINRA’s initial Technical Notice for this initiative which includes updates to its specifications.

The FINRA test facility (NTF) will be available testing this program beginning Monday, December 4, 2023.

Testing Access:

FINRA invites ADF and ORF clients to test weekdays in the Nasdaq Test Facility (NTF). To gain access all clients must use the Participant Data Management System (PDM) to acknowledge the terms of the FINRA Participant Agreement (FPA). PDM is also used to manage agreements and TRAQS users. For more information about PDM, please see the PDM page on For assistance with using PDM, please call FINRA Market Operations at 866.776.0800.

NTF: Monday, December 4, 2023, through Friday, May 24, 2024.




PDM Test Environment

Use this link to complete the FPA, manage TRAQS users and agreements for the NTF environment of MPP

Note: The production FINRA Gateway login is used to access this site.

TRAQS Test Environment 


FIX Test Environment



Users must connect to their dedicated FIX NTF ports

Current, active, ADF and ORF users may test free of charge in NTF for 30 calendar days. New users who have never accessed the NTF system will receive 60 days of free testing.

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 (60) calendar days. After the 30 (60)-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 Product Management or call (866) 899-2107 with questions regarding this notice.