TRACE Allocations – Available in NTF and Prod Nightly Replay
As previously announced on February 5, 2026 and March 13, 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 change is now available in NTF.
*NEW* Nightly Replay:
Beginning Monday, May 4, 2026, the ATDS, BTDS, BTDS-144A, SPDS and SPDS-144A nightly test replay will be disseminated with the new Allocations field. TRACE data recipients are invited to process the replay via the weeknight test IP addresses. The nightly test replay is planned to be available from approximately 9:30 – 10:30 p.m. ET each weekday evening. The data contents will be static and will only change periodically until the production date.
| Project Timeline | Date |
|---|---|
| NTF* | April 6, 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 2.1a |
| 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 refer to the contacts listed on the Regulatory Notice.