FINRA Publishes TRF Specs for 23-Hour Trade Reporting

FINRA published updated technical specifications for its Trade Reporting Facilities as the industry prepares for TRF operating hours to expand to 23 hours per day, five days per week.

The technical notice says the extended schedule is expected to start on 6 December 2026. Under the plan, FINRA’s TRFs will operate from 9:00 p.m. ET on Sundays to 8:00 p.m. ET on Fridays, excluding holidays, with a one-hour pause from 8:00 p.m. to 9:00 p.m. ET Monday through Thursday.

FINRA linked the updated specifications for the FINRA/NYSE TRF and Nasdaq TRFs and pointed members to the related extended-hours rule filing. The notice also listed CTA and UTP testing windows beginning on 2 October 2026, with additional functional, rollback and confidence tests planned through 4 December 2026.

FINRA said its Alternative Display Facility will not adjust operating hours at this time. It also said additional notices will cover FINRA/Exchange Test Facility availability, further CTA and UTP testing details and updates to trade-reporting FAQs.

Why it matters

Extended-hours trade reporting is part of the broader shift toward near-round-the-clock U.S. equity trading infrastructure. Broker-dealers that report OTC trades in NMS stocks will need operations, surveillance, exception handling and vendor connectivity to match the longer reporting day.

What to watch next

The October testing calendar is the next operational milestone. Traders should watch broker notices for whether overnight execution, clearing and trade-reporting support changes before the December launch date.