Finances
Equity Trader Alert #2025 – 90 REMINDER: Notice of Change to Nasdaq Testing Facility: November 17th
As previously announced in ETA #2025-77, starting February 23, 2026, FINRA/Nasdaq TRF will support trade reporting in a Fractional Share Quantity field. Firms that execute trades in fractional shares will be required to report in both the Quantity and the Fractional Share Quantity fields in accordance with FINRA’s Trade Reporting Notice dated 3/22/24 (and supplemented by FINRA’s Technical Notice dated 3/28/25).
Testing
FIX Testing in the Nasdaq Test Facility: Customers will be able to test using TRF FIX 4.2 and WorkX in the NTF. The NTF is available Monday through Thursday, 7:30 a.m. to 10:00 p.m., ET and Fridays, 7:30 a.m. to 4:00 p.m.. Customers may test free of charge for a 30 consecutive day period in the NTF by registering their firm MPID and start date with NTFbilling@nasdaq.com in advance of testing. Please indicate the testing purpose when submitting the fee waiver request. Customers who register for the testing fee waiver will be charged for such testing at the expiration of the 30 consecutive day fee waiver period. Customers who do not register for the testing fee waiver will be charged for all testing, as set out in the Price List.
Change to Nasdaq Testing Facility
Beginning November 17, 2025 the Nasdaq Testing Facility (NTF) will cut over from the usage of Production SIP data from both UTP and CTA, over to the testSIP facilities from both providers. This change to the testing facility will run for the week of November 17 – November 21, with a cutover back to production SIP data beginning November 24th. We encourage clients to test in NTF during this period as the test SIPs will be receiving and publishing fractional share data.
Additional information
For more information regarding the Nasdaq Testing Facility (NTF), including billing and registration information, please refer to our NTF Overview, FAQ, and pricing pages.
For FINRA/Nasdaq TRF technical questions about the fractional share quantity and reject message changes, please contact Nasdaq Trading Services or TRF Ops at +1 212 231 5180.
For fractional share quantity regulatory questions, please refer to the listed contacts in FINRA’s Technical Notice.
Nasdaq® is a registered trademark of Nasdaq, Inc.
“FINRA/Nasdaq TRF” means the FINRA/Nasdaq TRF Carteret and the FINRA/Nasdaq TRF Chicago, depending on the facility to which the member firm reports.
FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority, Inc.; FINRA/NASDAQ TRF™ is used under license for Financial Industry Regulatory Authority, Inc.
