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What do Firms Need to Know?
Upcoming changes to the FINRA/Nasdaq TRFs™ will expand the trade modifier acceptance criteria to facilitate the reporting of trades greater than T+365, as well as on holidays/weekends with certain modifiers. Updated validations will be based on the trade date (Tag 75) and publish trade indicator (Tag 852) values. This expanded trade acceptance criteria will be effective in production for FINRA/Nasdaq TRF Chicago by July 18, 2025, and for FINRA/Nasdaq TRF Carteret by August 1, 2025.
What is Changing?
The table below shows the expanded trade acceptance criteria. In cases where the acceptance criteria will be changed, the previous acceptance criteria are crossed out and the expanded acceptance criteria are highlighted.
| Expanded Trade Acceptance Criteria | ||||
| Trade Scenario | Tag 277 Mod 1 Required Value | Tag 277 Mod 2 Required Value | Tag 277 Mod 3 Required Value | Tag 277 Mod 4 Required Value |
| Weekday ( | C, L, or 0 | Blank, 2, 3, 4, 6, 7, 8, 19, or 20 | Blank, I, 1, or 5 | Blank, B, N, or 9 |
| Weekday (>T+365 days) & Tape* | C, L, or 0 |
Blank, 2, 3, 4, 6, 7, 8, 19, or 20 |
Blank, I, 1, or 5 |
Blank, B, N, or 9 |
| Weekday & No tape** | C, L, or 0 | Must be Blank | Must be Blank | Blank, 16, or 18 |
| Holiday / Weekend*** ( | C, L, or 0 | Must be Blank |
1 or 5 |
Blank, B, N, or 9 |
| Holiday / Weekend*** (>T+365 days) & Tape* | C, L, or 0 | Must be Blank |
1 or 5 |
Blank, B, N, or 9 |
| Holiday / Weekend*** & No Tape** | C, L, or 0 | Must be Blank | Must be Blank | Blank, 16, or 18 |
*Tag 852 = Y signifies Tape reporting
**Tag 852 = N signifies No Tape reporting
***Weekend execution dates are Saturday at 12:00:00 am through Sunday at 11:59:59 pm
Firms should be aware that they may need to modify their reporting behavior to ensure that the appropriate modifiers are appended, as summarized in the chart above. Additional validations pertaining to trade modifiers (e.g., combinations, execution time, etc.) may apply. Review the Nasdaq Specifications Page for additional details.
Testing Information for Customers
Firms are encouraged to test the new reporting behavior in advance of the production change on July 18, 2025 for FINRA/Nasdaq TRF Chicago and on August 1, 2025 for FINRA/Nasdaq TRF Carteret. Weekday testing is available using FIX Trading Reporting or WorkXTM. Customers may test this new functionality with FIX free of charge for a 30 consecutive day period in the Nasdaq Test Facility (NTF) by registering their firm MPID and start date with NTFbilling@nasdaq.com prior to the commencement of testing. Please indicate the testing purpose when submitting the fee waiver request. Notably, WorkXTM testing in NTF is always free.
More Information
If you have additional questions, please contact Nasdaq TRF Operations at +1 212 231 5180 orFINRA Market Operations at +1 866 776-0800.
““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.