Effective November 15, 2021, FINRA/Nasdaq TRF will support timestamps up to nanosecond (HH:MM:SS.sssssssss) granularity in accordance with recent amendments to FINRA’s equity trade reporting rules.

Currently, FINRA/Nasdaq TRF supports timestamps up to milliseconds. Starting November 15, 2021, FINRA/Nasdaq TRF will accept messages with up to nanosecond timestamp granularity as well as send all outbound messages, e.g. reject and acknowledgement messages, with nanosecond timestamp granularity, including system derived and appended timestamps.

Timestamp reporting in nanoseconds will be available in Equity Trade Journal (ETJ) reporting, TRF FIX 4.2 Ports Drop Copy, Nasdaq WorkXTM and TradeInfo. Timestamp reporting in nanoseconds will not be available in Legacy TRF FIX 4.2, Nasdaq and ACT Workstations, and CTCI ports.

Firms will be able to commence testing for nanosecond timestamps in the FINRA/Nasdaq TRF by August 16, 2021.

Firms will be able to submit timestamps up to nanoseconds to the FINRA/Nasdaq TRF using TRF FIX 4.2 ports and Nasdaq WorkXTM. If a firm will be required to report to the FINRA/Nasdaq TRF in microseconds or nanoseconds pursuant to the FINRA rule amendments, the firm must migrate to TRF FIX 4.2 or Nasdaq WorkXTM prior to November 15, 2021.

Legacy TRF FIX 4.2, Nasdaq and ACT Workstations and CTCI ports will not support nanosecond timestamp reporting. Firms not required by FINRA rules to report to the FINRA/Nasdaq TRF in microseconds or nanoseconds will not have to migrate to a supported Nasdaq service(s) by November 15, 2021.

FINRA/Nasdaq TRF Chicago and FINRA/Nasdaq TRF Carteret production systems will be available for User Acceptance Testing in accordance with the Nasdaq Saturday Testing Policy.

Let’s note that, starting in Q1 2021, Nasdaq will launch WorkXTM 2, an enriched FINRA/Nasdaq TRF trade reporting and monitoring service to improve supervisory controls, workflow efficiency, and overall product experience.