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Wednesday, March 14, 2018

Equity Trader Alert #2018 - 23
UPDATED: FINRA / Nasdaq TRF – Short Sale Reporting Change

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  • System Impact

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To clarify effective dates for Short Sale Reporting Changes in the Nasdaq Test Facility and Production, the notice below and the revision histories in the CTCI for Trade Reporting and Nasdaq FIX for Trade Reporting Interface Specification documents have been updated.

Effective March 14, 2018, FINRA / Nasdaq TRF is publishing an interface specification revision for short sale reporting. Nasdaq is introducing FIX tag 22024 and CTCI Field ‘ShortSaleIndicator’, which will replace FIX Tag 853 and CTCI field ‘ShortSaleReason’, respectively. Firms are encouraged to update for the short sale reporting protocol change within 90 days of the notification.

Starting April 15, 2018, users will see the new tag / field in outbound messaging and firms may begin submitting the new tag / field as of April 22 in NTF. As of July 15, firms are requested to submit using FIX Tag 22024 or CTCI field ‘Short Sale Indicator’ only for short sale reporting in Production. ACT will accept either the field Short Sale Indicator or FIX Tag 22024 during a 90 day transition period in Production. After October 15, 2018, submissions with FIX tag 853 or CTCI field ‘Short Sale Reason’ will be rejected in Production.

FIX Tag 22024 / CTCI Field ‘Short Sale Indicator’

Reason Explanation
S Sold Short
E Sold Short Exempt

The following specifications have been updated:

For any technical or operational questions, please contact US Market Operations.

Testing Opportunities

FINRA/Nasdaq TRF will make the Short Sale upgrade available in the Nasdaq Test Facility (NTF) beginning April 15, 2018. Firms wishing to gain access to NTF to test this change are invited to use NTF for a free 30-day period. Firms must contact ntfbilling@nasdaq.com via email prior to testing to begin the free test period.

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