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Thursday, July 5, 2018

Equity Trader Alert #2018 - 52
FINRA / Nasdaq TRF –Interface Specification Updates

Category:

  • System Impact
  • New Functionality
  • Testing

Markets Impacted:

Contact Information:

Resources:

Nasdaq is publishing Version 2018-03 of its FIX and CTCI Interface Specifications to clarify changes to short sale reporting and FINRA / Nasdaq TRF Product Enhancements. This version consolidates changes made in Versions 2018-01 and 2018-02, which have been deprecated, and also notes the effective dates associated with each change.

Short Sale reporting changes were previously announced in ETA2018-23. Key dates and changes are summarized below:

As of July 16, firms may submit using FIX Tag 22024 or the CTCI field ‘Short Sale Indicator’ for short sale reporting in the TRF production environment. The system will accept either the legacy fields (FIX Tag 853/CTCI field “S/B/X”) or the new tags (FIX Tag 22024/CTCI field “Short Sale Indicator”) during a 90 day transition period. After October 15, 2018, the system will only accept the new tags; submissions with FIX tag 853 or the CTCI field ‘Short Sale Reason’ will be rejected.

The FINRA / Nasdaq TRF Product Enhancement notice was previously announced in ETA2018-41.

FINRA and Nasdaq are establishing a second Trade Reporting Facility in Chicago (FINRA/Nasdaq TRF Chicago). The production launch is scheduled for September 10, 2018. The Related Market Center and Reference Reporting Facility fields include new values for FINRA /Nasdaq TRF Chicago. This change will be effective in the TRF production environment on September 10.

Both changes are currently available in the Nasdaq Testing Facility.

If you have any questions regarding the FIX or CTCI specification documents, please contact Nasdaq Trading Services or Nasdaq TRF Product Management.

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