Tuesday, April 6, 2021

Equity Trader Alert #2021 - 24
Nasdaq WorkX Product Launch on Monday, April 12, 2021


  • System Impact

Markets Impacted:

Contact Information:


Pending a filing with the SEC, effective Monday, April 12, 2021, Nasdaq will be introducing WorkX™ (pronounced ‘Works’) and Real-Time Stats, which are re-platformed and upgraded versions of the ACT Workstation and Nasdaq InterACT services, respectively.

Nasdaq WorkX™ will facilitate trade reporting and clearing functions for the FINRA/Nasdaq Trade Reporting Facility Carteret and the FINRA/Nasdaq Trade Reporting Facility Chicago (collectively, the “FINRA/Nasdaq TRFs1”). Nasdaq Real-Time Stats will provide trade statistics for activity on the FINRA/Nasdaq TRFs. WorkX™ is designed to facilitate FINRA member reporting in accordance with FINRA’s trade reporting rules (see the FINRA Rule 6300A and 7200A Series); WorkX™ does not change or impact FINRA/Nasdaq TRF processing, electronic FIX submission or the FIX for Trade Reporting Specification.

Firms will migrate to WorkX™ each month in waves starting April 12, 2021. Firms may request to migrate in a given wave or be assigned a migration wave. In the first month of transitioning to WorkX™ and Real-Time Stats, users will have the option of operating both the ACT Workstation and InterACT products and the re-platformed WorkX™ and Real-Time Stats products. After the first month on the re-platformed service, a member firm will be expected to fully migrate to the re-platformed product.

Nasdaq is offering the same pricing structure for Nasdaq WorkX™ and Real-Time Stats as for ACT Workstation and Nasdaq InterACT services, respectively. In the first month of usage (i.e. when WorkX™ and Workstation services are available to users in parallel), WorkX™ and Real-Time Stats fees will be waived. After the first month of service on each of the re-platformed products, a member firm will be charged for any fees incurred for using the new products thereafter.

As previously announced in ETA2020-81 , Nasdaq will support timestamps up to nanosecond (HH:MM:SS.sssssssss) granularity in accordance with amendments to FINRA rules, effective November 15, 2021. Firms will be able to submit timestamps up to nanoseconds to the FINRA/Nasdaq TRF using TRF FIX 4.2 ports and Nasdaq WorkX™. If a firm is 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 and/or Nasdaq WorkX™ prior to November 15, 2021.


Prior to their WorkX™ migration, customers are encouraged to test Nasdaq WorkX™ service offerings as follows:

  1. Customers can perform WorkX™ UAT tests in the Nasdaq Test Facility. Customers may request UAT access using WorkX™ WorkX Service Request Form. There is no fee associated with WorkX™ testing in the Nasdaq Test Facility.
  2. Customers can perform WorkX™ UAT tests in the Production environment prior to WorkX™ migration. Customers may contact Nasdaq Trading Services by email or by phone (212) 231-5180 to set up WorkX™ weekend production testing. FINRA/Nasdaq TRF Chicago and FINRA/Nasdaq TRF Carteret production systems will be available for Production User Acceptance Testing in accordance with the Nasdaq Saturday Testing Policy .

Service Requests

To request a WorkX™ Service in UAT or Production environments, please complete the WorkX Service Request Form.

More Information

If you would like to learn more about WorkX™, please refer to the WorkX™ product page or contact Nasdaq TRF Product Management to set up a product demonstration.


1: “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.

2: 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.

Please follow Nasdaq on Facebook RSS and Twitter.

Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.