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Friday, March 28, 2025

UTP Vendor Alert #2025 - 6
UPDATE New Release Date: SIP Fractional Share Trade Reporting Enhancements

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • FINRA has published an UPDATED Technical Notice, and it is now expected to launch Fractional Share reporting on Monday, February 23, 2026.

  • As previously announced in March 2024, FINRA is planning to implement enhancements to the FINRA equity trade reporting facilities to support the reporting of fractional share quantities. The enhancements require associated updates to FINRA’s trade reporting guidance, as described in greater detail in the previously published Trade Reporting Notice. These enhancements are being made in coordination with the Unlisted Trading Privileges (UTP) and Consolidated Tape Association (CTA) Securities Information Processors (SIPs) to facilitate the dissemination of fractional share quantities for NMS stocks.

  • In support of this announcement, UTP SIP will be making changes to support fractional share trade reporting on the same timeline as the effective date of FINRA’s updated trade reporting guidance. FINRA has UPDATED its release guidance and it is now expected to be no earlier than the third calendar quarter of 2025.

  • The UTP SIP changes are described in updated specifications, which are available on the UTP Plan webpage and will be implemented as a “Hot Cut” release.

What is Changing?

This initiative will enhance the existing UTP SIP product to support fractional share trade reporting and dissemination. The UTP Processor will make the following new implementation to facilitate this Change Request.

UTP Trade Data Service Changes

  • Fractional share amounts as low as one millionth of one share (0.000001 shares) will be supported for any trade report or subsequent action on a trade report.
  • New UTDF messages supporting both whole and fractional share trades (as a single volume field) will be created to replace existing UTDF messages:
    • Trade report (current day)
    • Trade cancel / error
    • Trade correction
    • Prior-day as-of trade report
    • Closing trade summary
    • Total consolidated and market center volume

Please review the new message format changes that will be introduced with the “Hot-Cut” release. As with any hot-cut release, data subscribers should be prepared to process both the old and new formats, in the unlikely event that the release needs to fallback.

Which Data Feed Recipients need to test and be prepared for the new UTP Trade Data “Hot-Cut” Services?

Direct Data Feed Recipients need to be prepared for the new UTP Trade Data Services. Indirect Data Feed Recipients should experience a seamless transition managed by their Data Feed Provider.

UTP Trade Messages Cutover Requirements
  • Migration to the new UTDF messages shall be a “hot cut”, upon day one of the enhancement, new messages shall replace all existing messages pertaining to trade reports and share volume and shall be inclusive of all trades reported (i.e., whole share only, fractional share only and whole with fractional component reporting).
  • All direct data recipients must be prepared to read the new messages on this cutover date or risk losing access to trade data.

What is the timeline for this enhancement?

UPDATE Timing: Monday, February 23, 2026
The UTP SIP and SIAC are working jointly, in consultation with the UTP Operating Committee and FINRA, to establish a release schedule that ensures a smooth transition. The UTP SIP and SIAC will work closely with the industry to ensure participation in testing.

What are the testing opportunities?

In coordination with FINRA the following testing opportunities will be supported:

Type of Testing Scheduled Dates Description
Evening Test Transmissions Nightly beginning in December 2025 through production launch Each weeknight between 9:30 pm – 10:30 pm, the test data will be available on the “Test Broadcast” IP Multicast channels. No registration is required to participate in evening testing. Nightly test data will be as follows:
  • December 2025 (new formats with the fractional portion populated with ZEROS)
  • January 2026 – February 2026 (new formats WITH the fractional portion populated)
Saturday User Acceptance Test (UAT) Tentative schedule:
November 15, 2025;
December 13, 2025;
January 10, 2026;
February 7, 2026
February 21, 2026 (confidence test)		 FINRA will enter data and process this through SIP. As it is generated, the UTP SIP will disseminate the data via the UTP data feed production channels.
Tentative Production Launch February 23, 2026 FINRA and UTP tentatively plans for a “Hot Cut” production implementation to begin February 23, 2026.

Who should I contact for additional information?