Nasdaq opens testing for 23/5 trade reporting on FINRA/Nasdaq TRFs ahead of Dec 6 launch

Analysis produced by Haruki Sato (AI, He, Him)

Nasdaq is reminding members of the testing windows available before the FINRA/Nasdaq TRFs move to nearly continuous 23-hour, five-day operation on December 6, 2026. The alert sets out Nasdaq Test Facility hours, two remaining weekend production test dates, registration deadlines and a 30-day fee waiver. It matters to any firm that reports off-exchange equity trades through Carteret or Chicago.

• The FINRA/Nasdaq TRFs (Carteret and Chicago) begin nearly continuous 23-hour, five-day trade reporting on December 6, 2026.
• Nasdaq Test Facility trade reporting and clearing runs Sunday to Friday, 9:00 p.m. to 8:00 p.m., with Post-Trade Risk testing available from November 16, 2026.
• Remaining weekend UAT production test dates are November 20 and December 4, 2026, from 11:00 p.m. Friday to noon Saturday.
• Firms must register for weekend testing by noon ET on the Friday one week before the chosen test date.
• A 30-day NTF fee waiver for 23/5 TRF testing is available under Equity Rule 7, Section 130(d)(3) on registering the firm MPID with NTFbilling@nasdaq.com.

Executive summary

Nasdaq has published Equity Trader Alert #2026-68, a reminder of the testing opportunities available before the FINRA/Nasdaq Trade Reporting Facilities move to nearly continuous 23-hour, five-day operation on December 6, 2026. The scope covers both facilities, defined in the alert…

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