FINRA Opens Trade Reporting Four Hours Earlier Daily
Published Date: 7/16/2025
Notice
Summary
FINRA is changing the rules to open its trade reporting systems four hours earlier, starting at 4 a.m. instead of 8 a.m. This affects traders and firms who report stock trades, giving them more time to report transactions each day. The change starts right away and helps keep markets running smoothly without extra costs.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
TRFs open at 4:00 a.m.; early trades published
FINRA will change Trade Reporting Facility (TRF) opening time from 8:00 a.m. Eastern Time to 4:00 a.m. ET, so trades in NMS stocks executed between 4:00 a.m. and 8:00 a.m. on business days can be reported and publicly disseminated in real time. FINRA expects the change to be implemented in the first quarter of 2026 and will announce the exact date at least 60 days beforehand.
Tighter early-morning reporting deadlines for firms
Firms that report OTC trades in NMS stocks must report trades executed between 4:00 a.m. and 9:30 a.m. as soon as practicable but no later than 10 seconds after execution, and trades executed between 8:00 p.m. and 4:00 a.m. must be reported within 15 minutes after the TRF opens (by 4:15 a.m.). FINRA identified 158 firms that executed at least one trade outside current TRF hours and 135 firms that executed between 4:00 a.m. and 8:00 a.m., and some firms may incur programming, maintenance, compliance, or vendor costs to meet the faster reporting requirements.
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