FINRA Grants Temp Break on Early Morning Trade Reporting Rules
Published Date: 3/5/2026
Notice
Summary
FINRA is giving brokers a short break from reporting certain overnight trades before 8:00 a.m. Eastern Time. This temporary change helps ease reporting duties without affecting money or market rules. It’s a quick fix for now, so traders using FINRA’s trade reporting systems should note the new timing.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Temporary reporting relief for overnight trades
Broker-dealers that use FINRA trade reporting facilities may temporarily report certain qualifying overnight transactions later than the new early-open deadlines. Starting March 30, 2026, qualifying overnight transactions (those marked with the .W modifier and that result from an overnight batch process or are ETF trades priced using an NAV published after the TRF close) executed between midnight and 8:00 a.m. E.T. may be reported by 8:15 a.m. on trade date; transactions executed between 8:00 p.m. and midnight or on a non-business day may be reported the following business day by 8:15 a.m. The exception is voluntary and lasts until the earlier of any further TRF-hours expansion or December 31, 2027.
Limited delay in public reporting of special-priced trades
Certain overnight trades that are priced by special formulas (marked with the .W modifier) may not be publicly reported in real time under the temporary exception. These qualifying overnight trades may be reported to the trade reporting facilities by 8:15 a.m. (or the next business day by 8:15 a.m. for as/of trades), effective March 30, 2026, through the earlier of further TRF-hours changes or December 31, 2027.
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Key Dates
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