FINRA Extends Trade Reporting Hours for OTC Equity Transactions

FINRA expanded the operating hours of the FINRA Trade Reporting Facilities ("TRFs") used for reporting over-the-counter transactions in NMS stocks.

In a Regulatory Notice, FINRA explained that amendments to Rules 6380A ("Transaction Reporting") and 6380B ("Transaction Reporting") will shift the TRF opening time to 4:00 a.m. Eastern Time from the current 8:00 a.m., while keeping the 8:00 p.m. closing time. FINRA said the change is intended to accommodate growing pre-market activity and align reporting with current trading practices. Trades executed between 4:00 a.m. and 8:00 p.m. must be reported as soon as practicable, but no later than 10 seconds after execution, and trades during pre- and post-market hours must include the required outside-hours modifier.

FINRA also detailed updated requirements for trades executed while the TRFs are closed. Trades between midnight and 4:00 a.m. must be reported by 4:15 a.m. that business day with the outside-hours modifier. Trades executed between 8:00 p.m. and midnight, or on a "non-business day, must be reported by 4:15 a.m. the next business day, designated 'as/of" and accompanied by the required modifier. FINRA noted that these deadlines replace the prior framework, which required firms to wait until system opening to report early-morning trades.

The amendments will take effect on March 30, 2026.