FINRA Pushes Back Effective Date on Fractional Share Equity Trade Reporting Guidance

FINRA pushed back the effective date on fractional share reporting enhancements and related guidance from first quarter to no earlier than third quarter, 2025.

The FINRA trade reporting enhancements and related guidance require members engaged in fractional share trading to report fractional share quantities up to six digits after the decimal. (See Trade Reporting Notice.)

FINRA said it will introduce a "Fractional Share Quantity" field, where members must enter the exact trade quantity which will allow capturing fractions up to six decimal places. FINRA Trade Reporting FAQs 101.14 and 101.15 require that trades involving fractional shares under one should be rounded up to a whole share (e.g. a 0.5-share trade reported as 1 share), while trades with fractional shares above one are truncated to the nearest whole number (e.g. 100.5 shares reported as 100).