FINRA Proposes to Expand TRF Reporting Hours

FINRA proposed amendments to extend the Trade Reporting Facility ("TRF") operating hours to begin at 4:00 a.m. Eastern Time. The current start time is 8:00 a.m.

The proposed amendments to FINRA Rules 6380A and 6380B ("Transaction Reporting") would:

• expand the TRF operating window from 4:00 a.m. to 8:00 p.m. E.T. each business day, allowing real-time reporting and public dissemination of over-the-counter ("OTC") trades in NMS stocks executed between 4:00 a.m. and 8:00 a.m., which are currently delayed until the TRFs open at 8:00 a.m.

• revise reporting deadlines to require trades executed between 4:00 a.m. and 9:30 a.m. to be reported within 10 seconds of execution, with the appropriate trade report modifier indicating execution outside of normal market hours.

• amend requirements for "as/of" trade reporting by moving the deadline for trades executed between 8:00 p.m. and 4:00 a.m. to 4:15 a.m. on the next business day, rather than the current 8:15 a.m. deadline.

• update the definition of pre-market trade modifiers to reflect the new 4:00 a.m. opening time, requiring modifiers for trades executed between 4:00 a.m. and 9:30 a.m. that are reported more than 10 seconds after execution.

FINRA stated that the proposal is designed to align TRF operating hours with those of the Securities Information Processors ("SIPs"), which currently begin disseminating market data at 4:00 a.m. E.T. The change would enhance transparency and price discovery in the pre-market trading window by making trade information available to market participants in real time.

FINRA noted that this rule change responds to industry demand for earlier trade reporting capabilities and could reduce the operational burden of queuing reports for bulk submission when the TRFs open.

FINRA said the proposed amendments are effective upon SEC filing and will be implemented in the first quarter of 2026.