What you need to know:

Effective February 23, 2026, FINRA/Nasdaq TRF^{TM 1} will support fractional share quantity reporting and dissemination to both the UTP and CTA Security Information Processors (SIPs) for NMS stocks in accordance with FINRA’s Trade Reporting Notice dated 3/22/24². FINRA/Nasdaq TRF will not support fractional share reporting for clearing transactions. Please refer to FINRA's Notice for additional information on firms’ reporting obligations.

Firms will only be able to report fractional share quantities to the FINRA/Nasdaq TRF using TRF (Native) FIX 4.2 ports and WorkXTM. Legacy TRF FIX 4.2 ports, scheduled to be retired on June 27, 2025³, will not support fractional share reporting.

Fractional share reporting information will be available in the Equity Trade Journal (ETJ), TRF FIX Port Drop Copy, WorkXTM and TradeInfo.

Additionally, FINRA/Nasdaq TRF is expanding its FIX reject messages to include all trade information reported by its clients.

What is changing and who is impacted by fractional share reporting?

Currently, FINRA/Nasdaq TRF supports the reporting of trades in a single Quantity field. Starting February 23, 2026, FINRA/Nasdaq TRF will also support trade reporting in a Fractional Share Quantity field. Firms that execute trades in fractional shares will be required to report in both the Quantity and the Fractional Share Quantity fields in accordance with FINRA’s Trade Reporting FAQs. The Quantity field should be an integer, and the Fractional Share Quantity field will allow up to 15 characters, inclusive of a floating decimal, with up to 8 digits maximum before the decimal, and up to 6 digits maximum after the decimal. All FINRA/Nasdaq TRF participants who trade in fractional share quantities will be affected and need to prepare for the reporting change.

What is changing and who is impacted with FIX Trade Reporting reject messages?

Currently, FINRA/Nasdaq TRF supports partial trade reported information in the reject message acknowledgement. FINRA/Nasdaq TRF is expanding the reject message to include all trade reported information originally reported by the client. Firms may use the additional fields in the expanded reject message for future reporting or choose to ignore the additional FIX fields.

The reject message expansion production change is scheduled for Q4 2025. Details on reject message testing availability and the production date will be shared in a future alert.

FIX Trade Reporting and ETJ Specification updates

Nasdaq is publishing FIX trade reporting and ETJ specification version updates in support of client test planning and production readiness for fractional share quantity reporting and the reject message enhancements.

Key Dates

Customers are encouraged to test in preparation for the changes to the FINRA/Nasdaq TRF to support the reporting of Fractional Share quantities. The changes are scheduled to be available in the Nasdaq Test Facility (NTF) by October 2025.  More information about fractional share quantity testing availability will be communicated in a subsequent alert.

FIX Testing in the Nasdaq Test Facility: Customers will be able perform TRF FIX 4.2 tests in the Nasdaq Test Facility. Customers may test free of charge for a 30 consecutive day period in the Nasdaq Test Facility by registering their firm MPID and start date with NTFbilling@nasdaq.com. Please indicate the testing purpose when submitting the fee waiver request.

FIX Testing in Production: Saturday User Acceptance Testing (UAT) production testing will occur on the following days:

• 11/15/25
• 12/13/25
• 1/10/26
• 2/7/26

Additional information

For more information regarding the Nasdaq Testing Facility (NTF), including billing and registration information, please refer to our NTF overview, FAQ, and pricing pages.

For FINRA/Nasdaq TRF technical questions about the fractional share quantity and reject message changes, please contact Nasdaq Trading Services or TRF Ops at +1 212 231 5180

For fractional share quantity regulatory questions, please refer to the listed contacts in FINRA’s Trade Reporting Notice.