Fractional Share Reporting to the TRF and ORF

Dear FIF Members,

On October 14 FINRA representatives updated FIF and a group of FIF members on the implementation of fractional share reporting to the TRF and ORF. The FINRA representatives notified FIF and FIF members as follows:

• Fractional share reporting will not be implemented in Q1 2025.
• FINRA will be announcing the implementation date in the next couple of weeks.
• FINRA will provide industry members sufficient time for implementation.
• Apart from delaying the implementation date, FINRA is moving forward with the implementation plan originally announced by FINRA in FINRA’s March 22, 2024 Trade Reporting Notice.
• Specifically, in the initial phase, FINRA will be implementing fractional share reporting to the TRF but not the ORF.
• Fractional share reporting to the ORF will be implemented in a second phase (not during 2025).
• Dissemination of fractional share quantities by the SIPs will be implemented at the same time as FINRA’s implementation of fractional share reporting to the TRF.
• FINRA, the TRFs and the SIPs will be publishing notices and other documentation in the near future; this includes the publication by the TRFs of updated technical specifications.
• FINRA has identified Saturday testing dates for this implementation and will be announcing these in the near future.

FIF will schedule a call for the Data & Technology Committee and the TRF/ORF Working Group after FINRA, the TRFs and the SIPs have published updated notices and related documentation.

Please send an email to fifinfo@fif.com with any questions or suggestions.

Best Regards,

FIF