FINRA sets the last industry tests before its trade reporting facilities move to 23x5 on December 6
FINRA's trade reporting facilities will run from Sunday 9:00 p.m. to Friday 8:00 p.m. ET from December 6, 2026. Firms get a weekend test on November 6 and 7, then two more readiness tests.
FINRA said on October 30, 2026, that the Consolidated Audit Trail (CAT) will take part in the industry-wide weekend test of extended trading hours on November 6 and 7, the only CAT-supported linkage test before FINRA’s trade reporting facilities switch to near-round-the-clock operation on December 6.
What changes on December 6
As FINRA first announced in a technical notice on May 22, 2026, its trade reporting facilities (TRFs) will extend their operating hours from December 6. They will be open from 9:00 p.m. ET on Sunday through 8:00 p.m. ET on Friday, excluding holidays, with a one-hour technical pause from 8:00 p.m. to 9:00 p.m. ET Monday through Thursday.
FINRA’s TRFs take reports of over-the-counter trades in NMS stocks. There are three of them: the FINRA/NYSE TRF, the FINRA/Nasdaq TRF Carteret and the FINRA/Nasdaq TRF Chicago. Its Alternative Display Facility, which also takes reports of OTC trades in NMS stocks, is not adjusting its hours at this time.
The test schedule
During the November 6 and 7 weekend test, which the TRFs and participating exchanges are running, FINRA CAT will support linkage testing in the CAT industry test environment. Firms that take part are asked to tell the FINRA CAT Helpdesk, submit linkage-eligible CAT events after the test environment opens on November 6 and before 8:00 a.m. ET on November 7, and check the linkage results they get back. Firms that want to test trade reporting register with the Nasdaq or NYSE facility they use.
After that weekend, FINRA lists two more chances for firms to test their readiness for 23x5 trading: Friday, November 20, 2026, and a confidence test on Friday, December 4, 2026.
What it means for traders
FINRA describes the change as part of an industry-wide 23x5 extended hours initiative. The new hours set the window in which OTC trades in NMS stocks can be reported to the three TRFs. Firms that plan to offer overnight trading in US stocks need their trade reporting and CAT reporting to work in the new hours by December 6. For background on how off-exchange execution works, see our guide to payment for order flow.
What happens next
The weekend test runs on November 6 and 7, followed by readiness tests on November 20 and December 4, and production starts on December 6, 2026.
Markets: Stocks
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