FINRA T+1 Settlement User Acceptance Test (UAT)

In accordance with the SEC’s amendments to Exchange Act Rule 15c6-1(a) to shorten the standard settlement cycle from two business days (T+2) to one business day (T+1), FINRA will sponsor a final User Acceptance Test (UAT) to allow clients to test the changes for T+1 Settlement for the Over-The-Counter Reporting Facility (ORF) and the Alternative Display Facility (ADF). The test will occur on Saturday, May 18, 2024. The details for the test are listed below.                                                                                                                                                 

UAT Testing Details/Guidelines – May 18, 2024

Firms and Service Bureaus may use both the Financial Information eXchange (FIX) protocol and the TRAQS Web browser to report transactions for the UAT.  FIX users will need to connect via their production circuits. Equity trade reporting web users should use the production TRAQS URL: https://www.finratraqs.org.

Firms should notify FINRA Market Operations of their intent to participate in the UAT via an email to [email protected]. Please include the firm name, MPID(s) to be used, names of testers and web usernames, if applicable, no later than noon on Thursday May 16, 2024, in order to successfully register for the test.

Note 1: AGU and QSR trades will be supported as long as valid URAs (Uniform Reporting Agreements) are in effect.

Note 2: For Match/Compare and Break scenarios, firms should reach out to other counterparty firms to coordinate for the test in order to produce matching trades.

Clearing Firms

Clearing firms are invited to participate in the test to monitor their correspondents’ trade activity marked for clearing. Clearing firms may use the TRAQS Clearing Scan function. 

Since NSCC cannot receive trades via its production connection on Saturdays, FINRA will submit the Saturday test’s clearing instructions through the FINRA-NSCC test connection to NSCC on Monday, May 20, 2024, with a Trade Date of May 18th. Clearing firms will be able to reconcile Saturday’s trade activity in ORF against the Universal Trade Capture’s output from the NSCC’s test environment on Monday, May 20.

Note: Trades entered in the ADF and ORF test region (NTF) on Monday, May 20, will not be sent to the NSCC test region in order to keep the files separate from the Saturday production test trade activity.

The UAT will start at approximately 9 a.m. ET and end at approximately 12 p.m. ET. 

T+1 UAT Meeting Details:

Join via URL: https://finra.zoom.us/pac/join/2210764433

Passcode: 123456

Or One tap mobile (US Toll):  +16694449133,,2210764433#,,,,*123456#  or +16469313822,,2210764433#,,,,*123456# 

Or join by phone:

    +1 669 444 9133 (US Toll)

    +1 646 931 3822 (US Toll)

    Conference ID: 221 076 4433

    Passcode: 123456

International numbers available: https://finra.zoom.us/u/adzvpZcNnY