Reminder – Testing FINRA TRACE Securitized Products Replatform and Data Feed Protocol Changes

As part of its Transparency Services improvement initiative, beginning Monday, May 19, 2025, FINRA will re-platform TRACE Securitized Products (SP) to a new Linux-based operating system. As a reminder, FINRA requires client testing participation in this effort to validate that all processes work within the TRACE reporting framework. TRACE clients who utilize FIX for SP trade entry and other transactions should test all FIX Tags to ensure they are properly being processed.

As part of this migration, FINRA will introduce a new protocol to the TRACE Securitized Products Data feeds – SPDS AND SPDS-144A. TRACE data feed clients must adhere to the new protocol and feed changes as described below. FINRA has updated the SPDS, and SPDS-144A specifications, IP address configurations and the MOLD/UDP 64 specification.

TRACE clients and data recipients should test the new platform in the Nasdaq Test Facility (NTF) by entering in transactions and confirming successful data dissemination via the data feeds.

Testing via NTF:

Through Friday, May 16, 2025, users can test in the NTF region by using the links below.

NTF testing is free for 30 calendar days. Users must notify [email protected] at the commencement of testing. Once a user informs the NASDAQ test team, the testing free period will continue uninterrupted for 30 calendar days. After the 30-day period ends, normal NTF fees will apply for connecting and testing. Questions regarding NTF fees can be directed to NASDAQ Technical Services at (212) 231-5180.

FINRA will issue separate notices with testing details of upcoming production Saturday user acceptance tests (UAT).

It is required that all TRACE data feed clients will accommodate the data feed changes by Monday, May 19, 2025.

Please email FINRA Client and System Management with questions regarding this notice.