Technical Notice

Update - Fractional Shares Reporting Effective Date Set for February 23, 2026 and UAT Schedule Beginning in November 2025

March 28, 2025

As previously announced on March 22, 2024 in a FINRA Trade Reporting Notice, FINRA is implementing enhancements to the FINRA equity trade reporting facilities to support the reporting of fractional share quantities. The enhancements require associated updates to FINRA’s trade reporting guidance, as described in greater detail in the March 2024 Trade Reporting Notice. These enhancements are being made in coordination with the Unlisted Trading Privileges (UTP) and Consolidated Tape Association (CTA) Securities Information Processors (SIPs) to facilitate the dissemination of fractional share quantities for NMS stocks. 

In the March 2024 Trade Reporting Notice, FINRA indicated that the effective date of the updated trade reporting guidance would be no earlier than the first calendar quarter of 2025 and that the specific effective date would be announced in a future Notice. Subsequently, FINRA issued a Technical Notice on November 12, 2024 announcing that the effective date of the fractional share reporting enhancements and related guidance would be no earlier than the third calendar quarter of 2025.

FINRA has been working with the FINRA/Nasdaq and FINRA/NYSE Trade Reporting Facilities (TRFs) and the SIPs on finalizing an effective date, as well as a testing schedule, for fractional share reporting and dissemination. The effective date for fractional reporting and dissemination of NMS stocks has now been set for Monday, February 23, 2026. The weekend User Acceptance Testing (UAT) schedule that will be supported by the TRFs, the FINRA Alternative Display Facility (ADF), and the SIPs in advance of the effective date is as follows:

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

The SIPs previously announced their Technical Specification updates in Vendor Notices that were published in March 2024 ((see here for UTP (#2024-17) and CTA)).  The TRFs and the ADF plan to publish their Technical Specification updates by June 30, 2025. The TRFs and the ADF will support functionality testing in their respective test facilities beginning in October 2025.

The implementation of fractional share reporting will be phased, with fractional reporting implemented first for NMS stocks on February 23, 2026.  FINRA will announce the implementation date for OTC Equity Securities in a future Notice. 

Firms may sign up for FINRA Facilities-related notifications via the FINRA Email Subscription Service page by accessing the “Equities” subscription list under the “Market Transparency” section.

If you have any questions, please contact FINRA Business Services.