FINRA Plans Changes to FIX Trade Reporting Related to Processing of Execution Time

Beginning Monday, August 20, 2018, FINRA will require a change to all FIX trade reporting related to the processing of execution time during Daylight Savings Time (DST) changes. This update affects firms’ transaction reports for all FINRA Multi Product Platform products (MPP), including TRACE, the OTC Trade Reporting Facility (ORF), and The Alternative Display Facility (ADF).

Currently, Tag 60 (TransactTime) is a FIX required field, and tag 22007 (ExecutionTime) is a FINRA custom tag used to identify a trade’s execution time. Effective August 20 2018, Tag 60 will be used to indicate the Execution Time for all products and Tag 22007 will be retired from processing use. With this change, FINRA recommends firms omit Tag 22007 from transaction submissions. However, if firm sends a transaction via FIX, which includes Tag 22007, FINRA will accept it, but the timestamp will be ignored. The 22007 tag will not be returned on any acknowledgement or reject messages back to firms.

The following transaction messages sent to FINRA are impacted by this change:

1. Trade Entry
2. Trade Corrections
3. Trade Reversals

Note: Tag 60 is required on Trade Cancels and should reflect the cancelled trade’s execution time, however the timestamp will not be validated against the original trade submission.

Note - All times must continue to be sent in UTC format as per FIX protocol.

• TRACE FIX Spec for Corporates and Agencies v1.4
• TRACE FIX Spec for Securitized Products v1.8
• TRACE FIX Specification for Treasury Securities v1.4
•  
• ORF FIX Specification version 1.7

Note - In addition to the modifications to Tag 60 described above, beginning on August 20, 2018, the TRACE Corporate and Agency (CA) and TRACE Securitized Products (SP) FIX protocols will require Tag 455 (Instrument/Security AltId) to be included on Trade Acknowledgement – Acknowledgement (CAEN; SPEN) and Trade Capture Report – Confirmed Reversal (CAHX; SPHX) to be sent to the client. This change only affects TRACE CA and SP users. 

FINRA expects testing for the aforementioned FIX changes to be available in its NTF environment starting in June 2018. FINRA will issue a separate technical notice with testing details. Please note the changes to FIX Tag 60 and FIX Tag 455 only impacts firms that submit and receive these messages using the FIX protocol. Firms that use CTCI are not impacted by the stated FIX Tag changes. 

Please contact FINRA Product Management or call (866) 899-2107 with questions regarding this notice.