Update - TRACE for Treasuries FIX messages

FINRA previously announced plans to update the TRACE for Treasuries FIX acknowledgement messages on Monday, July 10, 2023. In order to align this change with FINRA Regulatory Notice 22-27, which specifies timestamp granularity, the change for TRACE for Treasuries FIX receipt messages, including acknowledgments, will now go into effect on Monday, November 6, 2023.

Currently, the TRACE for Treasuries FIX Tag 60 (Transact Time) timestamps support up to microsecond precision (Format: YYYYMMDD-HH:MM:SS.sss.mmm); however  FIX  receipt messages consist of only millisecond precision (Format: YYYYMMDD-HH:MM:SS.sss).  The TRACE for Treasury Securities FIX Specification includes the precision to microseconds for both transactions and acknowledgements and beginning November 6, 2023 FIX clients should adhere to that standard for all FIX transactions and receipt messages. This includes TRACE for Treasuries FIX messages – TSEL. TSAL, TSCX, TSCR, and TSHX.

Testing Access:

TRACE clients can now test these changes weekdays in the Nasdaq Test Facility (NTF), Current, active, TRACE users may test free of charge in NTF for 30 calendar days.

All users must notify [email protected] at the commencement of their 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.

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