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(Release No. 34-105922; File No. SR-FINRA-2026-015)

Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of

Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the FINRA Rule

6300 Series (Trade Reporting Facilities) to Extend the Trade Reporting Facilities

Operating Hours to 23 Hours Per Day, Five Days Per Week

July 15, 2026.

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 1 and Rule

19b-4 thereunder, 2 notice is hereby given that on July 7, 2026, the Financial Industry Regulatory

Authority, Inc. (“FINRA”) filed with the Securities and Exchange Commission (“SEC” or

“Commission”) the proposed rule change as described in Items I, II, and III below, which Items

have been prepared by FINRA. The Commission is publishing this notice to solicit comments on

the proposed rule change from interested persons.

Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed

Rule Change

FINRA is proposing to amend FINRA Rules 6320A, 6320B, 6380A, and 6380B

regarding the operation of the FINRA/NYSE Trade Reporting Facility, the FINRA/Nasdaq Trade

Reporting Facility Carteret, and the FINRA/Nasdaq Trade Reporting Facility Chicago (the

“Trade Reporting Facilities” or “TRFs”) to extend TRF operating hours such that the TRFs are

operational from 9:00 p.m. Eastern Time (“E.T.”) on Sundays to 8:00 p.m. E.T. Fridays,

15 U.S.C. 78s(b)(1).

17 CFR 240.19b-4.

excluding holidays, with a one-hour pause from 8:00 p.m. E.T. to 9:00 p.m. E.T. on Monday

through Thursday. 3

The text of the proposed rule change is available on FINRA’s website at

http://www.finra.org and at the principal office of FINRA.

II.

Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the

Proposed Rule Change

In its filing with the Commission, FINRA included statements concerning the purpose of

and basis for the proposed rule change and discussed any comments it received on the proposed

rule change. The text of these statements may be examined at the places specified in Item IV

below. FINRA has prepared summaries, set forth in sections A, B, and C below, of the most

significant aspects of such statements.

Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis

for, the Proposed Rule Change

Purpose

Background

The TRFs are facilities of FINRA that are operated by NYSE Market (DE), Inc. (in the

case of the FINRA/NYSE TRF) and Nasdaq, Inc. (in the case of the FINRA/Nasdaq TRF

Carteret and the FINRA/Nasdaq TRF Chicago). Along with the Alternative Display Facility

(“ADF”), 4 the TRFs provide FINRA members with a mechanism for reporting over-the-counter

Unless otherwise specified, all times referred to in the proposed rule change are E.T.

Collectively, the TRFs and the ADF are referred to as the “FINRA facilities.” The ADF

is a FINRA facility that provides members with a mechanism for displaying quotations

and comparing and reporting trades in NMS stocks. Currently, there are no active

quoting ADF participants, and only one Trade Reporting Only participant using the ADF

as a back-up trade reporting facility. The ADF operating hours are 8:00 a.m. to 6:30 p.m.

for both quotation display and trade reporting. Separately, FINRA operates the OTC

Reporting Facility (“ORF”), a facility for reporting trades in OTC Equity Securities. The

ORF operating hours are 8:00 a.m. to 8:00 p.m. The instant proposed rule change is

(“OTC”) trades in NMS stocks. While members are required to report all OTC trades in NMS

stocks to FINRA, they may choose which FINRA facility (or facilities) to use to satisfy their

trade reporting obligations.

Currently, the operating hours of the TRFs are 4:00 a.m. to 8:00 p.m. each business day. 5

These operating hours are reflected in the transaction reporting rules for the FINRA/Nasdaq

TRFs (FINRA Rule 6380A (Transaction Reporting)) and the FINRA/NYSE TRF (FINRA Rule

6380B (Transaction Reporting)), as well as the associated definitional rules for the

FINRA/Nasdaq TRFs (FINRA Rule 6320A (Definitions)) and the FINRA/NYSE TRF (FINRA

Rule 6320B (Definitions)). Under these reporting rules, transactions executed during normal

market hours, i.e., 9:30 a.m. to 4:00 p.m.,6 must be reported as soon as practicable but no later

limited to the TRFs. FINRA is not at this time proposing any changes to the operating

hours of either the ADF or the ORF.

Prior to March 30, 2026, the operating hours of the TRFs were 8:00 a.m. to 8:00 p.m.

each business day. To align with the current operating hours of the Securities

Information Processors (“SIPs”) and thereby enable real-time public dissemination of

trade reports for OTC transactions in NMS stocks executed between 4:00 a.m. and 8:00

a.m., FINRA extended the TRF operating hours from opening at 8:00 a.m. to opening at

4:00 a.m. each business day. See Securities Exchange Act Release No. 103435 (July 11,

2025), 90 FR 32032 (July 16, 2025) (Notice of Filing and Immediate Effectiveness of

File No. SR-FINRA-2025-011). FINRA subsequently filed a proposed rule change to

provide a limited, temporary exception from reporting specified overnight transactions

prior to 8:00 a.m. See Securities Exchange Act Release No. 104912 (March 2, 2026), 91

FR 10835 (March 5, 2026) (Notice of Filing and Immediate Effectiveness of File No. SRFINRA-2026-005). The 4:00 a.m. opening time of the TRFs is reflected in current Rules

6380A and 6380B. The temporary exception for specified overnight transactions is

reflected in Supplementary Material .05 to Rules 6380A and 6380B. By its terms, the

temporary exception in Supplementary Material .05 expires upon the effective date of

any amendments to the TRF reporting rules to further extend TRF operating hours,

including the amendments to the TRF reporting rules proposed in this filing to further

extend the TRF operating hours.

“Normal market hours” are defined as 9:30 a.m. to 4:00 p.m. for purposes of the FINRA

TRF rules. See Rules 6320A(a)(6) and 6320B(a)(6).

than 10 seconds after execution. 7 Transactions executed outside normal market hours must be

reported as follows:

•

for transactions executed between 4:00 a.m. and 9:30 a.m., as soon as practicable

but no later than 10 seconds after execution, with a unique trade report modifier to

denote execution outside normal market hours;

•

for transactions executed between 4:00 p.m. and 8:00 p.m., as soon as practicable

but no later than 10 seconds after execution, with a unique trade report modifier to

denote execution outside normal market hours;

•

for transactions executed between midnight and 4:00 a.m., by 4:15 a.m., with a

unique trade report modifier to denote execution outside normal market hours;

and

•

for transactions executed between 8:00 p.m. and midnight, or on any non-business

day, 8 by 4:15 a.m. on the following business day, designated “as/of” and with a

unique trade report modifier to denote execution outside normal market hours. 9

All trade reports submitted to the TRFs, other than non-tape reports, 10 are transmitted to

See FINRA Rules 6380A(a)(1) and 6380B(a)(1).

A non-business day means a weekend or holiday. See Rules 6380A(a)(2)(D) and

6380B(a)(2)(D).

See FINRA Rules 6380A(a)(2) and 6380B(a)(2).

“Tape” or “media” reports are those that are submitted to a TRF for public dissemination

by the SIPs. By contrast, “non-tape” or “non-media” reports are not submitted to a TRF

for public dissemination but are submitted for regulatory and clearance and settlement

purposes. Another term that is often used with respect to “tape” or “media” reports is

“for publication.” In certain limited circumstances, trade reports submitted for

publication may be suppressed from public dissemination (e.g., transactions in Restricted

Equity Securities effected pursuant to Securities Act Rule 144A, as well as T+365 trades

and trades executed on a non-business day).

and publicly disseminated by the appropriate SIP. 11 Currently, the operating hours of the SIPs

are 4:00 a.m. until 8:00 p.m. on business days. 12 Transactions executed during current TRF

operating hours—i.e., between 4:00 a.m. and 8:00 p.m. on business days—are reported to the

TRFs and publicly disseminated through the SIPs in real time, since both the TRFs and SIPs are

operating during those hours.

The Operating Committees of the CTA Plan, the CQ Plan, and the UTP Plan (the “SIP

Plans” and the “SIP Operating Committees”) recently filed with the Commission proposed

amendments to the SIP Plans to extend the SIP operating hours to run from 9:00 p.m. Sundays to

8:00 p.m. Fridays, excluding holidays, with a one-hour technical pause from 8:00 p.m. to 9:00

p.m. on Monday through Thursday. 13 On June 26, 2026, the Commission approved the proposed

Market data is transmitted to three tapes based on the listing venue of the security:

securities listed on New York Stock Exchange are disseminated through Tape A;

securities listed on 24X, BYX, BZX, EDGA, EDGX, IEX, LTSE, MEMX, MIAX,

Nasdaq BX, Nasdaq PSX, NYSE American, NYSE Texas, NYSE National, NYSE Arca,

or Texas are disseminated through Tape B; and securities listed on Nasdaq are

disseminated through Tape C. Tape A and Tape B market data is disseminated pursuant

to the Consolidated Tape Association Plan (“CTA Plan”) and the Consolidated Quotation

Plan (“CQ Plan”), while Tape C market data is disseminated pursuant to the Joint SelfRegulatory Organization Plan Governing the Collection, Consolidation and

Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities

Traded on Exchanges on an Unlisted Trading Privileges Basis (“UTP Plan”).

See, e.g., UTP Plan, Section XI.

See Securities Exchange Act Release No. 104670 (January 22, 2026), 91 FR 3609

(January 27, 2026) (Notice of Filing of the Fifty-Fifth Amendment to the Joint SelfRegulatory Organization Plan Governing the Collection, Consolidation and

Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities

Traded on Exchanges on an Unlisted Trading Privileges Basis); Securities Exchange Act

Release No. 104665 (January 22, 2026), 91 FR 3602 (January 27, 2026) (Notice of Filing

of Fortieth Substantive Amendment to the Second Restatement of the CTA Plan and

Thirty-First Substantive Amendment to the Restated CQ Plan). See also Securities

Exchange Act Release No. 105268 (April 17, 2026), 91 FR 21541 (April 22, 2026)

(Notice of Filing of Amendment No. 1, and Order Instituting Proceedings To Determine

Whether To Approve or Disapprove an Amendment to the Joint Self- Regulatory

Organization Plan Governing the Collection, Consolidation and Dissemination of

amendments to the SIP Plans (collectively as approved, the “SIP Amendment”). 14 Under the SIP

Amendment, on a holiday where U.S. markets are closed, the SIPs will not operate from 8:00

p.m. the day before the holiday through 9:00 p.m. the day of the holiday. 15 Further, the SIPs will

consider a “trade date” to start at 8:00 p.m. on the day before regular trading hours begins and

end at 8:00 p.m. on the same day when regular trading hours began. 16 The SIP Operating

Committees anticipate implementing the SIP Amendment extending SIP operating hours on

December 6, 2026. 17

In anticipation of the upcoming extension of SIP operating hours per the SIP

Amendment, FINRA is proposing to extend the operating hours of the TRFs to run from 9:00

p.m. Sundays to 8:00 p.m. Fridays, excluding holidays, with a one-hour pause from 8:00 p.m. to

Quotation and Transaction Information for Nasdaq-Listed Securities Traded on

Exchanges on an Unlisted Trading Privileges Basis, as Modified by Amendment No. 1

Thereto, To Extend the Processor’s Hours of Operation); Securities Exchange Act

Release No. 105269 (April 17, 2026), 91 FR 21563 (April 22, 2026) (Notice of Filing of

Amendment No. 1, and Order Instituting Proceedings To Determine Whether To

Approve or Disapprove the Fortieth Substantive Amendment to the Second Restatement

of the CTA Plan and Thirty-First Substantive Amendment to the Restated CQ Plan, as

Modified by Amendment No. 1 Thereto, To Extend the Processor’s Hours of Operation).

See Securities Exchange Act Release No. 105780 (June 26, 2026), 91 FR 40058 (July 1,

2026) (Order Approving the Fifty-Fifth Amendment to the Joint Self-Regulatory

Organization Plan Governing the Collection, Consolidation and Dissemination of

Quotation and Transaction Information for Nasdaq-Listed Securities Traded on

Exchanges on an Unlisted Trading Privileges Basis, as Modified by Amendment No. 1

Thereto) (“UTP SIP Approval Order”); Securities Exchange Act Release No. 105779

(June 26, 2026), 91 FR 40082 (July 1, 2026) (Order Approving the Fortieth Substantive

Amendment to the Second Restatement of the CTA Plan and Thirty-First Substantive

Amendment to the Restated CQ Plan, as Modified by Amendment No. 1 Thereto) (“CTA

SIP Approval Order”).

See, e.g., CTA SIP Approval Order, supra note 15, 91 FR 40082, 40083.

9:00 p.m. on Monday through Thursday, thereby enabling real-time public dissemination of trade

reports for OTC transactions in NMS stocks executed during the overnight hours when the SIPs

are operating. To implement this proposed enhancement to TRF operating hours, the proposed

rule change would amend the FINRA TRF reporting rules to reflect the new 9:00 p.m. opening

time, as well as make clarifying and conforming changes to the TRF definitional rules, as

described in detail below.

Proposed Amendments to TRF Reporting Rules

FINRA is proposing to amend its TRF reporting rules and associated definitions to

provide that the TRFs will operate from 9:00 p.m. Sundays to 8:00 p.m. Fridays, with a one-hour

pause from 8:00 p.m. to 9:00 p.m. on Monday through Thursday. Specifically, the proposed rule

change would make amendments to FINRA Rules 6320A (for the FINRA/Nasdaq TRFs

definitions), 6320B (for the FINRA/NYSE TRF definitions), 6380A (for the FINRA/Nasdaq

TRFs reporting rules), and 6380B (for the FINRA/NYSE TRF reporting rules) to reflect the new

extended operating hours of the TRFs, clarify the operation of the reporting requirements in light

of the new operating hours and SIP Amendment, and make non-substantive conforming and

technical changes. Together, the proposed amendments would extend the requirement to report

transactions to the TRFs as soon as practicable but no later than 10 seconds after execution to

apply during the new extended TRF operating period from 9:00 p.m. Sundays to 8:00 p.m.

Fridays, with a one-hour pause from 8:00 p.m. to 9:00 p.m. on Monday through Thursday, and

require transactions executed when the TRFs are closed to be reported within 15 minutes after

the new TRF opening time of 9:00 p.m. 18

FINRA has published guidance and technical documentation relating to TRF reporting,

available at https://www.finra.org/filing-reporting/trade-reporting-facility-trf. FINRA

New Definitions in Rules 6320A and 6320B

FINRA is proposing to add several definitions to FINRA Rules 6320A(a) and 6320B(a)

that would align with definitions used in the SIP Amendment. 19 First, FINRA is proposing to

define: “Calendar Day,” “Business Day,” “Regular Trading Hours,” and “Trade Date.” Calendar

Day would be defined to mean each full 24-hour period starting at midnight Eastern Time and

ending the following midnight Eastern Time (i.e., the common understanding of a calendar day,

meaning Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, or Sunday). Business Day

would be defined to mean any Calendar Day other than a Saturday, Sunday, or a holiday where

U.S. markets are closed. 20 Regular Trading Hours would be defined to mean 9:30 a.m. to 4:00

p.m. each Business Day, and would clarify that Regular Trading Hours can end earlier than 4:00

p.m. in the case of an early scheduled close. 21 Trade Date would be defined to mean the

Calendar Day attributed to a transaction as its Trade Date based on its time of execution, with a

Trade Date considered to start at 8:00 p.m. on a Calendar Day and end at 8:00 p.m. the following

would make appropriate conforming changes to guidance and technical documentation in

connection with implementation of the proposed rule change.

FINRA also is reordering the definitions in Rules 6320A and 6320B in alphabetical order

and renumbering existing definitions as necessary to incorporate new defined terms.

Other than replacing the definition of “normal market hours” with the new defined term

“Regular Trading Hours” as discussed below, and updating an exchange entity name,

FINRA is not proposing any changes to existing definitions.

The proposed definition of Business Day is consistent with current Rules 6380A(a)(2)(D)

and 6380B(a)(2)(D), which refer to a “non-business day” as a weekend or holiday.

The new term “Regular Trading Hours” would replace the existing defined term “normal

market hours” but is not intended to substantively change the meaning of the term.

Rather, the new definition is intended to provide greater clarity by aligning with the

defined terms used in the SIP Plans and Regulation NMS. See, e.g., UTP Plan, Section

X.A.9; Rule 600(b) of SEC Regulation NMS.

Calendar Day. 22 Thus, transactions executed between midnight and 8:00 p.m. on a Calendar Day

will be designated with a Trade Date of that same Calendar Day, and transactions executed after

8:00 p.m. on a Calendar Day will be considered to have a Trade Date of the next Calendar Day,

regardless of whether the Calendar Day is a Business Day or a holiday or weekend. 23

Second, FINRA is proposing to add new definitions to Rules 6320A(a) and 6320B(a) to

define the operating hours of each TRF. Under amended Rule 6320A(a), “FINRA/Nasdaq Trade

Reporting Facility System Hours” would be defined to mean 9:00 p.m. Sunday to 8:00 p.m.

Friday, with a one-hour pause from 8:00 p.m. to 9:00 p.m. on Monday through Thursday, and

would clarify that, in the event of a holiday where U.S. markets are closed, the FINRA/Nasdaq

Trade Reporting Facility will not operate from 8:00 p.m. on the Business Day immediately

preceding the holiday through 9:00 p.m. on the Calendar Day immediately preceding the next

Business Day following the holiday, which may be the day of the holiday. Similarly, amended

Rule 6320B(a) would define “FINRA/NYSE Trade Reporting Facility System Hours” to mean

The new definition of Trade Date is intended to conform to the concept of a “trade date”

as discussed in the SIP Amendment. See, e.g., CTA SIP Approval Order, supra note 15,

91 FR 40082, 40083. The new definition of Trade Date under Rules 6320A and 6320B

applies only for purposes of the TRF reporting rules in the FINRA Rules 6300A and

6300B Series, respectively.

FINRA is not proposing any new reporting fields or modifiers in connection with the

instant proposed rule change to extend the TRF operating hours. However, FINRA notes

that currently, members must report two separate fields related to the time and date of

execution of a transaction: (1) the time of execution (i.e., “TransactTime”), which

embeds the actual date of execution, and (2) the trade date (“TradeDate”). FINRA does

not anticipate any changes to reporting TransactTime field, from which FINRA will

continue to obtain the Calendar Day of execution for each transaction for audit trail

purposes. However, members may need to adjust the date reported in the TradeDate field

to reflect the new definition of Trade Date under Rules 6320A and 6320B as described

above, in alignment with parallel changes under the SIP Amendment. As noted above,

FINRA will publish updated technical specifications in advance of implementation of the

proposed rule change.

9:00 p.m. Sunday to 8:00 p.m. Friday, with a one-hour pause from 8:00 p.m. to 9:00 p.m. on

Monday through Thursday, and would clarify that, in the event of a holiday where U.S. markets

are closed, the FINRA/NYSE Trade Reporting Facility will not operate from 8:00 p.m. on the

Business Day immediately preceding the holiday through 9:00 p.m. on the Calendar Day

immediately preceding the next Business Day following the holiday, which may be the day of

the holiday.

Amendments to Reporting Timeframes under Rules 6380A and 6380B

FINRA is proposing conforming amendments to FINRA Rules 6380A and 6380B to

update the trade reporting timing requirements in light of the new TRF operating hours and to

simplify the structure of the rule. As discussed above, the current timing requirements for

reporting transactions executed during normal market hours are found in Rules 6380A(a)(1) and

6380B(a)(1), while the timing requirements for reporting transactions executed outside normal

market hours are found in Rules 6380A(a)(2) and 63280B(a)(2). FINRA is proposing to replace

existing Rule 6380A(a)(1) with revised Rule 6380A(a)(1), entitled “Transaction Reporting to the

FINRA/Nasdaq Trade Reporting Facility During FINRA/Nasdaq Trade Reporting Facility

System Hours,” which would provide that a Trade Reporting Facility Participant shall, as soon as

practicable but no later than 10 seconds after execution, transmit to the FINRA/Nasdaq Trade

Reporting Facility last sale reports of transactions in designated securities executed during

FINRA/Nasdaq Trade Reporting Facility System Hours. Transactions not reported within 10

seconds after execution will be designated as late, and transactions executed during

FINRA/Nasdaq Trade Reporting Facility System Hours but outside Regular Trading Hours shall

be designated with the unique trade report modifier, as specified by FINRA, to denote their

execution outside Regular Trading Hours. 24 FINRA is proposing to replace existing Rule

6380A(a)(2) with revised Rule 6380A(a)(2), entitled “Transaction Reporting to the

FINRA/Nasdaq Trade Reporting Facility Outside FINRA/Nasdaq Trade Reporting Facility

System Hours,” which would provide that last sale reports of transactions in designated securities

executed outside FINRA/Nasdaq Trade Reporting Facility System Hours shall be reported no

later than 15 minutes after the FINRA/Nasdaq Trade Reporting Facility opens and shall be

designated with the unique trade report modifier, as specified by FINRA, to denote their

execution outside Regular Trading Hours. Transactions not reported within 15 minutes after the

FINRA/Nasdaq Trade Reporting Facility opens shall be designated as late, and transactions

executed on a Trade Date that is not a Business Day shall be designated “as/of” trades. Rule

6380B(a)(1) and (2) would be similarly amended to reflect the new operating hours of the

FINRA/NYSE Trading Reporting Facility.

Collectively, these amendments would clarify that transactions executed during TRF

operating hours—generally now defined as 9:00 p.m. Sunday to 8:00 p.m. Friday, excluding

holidays, with a one-hour pause from 8:00 to 9:00 p.m. on Monday through Thursday—must be

reported as soon as practicable but no later than 10 seconds after execution. By contrast,

transactions executed outside TRF operating hours—generally now meaning during the one-hour

pause from 8:00 p.m. to 9:00 p.m. on Monday through Thursday, between 8:00 p.m. Friday and

9:00 p.m. Sunday, and between 8:00 p.m. the day before a holiday until 9:00 p.m. on the

holiday—must be reported within 15 minutes after the TRF next opens.

FINRA notes that members are required to append applicable modifiers to a transaction

based on the transaction’s characteristics, in accordance with the TRF reporting rules and

specifications.

To illustrate the application of the new reporting timeframes, the below chart provides

examples of the applicable trade reporting timeframes under the new TRF operating hours, based

on the time of execution of a transaction. 25

Execution Time of

Transaction

(Calendar Day)

Tuesday, May 12

at 2:00 a.m.

Tuesday, May 12

at 1:00 p.m.

Tuesday, May 12

at 5:00 p.m.

Tuesday, May 12

at 8:30 p.m.

Tuesday, May 12

at 11:59 p.m.

Friday, May 15 at

5:00 p.m.

Friday, May 15 at

8:30 p.m.

Friday, May 15 at

11:59 p.m.

Saturday, May 16

at 1:00 p.m.

Saturday, May 16

at 8:30 p.m.

Sunday, May 17 at

1:00 p.m.

Sunday, May 17 at

8:30 p.m.

Sunday, May 17 at

10:00 p.m.

Required Reporting Timeframe

Weekdays

As soon as practicable but no later

than 10 seconds after execution

As soon as practicable but no later

than 10 seconds after execution

As soon as practicable but no later

than 10 seconds after execution

By 9:15 p.m. on Tuesday, May 12

Trade Date

Tuesday, May 12

Wednesday, May 13

As soon as practicable but no later

than 10 seconds after execution

Weekends

As soon as practicable but no later

than 10 seconds after execution

By 9:15 p.m. on Sunday, May 17

Wednesday, May 13

By 9:15 p.m. on Sunday, May 17

Saturday, May 16

By 9:15 p.m. on Sunday, May 17

Saturday, May 16

By 9:15 p.m. on Sunday, May 17

Sunday, May 17

By 9:15 p.m. on Sunday, May 17

Sunday, May 17

By 9:15 p.m. on Sunday, May 17

Monday, May 18

As soon as practicable but no later

than 10 seconds after execution

Monday, May 18

Friday, May 15

Saturday, May 16

FINRA notes that the scenarios provided in the chart are not intended to be exhaustive.

FINRA will consider whether any additional guidance may be warranted to address

specific reporting scenarios.

Holidays

(Assume Wednesday, May 20 is a Holiday and Thursday, May 21 is a Business Day)

Tuesday, May 19

As soon as practicable but no later

Tuesday, May 19

at 5:00 p.m.

than 10 seconds after execution

Tuesday, May 19

By 9:15 p.m. on Wednesday, May 20

Wednesday, May 20

at 8:30 p.m.

Tuesday, May 19

By 9:15 p.m. on Wednesday, May 20

Wednesday, May 20

at 11:59 p.m.

Wednesday, May

By 9:15 p.m. on Wednesday, May 20

Wednesday, May 20

20 at 1:00 p.m.

Wednesday, May

By 9:15 p.m. on Wednesday, May 20

Thursday, May 21

20 at 8:30 p.m.

Wednesday, May

As soon as practicable but no later

Thursday, May 21

20 at 11:59 p.m.

than 10 seconds after execution

Conforming Amendments to Rules 6380A and 6380B

FINRA is also proposing several conforming changes to other paragraphs of FINRA

Rules 6380A and 6380B to reflect the new reporting timeframes and defined terms discussed

above, as well as to delete obsolete provisions. These changes are not intended to substantively

alter existing reporting obligations other than with respect to the applicable TRF reporting hours.

First, FINRA is proposing conforming amendments to paragraphs (a)(4), (5), (6), (7), and

(8) of Rules 6380A and 6380B, which set forth additional requirements regarding when and how

transactions must be reported to the TRFs. Specifically:

•

Paragraph (a)(4) sets forth additional requirements related to late reporting, using

the currently undefined terms “date” and “trade date.” FINRA is proposing to

replace these terms with the phrase “Trade Date that is a Business Day” to clarify

when such trades must be reported using the new defined terms.

•

Paragraphs (a)(5)(A) and (H) set forth requirements for appending trade report

modifiers for trades executed during normal market hours but reported late, and

trades executed during pre-opening and after-hours but reported late, respectively.

FINRA is proposing conforming changes to these paragraphs to use the new

defined terms “Regular Trading Hours” and “FINRA/Nasdaq Trade Reporting

Facility System Hours” or “FINRA/NYSE Trade Reporting Facility System

Hours,” as applicable.

•

Paragraph (a)(6) states that the TRF will append the appropriate modifier for

trades reported late where the member does not append the appropriate modifier.

FINRA is proposing conforming changes to replace the term “normal market

hours” with the new defined term “Regular Trading Hours.”

•

Paragraph (a)(7) addresses pre-opening and after-hours trades reported late.

FINRA is proposing conforming changes to remove references to “pre-opening

and after-hours” trades and use the new terms “Regular Trading Hours” and

“FINRA/Nasdaq Trade Reporting Facility System Hours” or “FINRA/NYSE

Trade Reporting Facility System Hours,” as applicable.

•

Paragraph (a)(8) sets forth requirements for reporting transactions using Form T,

including a provision stating that transactions that can be reported to the TRF,

whether on trade date or on a subsequent date on an “as/of” basis, shall not be

reported on Form T. FINRA is proposing a conforming change to use the new

defined term “Trade Date.”

Second, FINRA is proposing conforming amendments to paragraph (g) of Rule 6380A,

and paragraph (f) of 6380B, which set forth requirements related to reporting cancelled and

reversed trades. Specifically, paragraphs (g)(2)(A) through (F) of Rule 6380A, and paragraphs

(f)(2)(A) through (F) of Rule 6380B, refer to the period between 9:30 a.m. and 4:00 p.m. as well

as the undefined terms “date of execution” and “business day.” For clarity, FINRA is proposing

to refer to the defined terms “Regular Trading Hours” and “Business Day,” as appropriate.

FINRA has filed the proposed rule change for immediate effectiveness. The

implementation date of the proposed rule change will be the implementation date of the SIP

Amendment. 26

Statutory Basis

FINRA believes that the proposed rule change is consistent with the provisions of Section

15A(b)(6) of the Act, 27 which requires, among other things, that FINRA rules be designed to

prevent fraudulent and manipulative acts and practices, to promote just and equitable principles

of trade, and, in general, to protect investors and the public interest.

FINRA believes that the proposed rule change is consistent with the Act because it would

enhance market transparency by enabling the reporting and real-time public dissemination of

OTC transactions in NMS stocks during overnight hours when the SIPs will be operating. As

described above, the TRFs currently only accept transaction reports beginning at 4:00 a.m. each

Business Day, which aligns with the current operating hours of the SIPs. The Commission has

approved amendments to the SIP Plans to extend SIP operational hours to collect, consolidate,

and disseminate real-time market data beginning at 9:00 p.m. Sundays to 8:00 p.m. Fridays,

excluding holidays, with a one-hour pause from 8:00 p.m. to 9:00 p.m. Monday through

Thursday. FINRA believes that extending the TRF operating hours to align with the SIPs would

As discussed above, the SIP Operating Committees anticipate implementing the SIP

Amendment on December 6, 2026. FINRA intends to align the implementation date of

the instant proposed rule change with the implementation of the SIP Amendment,

including in the event that the SIP Amendment is ultimately implemented at a later date

than currently anticipated by the SIP Operating Committees.

15 U.S.C. 78o-3(b)(6).

improve the timeliness of trade information available to the public with respect to trades

executed overnight between 9:00 p.m. and 4:00 a.m. on Business Days.

Self-Regulatory Organization’s Statement on Burden on Competition

Section 15A(b)(9) of the Act 28 requires that FINRA’s rules not impose any burden on

competition that is not necessary or appropriate in furtherance of the purpose of the Act. FINRA

does not believe that the proposed rule change will result in any burden on competition that is

not necessary or appropriate in furtherance of the purposes of the Act.

Economic Impact Assessment

FINRA has undertaken an economic impact assessment, as set forth below, to analyze the

potential economic impacts of the proposed rule change, including potential costs, benefits, and

distributional and competitive effects, relative to the current baseline.

Regulatory Need

As discussed above, FINRA is proposing to extend TRF operating hours consistent with

the planned operating hours of the SIPs 29 such that the TRFs will be operational from 9:00 p.m.

on Sundays to 8:00 p.m. on Fridays, excluding holidays, with a one-hour pause from 8:00 p.m. to

9:00 p.m. on Monday through Thursday, with related changes to weekend and holiday reporting

to the TRFs as discussed in greater detail above. FINRA believes that the proposed rule change

would enhance market transparency by enabling the reporting and real-time public dissemination

of OTC transactions in NMS stocks during overnight hours when the SIPs will be operating.

15 U.S.C. 78o-3(b)(9).

See supra note 27.

Economic Baseline

FINRA established two analytical baselines to support this assessment. The primary

baseline spans from March 30, 2026 through April 30, 2026, capturing reporting activity under

the new TRF reporting timeframes effective March 30, 2026. 30 This period provides the primary

baseline for assessment of the proposed reporting timeframes. FINRA also analyzed the period

from January 1, 2025 through March 27, 2026 under the prior reporting timeframes as the

secondary baseline. This extended historical period of review provides additional context to

capture typical reporting activity and patterns.

Analysis prior to March 30, 2026

FINRA’s analysis from January 1, 2025 to March 27, 2026 (Table 1) shows the

breakdown of OTC trades in NMS stocks executed during and outside of the then-effective TRF

operating hours categorized by media and non-media trades during different time periods. 31

As discussed above, FINRA extended the operating hours of the TRFs to begin reporting

at 4:00 a.m. rather than 8:00 a.m. each Business Day, effective March 30, 2026. See

supra note 6.

This analysis uses FINRA TRF transaction data as of April 14, 2026. The analysis

includes trades executed through March 27, 2026 before the 4:00 a.m. reporting

timeframe took effect on March 30, 2026. Because some trades are reported with a

delay, the analysis includes trades reported within ten days after execution. The analysis

excludes trades that are canceled, declined, rejected, reversed, or reported with special

trade conditions. The analysis includes both media and non-media trades reported to the

TRFs. See supra note 11.

Table 1. Number of OTC trades in NMS stocks reported to the TRFs from January 1, 2025 to

March 27, 2026 (by media and non-media trades)

Media trades

Non-media trades

Total

Percentage of

percentages

all trade

reports

Number of trade

reports

Percentage

of all trade

reports

Number of trade

reports

14,299,477,600

52.33%

12,121,852,616

44.36%

96.69%

112,982,786

0.41%

257,840,808

0.94%

1.36%

Between 4:00 a.m.

and 8:00 a.m. on a

Business Day

(excluding 8:00 a.m.)

122,651,024

0.45%

313,485,375

1.15%

1.60%

Between 8:00 p.m.

and 9:00 p.m.

preceding a Business

Day (excluding 9:00

p.m.)b

29,153,048

0.11%

68,536,886

0.25%

0.36%

All other time

periods not otherwise

specified, including

all non-Business

Daysc

13,908

0.00005%

3,362

0.00001%

0.00006%

Total outside of TRF

operating hours

264,800,766

0.97%

639,866,431

2.34%

3.31%

Total outside of and

within TRF operating

hours

14,564,278,366

53.30%

12,761,719,047

46.70%

100.00%

Execution time

Total within TRF

operating hours (8:00

a.m. to 8:00 p.m. on

Business Days,

excluding 8:00 p.m.)

Between 9:00 p.m.

and 4:00 a.m., when

the period from

midnight to 4:00 a.m.

occurs on a Business

Day (excluding 4:00

a.m.)a

Total number of

trade reports

27,325,997,413

a - This includes the Sunday 9:00 p.m. through Monday 4:00 a.m.

period where Monday is a Business Day, or in the case of a

weekday holiday, 9:00 p.m. through 4:00 a.m. spanning the

weekday holiday and the following Business Day (where 9:00 p.m.

to midnight falls on the holiday and midnight to 4:00 a.m. falls on

the Business Day.)

b - This includes 8:00 p.m. to 9:00 p.m. on Sunday when the

following Monday is a Business Day, or 8:00 p.m. to 9:00 p.m. on a

weekday holiday when the following day is a Business Day.

c - This includes the period from Friday 8:00 p.m. to Sunday 8:00

p.m. when the following Monday is a Business Day, or from 8:00

p.m. on a Business Day to 8:00 p.m. on a weekday non-Business

Day when the Business Day precedes a weekday holiday and the

day following the holiday is a Business Day (with the 8:00 p.m. to

12:00 a.m. window occurring on the Business Day prior to the

holiday and the midnight to 8:00 p.m. window occurring on the

holiday itself.)

FINRA estimates that, from January 1, 2025 to March 27, 2026, 379 firms reported trades

to the TRFs . 32 Of the 379 firms, 221 firms reported trades executed exclusively during the theneffective TRF operating hours of 8:00 a.m. to 8:00 p.m. on Business Days and did not report any

trades executed outside of the then-effective TRF operating hours. Based on this activity, these

firms would not be affected by the proposed rule change.

The remaining 158 firms reported to the TRFs at least one trade executed between 8:00

p.m. and 8:00 a.m. on Business Days or anytime on non-Business Days from January 1, 2025 to

March 27, 2026.

Of these 158 firms, 75 firms reported to the TRFs at least one trade executed between

9:00 p.m. and 4:00 a.m., where the midnight to 4:00 a.m. window occurred on a Business Day.

Under the proposed rule change, these firms would be required to report such trades as soon as

FINRA’s analysis uses Central Registration Depository (“CRD”) numbers to identify

firms executing trades.

practicable but no later than 10 seconds after execution, rather than by 8:15 a.m. on the same

Business Day for trades executed between midnight and 4:00 a.m., or by 8:15 a.m. on the next

Business Day for trades executed between 9:00 p.m. and midnight (as was required prior to

March 30, 2026). 33

Of the 158 firms, 133 firms reported to the TRFs at least one trade executed between 4:00

a.m. and 8:00 a.m. on Business Days. Under the proposed rule change, these firms would

continue to be required to report such trades as soon as practicable but no later than 10 seconds

after execution (as they have been required to do since March 30, 2026).

Of the 158 firms, 43 firms reported to the TRFs at least one trade executed between 8:00

p.m. and 9:00 p.m. preceding a Business Day. Under the proposed rule change, these trades

would be required to be reported by 9:15 p.m. on the same day, rather than by 8:15 a.m. on the

next Business Day (as was required prior to March 30, 2026). 34

Of the 158 firms, 43 firms reported to the TRFs at least one trade executed during a time

period not otherwise specified above, including all non-Business Days. Depending on the

execution time, these trades would be required to be reported by 9:15 p.m. when the TRF

resumes operations, rather than 8:15 a.m. on the next Business Day (as was required prior to

Effective March 30, 2026, these trades were required to be reported by 4:15 a.m. on the

same Business Day for trades executed between midnight and 4:00 a.m. on a Business

Day, and by 4:15 a.m. on the next Business Day for trades executed between 9:00 p.m.

and midnight.

Effective March 30, 2026, these trades are required to be reported by 4:15 a.m. on the

next Business Day.

March 30, 2026). 35 These trades are minimal, representing approximately 0.00006% of total

TRF reports.

Additionally, between January 1, 2025 and March 27, 2026, almost all of the 158 firms

that reported at least one trade executed outside of the then-effective TRF operating hours also

executed at least one trade during the then-effective TRF operating hours, which are required to

be reported as soon as practicable but no later than 10 seconds after execution.

Analysis between March 30, 2026 and April 30, 2026

FINRA’s analysis from March 30, 2026 to April 30, 2026 (Table 2) shows the breakdown

of OTC trades in NMS stocks during and outside of the currently effective TRF operating hours,

including different periods outside those hours, categorized by media and non-media trades. 36

Effective March 30, 2026, these trades are required to be reported by 4:15 a.m. on the

same Business Day.

The analysis utilizes FINRA TRF transaction data as of May 18, 2026. Because some

trades are reported with a delay, the analysis utilized all trades reported within ten days

after execution. The analysis excludes trades that are canceled, declined, rejected,

reversed, or reported with special trade conditions. The analysis includes both media and

non-media trades reported to the TRFs.

Table 2. Number of OTC trades in NMS stocks reported to the TRFs from March 30, 2026 to

April 30, 2026 (by media and non-media trades) 37

Media trades

Execution time

Total within TRF

operating hours (4:00

a.m. to 8:00 p.m. on

Business Days,

excluding 8:00 p.m.)

Between 9:00 p.m.

and 4:00 a.m., when

the period from

midnight to 4:00 a.m.

occurs on a Business

Day (excluding 4:00

a.m.)d

Number of

trade reports

Non-media trades

Percentage

of all trade

reports

Number of

trade reports

Percentage

of all trade

reports

Total

percentages

1,270,308,883

53.18%

1,023,755,617

42.86%

96.03%

22,957,227

0.96%

52,077,130

2.18%

3.14%

Between 8:00 p.m.

and 9:00 p.m.

preceding a Business

Day (excluding 9:00

p.m.)e

5,923,762

0.25%

13,808,898

0.58%

0.83%

All other time

periods not otherwise

specified, including

all non-Business

Daysf

4,695

0.0002%

140

0.000006%

0.0002%

Total outside of TRF

operating hours

28,885,684

1.21%

65,886,168

2.76%

3.97%

Total outside of and

within TRF operating

hours

1,299,194,567

54.39%

1,089,641,785

45.61%

100.00%

Total number of

trade reports

2,388,836,352

This analysis captures one month of TRF activity, reflecting the 4:00 a.m. expanded

hours effective March 30, 2026. The analysis is provided for comparison purposes but

represents a much smaller sample size relative to the analysis from January 1, 2025 to

March 27, 2026.

d - This includes Sunday 9:00 p.m. through Monday 4:00 a.m.

when Monday is a Business Day, or 9:00 p.m. through 4:00 a.m.

spanning a weekday holiday and the following Business Day

(where 9:00 p.m. to midnight falls on the holiday and midnight to

4:00 a.m. falls on the Business Day.)

e - This includes 8:00 p.m. to 9:00 p.m. on Sunday when the

following Monday is a Business Day, or 8:00 p.m. to 9:00 p.m. on a

weekday holiday when the following day is a Business Day.

f - This includes the period from Friday 8:00 p.m. to Sunday 8:00

p.m. when the following Monday is a Business Day, or from 8:00

p.m. on a Business Day to 8:00 p.m. on a weekday non-Business

Day when the Business Day precedes a weekday holiday and the

day following the holiday is a Business Day (with the 8:00 p.m. to

12:00 a.m. window occurring on the Business Day prior to the

holiday and the midnight to 8:00 p.m. window occurring on the

holiday itself.)

FINRA estimates that, from March 30, 2026 to April 30, 2026, 280 firms reported trades

to the TRFs. 38 Of the 280 firms, 239 firms reported trades executed exclusively during the

current TRF operating hours of 4:00 a.m. to 8:00 p.m. on Business Days and did not report any

trades executed outside of the TRF operating hours. Based on this activity, these firms would

not be affected by the proposed rule change.

The remaining 41 firms reported to the TRFs at least one trade executed between 8:00

p.m. and 4:00 a.m. on Business Days or anytime on non-Business Days from March 30, 2026 to

April 30, 2026.

Of these 41 firms, 36 firms reported to the TRFs at least one trade executed between 9:00

p.m. and 4:00 a.m., where the midnight to 4:00 a.m. window occurred on a Business Day. Under

the proposed rule change, these firms would be required to report such trades as soon as

FINRA’s analysis uses CRD numbers to identify firms executing trades.

practicable but no later than 10 seconds after execution, rather than by 4:15 a.m. on the same

Business Day for trades executed between midnight and 4:00 a.m. or by 4:15 a.m. on the next

Business Day for trades executed between 9:00 p.m. and midnight (as is currently required).

Of the 41 firms, 18 firms reported to the TRFs at least one trade executed between 8:00

p.m. and 9:00 p.m. preceding a Business Day. Under the proposed rule change, these trades

would be required to be reported by 9:15 p.m. on the same day, rather than by 4:15 a.m. on the

next Business Day (as is currently required).

Of the 41 firms, 21 firms reported to the TRFs at least one trade executed during a time

period not otherwise specified above, including all non-Business Days. Under the proposed rule

change, depending on the execution time, these trades would be required to be reported by 9:15

p.m. on the day when the TRFs resume operations, rather than 4:15 a.m. on the next Business

Day (as is currently required). These trades are minimal, representing approximately 0.0002% of

total TRF reports.

Additionally, between March 30, 2026 and April 30, 2026, almost all of the 41 firms that

reported at least one trade executed outside of TRF operating hours also executed at least one

trade during TRF operating hours, which must be reported as soon as practicable but no later

than 10 seconds after execution.

Economic Impacts

Anticipated Benefits

FINRA believes that the proposed rule change would provide more timely pricing and

transaction information to the market for OTC trades in NMS stocks. By extending TRF

operating hours to align with the SIPs’ planned expansion, the proposed rule change would

enable real-time reporting and public dissemination of OTC transactions in NMS stocks executed

during hours when the TRFs are currently closed but the SIPs would be open, thereby improving

transparency and supporting more efficient price formation across extended trading hours.

Specifically, trades executed while the TRFs are open would be reported in real-time, providing

greater market transparency. For trades executed when the TRFs are closed, the proposed rule

change would require reporting within 15 minutes after the TRFs reopen at 9:00 p.m.,

significantly accelerating the availability of transaction information compared to the current

requirements that require reporting by 4:15 a.m. on the next business day when the TRFs open at

4:00 a.m. These proposed changes to the TRF operating hours would serve to reduce

information asymmetry and improve price discovery for trades executed during those extended

hours.

Anticipated Costs

Members may incur initial and ongoing costs, such as programming, maintenance, and

compliance costs, to implement and maintain systems to report OTC trades in NMS stocks

pursuant to the proposed rule change. Furthermore, members that use third-party vendors to

report OTC trades in NMS stocks to the TRFs may need to adjust their business relationships to

comply with the proposed rule change.

The extent of these costs for each member will depend in part on the current activities

and reporting systems of each member with respect to OTC trading in NMS stocks. As

discussed above, FINRA estimates 41 firms reported at least one trade executed outside of the

current TRF operating hours during the period from March 30, 2026 to April 30, 2026. Almost

all of these 41 firms also reported at least one trade executed between 4:00 a.m. and 8:00 p.m. on

Business Days, and therefore these firms would already have systems in place to report these

trades as soon as practicable but no later than 10 seconds after execution, 39 which may indicate

that the initial fixed costs and variable costs may be lower for those members. 40

FINRA identified a very small number of firms reporting trades executed exclusively

outside of current TRF operating hours. To the extent these firms are not able to report trades as

soon as practicable but no later than 10 seconds after execution or by 9:15 p.m., as applicable,

such firms may incur costs to upgrade systems or employ a vendor to report in compliance with

the amended rule.

Self-Regulatory Organization’s Statement on Comments on the Proposed Rule

Change Received from Members, Participants, or Others

Written comments were neither solicited nor received.

III.

Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action

Because the foregoing proposed rule change does not: (i) significantly affect the

protection of investors or the public interest; (ii) impose any significant burden on competition;

and (iii) become operative for 30 days from the date on which it was filed, or such shorter time

Among the 41 firms, certain firms may have utilized the temporary exception that allows

them to continue reporting at 8:15 a.m. for specified overnight transactions. See supra

note 6. Firms that have availed themselves of the temporary exception, effective March

30, 2026, and that execute trades exclusively between 4:00 a.m. to 8:00 a.m., may not

have the requisite system infrastructure already in place to meet the new reporting

requirements. Consequently, these firms may be required to incur costs to develop,

implement, and maintain the necessary systems to comply with the proposed

amendments.

Similarly, between January 1, 2025 and March 27, 2026, almost all of the 158 firms that

executed at least one OTC trade in NMS stocks outside of the then-effective TRF

operating hours also executed at least one OTC trade in NMS stocks during those TRF

operating hours, which must be reported as soon as practicable but no later than 10

seconds after execution.

as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the

Act 41 and Rule 19b-4(f)(6) thereunder. 42

At any time within 60 days of the filing of the proposed rule change, the Commission

summarily may temporarily suspend such rule change if it appears to the Commission that such

action is necessary or appropriate in the public interest, for the protection of investors, or

otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the

Commission shall institute proceedings to determine whether the proposed rule should be

approved or disapproved.

IV.

Solicitation of Comments

Interested persons are invited to submit written data, views and arguments concerning the

foregoing, including whether the proposed rule change is consistent with the Act. Comments

may be submitted by any of the following methods:

Electronic Comments:

•

Use the Commission’s Internet comment form

(http://www.sec.gov/rules/sro.shtml); or

•

Send an e-mail to rule-comments@sec.gov. Please include File Number SRFINRA-2026-015 on the subject line.

Paper Comments:

•

Send paper comments in triplicate to Secretary, Securities and Exchange

Commission, 100 F Street, NE, Washington, DC 20549-1090.

15 U.S.C. 78s(b)(3)(A).

17 CFR 240.19b-4(f)(6).

`All submissions should refer to File Number SR-FINRA-2026-015. This file number should be

included on the subject line if e-mail is used. To help the Commission process and review your

comments more efficiently, please use only one method. The Commission will post all

comments on the Commission’s Internet website (http://www.sec.gov/rules/sro.shtml). Copies

of the filing will be available for inspection and copying at the principal office of FINRA. Do

not include personal identifiable information in submissions; you should submit only information

that you wish to make available publicly. We may redact in part or withhold entirely from

publication submitted material that is obscene or subject to copyright protection. All

submissions should refer to File Number SR-FINRA-2026-015 and should be submitted on or

before [insert date 21 days from publication in the Federal Register].

For the Commission, by the Division of Trading and Markets, pursuant to delegated

authority. 43

Sherry R. Haywood,

Assistant Secretary.

17 CFR 200.30-3(a)(12).

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.