FINRA Proposes Near-Continuous OTC Trade Reporting Hours to Match SIP Expansion

FINRA amended its rules to extend the operating hours of its Trade Reporting Facilities from 4:00 a.m. - 8:00 p.m. each business day to 9:00 p.m. Sundays through 8:00 p.m. Fridays, excluding holidays.

The new schedule creates a 23-hour operating window with a one-hour technical pause from 8:00 p.m. to 9:00 p.m. Monday through Thursday. Members must report OTC transactions in NMS stocks executed during TRF operating hours within 10 seconds of execution. Transactions executed while the TRFs are closed must be reported within 15 minutes of the 9:00 p.m. reopening, replacing the current 4:15 a.m. next-business-day deadline (see prior coverage).

The amendment adds new defined terms to FINRA Rule 6320A ("Definitions") and FINRA Rule 6320B ("Definitions"), including "Calendar Day," "Business Day," "Regular Trading Hours," and "Trade Date." Under the new Trade Date definition, a trade date runs from 8:00 p.m. one calendar day to 8:00 p.m. the next, meaning trades executed after 8:00 p.m. carry the following calendar day as their trade date. Members may need to adjust the date reported in the TradeDate field of their trade reports accordingly.

FINRA is proposing conforming amendments to FINRA Rule 6380A ("Transaction Reporting") and FINRA Rule 6380B ("Transaction Reporting") to replace "normal market hours" with "Regular Trading Hours," delete obsolete reporting provisions, and eliminate the temporary overnight reporting exception in Supplementary Material .05.

Comments are due by August 10, 2026.