TRACE Transitioning to FINRA Native FIX

As previously announced, to improve process throughput and standardize the protocol, in 2026 FINRA will retire its legacy platform and require all FIX reporting and Service Bureau clients to transition their ports to Native FIX for TRACE and Over-The-Counter Reporting Facility (ORF) transaction reporting.

TRACE Native FIX protocol specifications for Corporates and Agencies (CA), Securitized Products (SP) and Treasuries (TS) have been updated for FIX messaging. Please refer to each specification for details on these changes.

Overview of changes to TRACE products:

Corporate/Agencies, Securitized Products, and Treasuries:

• Introduction of new real-time Match confirmation messages
• Updated Reject codes/descriptions

Corporate/Agency, Securitized Products only:

• Retirement of Tag 452 PartyRole value of "7" (Entering Firm) and utilizing tags 115/116/128/129 in message headers to accommodate On Behalf Of (OBO) reporting by Service Bureaus

Treasuries only:

• Change to timestamp format of Tag 60 TransactTime, to correctly accommodate microsecond granularity per FIX protocol

NOTE: All the changes listed above and included in the revised FIX specifications will be applied to Native FIX reporting only and will not be applied to legacy FIX reporting. In addition, the new Match confirmations will be available only to firms that migrate to Native FIX ports.

In early 2026, FINRA will publish a Technical Notice that will include a link to the new FINRA Native FIX Port Request Form for firms to commence ordering new TRACE Native FIX ports. New ports will be required first for testing the Native FIX changes in NTF and then for production reporting in Native FIX.

The dates for testing and production availability will be provided at that time. Separate notifications for ORF will follow.

Please contact FINRA Client and System Management with questions.