A reminder has been issued regarding a change to the Nasdaq Testing Facility (NTF), which will take place from November 17 to November 21, 2025. During this period, the NTF will transition from using Production SIP data to utilizing testSIP facilities. This adjustment is intended to allow clients to test with fractional share data, which will be available during this timeframe.

The NTF operates Monday through Thursday from 7:30 a.m. to 10:00 p.m. ET and on Fridays from 7:30 a.m. to 4:00 p.m. Customers can participate in testing free of charge for a consecutive period of thirty days by registering their firm’s Market Participant Identifier (MPID) and start date via email prior to testing. After this period, charges will apply unless a fee waiver is requested in advance.

Additionally, starting February 23, 2026, firms executing trades in fractional shares must report both the Quantity and Fractional Share Quantity fields as per FINRA's guidelines.

For further inquiries about the Nasdaq Testing Facility or specific technical questions related to trade reporting changes, contact details for Nasdaq Trading Services are provided for assistance.

Original article (ntf) (finra) (entitlement)

The article provides some actionable information, particularly regarding the upcoming changes to the Nasdaq Testing Facility (NTF). It outlines specific dates for when these changes will occur and explains how clients can participate in testing with fractional share data. The steps for registration, including the need to email their Market Participant Identifier (MPID) and start date, are clearly stated. This gives readers a clear action they can take if they are involved in trading or testing at the NTF.

In terms of educational depth, the article does not delve deeply into why these changes are being made or how they might affect trading practices beyond simply stating that it allows for testing with fractional shares. While it mentions FINRA guidelines regarding trade reporting, it lacks a thorough explanation of those guidelines or their implications.

The personal relevance of this topic is significant for firms engaged in trading on Nasdaq. The transition to utilizing testSIP facilities and the requirement to report both Quantity and Fractional Share Quantity fields could impact their operations and compliance practices. However, for individuals not involved in trading or finance, this information may not be directly applicable.

Regarding public service function, while the article provides important updates about regulatory changes that could affect traders and firms, it does not offer emergency contacts or safety advice. Instead, it serves more as an informational update rather than a public service announcement.

The practicality of advice is reasonable; firms can register easily via email as instructed. However, those unfamiliar with trading systems may find some terms confusing without additional context or guidance on how to navigate these processes effectively.

In terms of long-term impact, understanding these changes could help firms prepare better for future compliance requirements related to fractional shares. However, without deeper insights into potential market impacts or strategic planning advice related to these changes, its lasting value is limited.

Emotionally or psychologically, while the article informs readers about necessary adjustments within a professional context, it does not provide encouragement or support that would help individuals feel more empowered in navigating these changes.

Lastly, there are no clickbait elements present; however, there was an opportunity missed to provide deeper insights into why fractional share reporting matters and its implications on broader market trends. To enhance understanding further and guide readers effectively through this transition period in trading practices at Nasdaq's facility—one could suggest looking up resources from FINRA directly regarding trade reporting guidelines or consulting financial advisors who specialize in compliance issues related to fractional shares.

Overall, while the article contains useful information for specific audiences within finance and trading sectors—particularly concerning upcoming operational changes—it lacks depth in education about those changes' broader implications and does not cater well to laypersons outside this field.

The text uses the phrase "transition from using Production SIP data to utilizing testSIP facilities." This wording may create a sense of progress or improvement, suggesting that the change is inherently positive. By using terms like "transition" and "utilizing," it softens any potential concerns about the change, making it seem more favorable. This could lead readers to believe that the adjustment is beneficial without addressing any possible drawbacks or challenges.

The text states, "Customers can participate in testing free of charge for a consecutive period of thirty days." The phrase "free of charge" may evoke a feeling of generosity or goodwill from Nasdaq. However, it also implies that after this period, there will be costs involved unless a fee waiver is requested. This could mislead readers into thinking they are receiving an ongoing benefit when in reality, there are conditions attached.

When mentioning that firms executing trades in fractional shares must report both the Quantity and Fractional Share Quantity fields as per FINRA's guidelines, the text presents this requirement as an obligation without discussing its implications. The use of "must report" creates a sense of urgency and necessity but does not explain why these changes are being made or how they might affect firms. This could lead readers to accept these regulations without questioning their fairness or impact.

The statement about contacting Nasdaq Trading Services for inquiries suggests an open line for communication but does not provide details on how responsive or helpful those services might be. It implies support is readily available while potentially downplaying any difficulties clients may face when seeking assistance. This can create a false sense of security regarding customer service quality.

Overall, while the text provides information about changes at the Nasdaq Testing Facility, it employs language that can shape perceptions positively without fully addressing potential concerns or consequences related to those changes.

The text regarding the changes to the Nasdaq Testing Facility (NTF) conveys several emotions that shape the reader's understanding and response. One prominent emotion is excitement, which is subtly expressed through phrases like "transition from using Production SIP data to utilizing testSIP facilities" and "test with fractional share data." This excitement serves to engage clients by highlighting a new opportunity for testing, suggesting innovation and improvement in their trading processes. The strength of this emotion is moderate; it aims to create a positive anticipation about the upcoming changes.

Another emotion present is urgency, particularly in the mention of specific dates: "from November 17 to November 21, 2025." The clear timeline creates a sense of immediacy that encourages clients to act quickly—either by preparing for testing or registering their Market Participant Identifier (MPID). This urgency can lead readers to feel compelled to participate sooner rather than later, fostering an environment where action is prioritized.

Trust emerges as another significant emotional undertone throughout the message. Phrases such as "Customers can participate in testing free of charge" and "contact details for Nasdaq Trading Services are provided for assistance" aim to reassure clients about their involvement in this process. The transparency regarding costs and support builds confidence in Nasdaq’s commitment to client service, making it more likely that firms will engage positively with these changes.

The text also evokes concern through its mention of charges applying after a thirty-day trial period unless a fee waiver is requested. This aspect introduces an element of caution; firms may worry about unexpected costs if they do not act promptly or understand the requirements fully. By framing this information clearly, it encourages firms to be proactive rather than reactive.

In terms of persuasive techniques, the writer employs specific language choices that evoke emotional responses rather than neutral descriptions. Words like “transition” and “utilizing” suggest progressiveness and adaptability, while phrases emphasizing free participation highlight generosity on Nasdaq's part. Additionally, providing detailed contact information fosters trustworthiness by showing readiness to assist clients with any uncertainties they might have.

Overall, these emotional elements work together effectively within the message. They guide readers toward feeling excited about new opportunities while also instilling a sense of urgency and caution regarding participation timelines and potential costs. By carefully crafting these emotions through word choice and structure, the writer successfully steers client reactions toward engagement with NTF changes while ensuring clarity around responsibilities involved in trading fractional shares starting February 23, 2026.