T+2 Dress Rehearsal Set
FINRA sets up test 16 days before T+2 migration deadline.
The Financial Industry Regulatory Authority has planned a dry run for T+2 settlement migration for August 19, 2017, in preparation for the migration’s slated go-live date of September 5, 2017.
The industry regulator will start the three-hour user acceptance test at approximately 9 am ET. FINRA plans to keep a conference line open during the duration of the test.
SRO officials suggest that firms should consider sharing lines if they are calling in from the same location since there will be a limited number of lines available.
The UAT will allow clients to test the changes they’ve made to their settlement workflows with connections to FINRA’s Over-The-Counter Reporting Facility and Alternative Display Facility.
Firms and service bureaus participating in the test can use FINRA’s Computer-to-Computer Interface, the FIX messaging protocol, and the TRAQS Web browser to report their transactions. Clients using CTCI and FIX will need to connect via their production circuits while those using TRAQS browser can access the test via https://www.finratraqs.org.
FINRA also invitest clearing firms to take part in the UAT to monitor their correspondents’ trade activity marked for clearing by using the TRAQS Clearing Scan function.
The regulator requests that firms that are interested in participating in the UAT should contact FINRA Market Operations no later than 12 pm on August 17, 2017.
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