Trading Around the Clock: Inside FINRA's Trade Reporting Enhancements

Every time you check a stock price on your phone or watch a ticker scroll across a screen, you are seeing the result of a complex reporting system most investors never think about. Behind that number is a vast infrastructure capturing and consolidating trades from exchanges and over-the-counter markets in milliseconds—and that system is undergoing major enhancements. On this episode, Chris Stone, FINRA Vice President, Transparency Services, takes us inside the systems that make market transparency possible. Stone explains how FINRA recently extended trade reporting hours to 4 a.m. ET, why the industry is preparing for 23-hour, 5-day-a-week trading by December 2026, and how FINRA’s recently implemented fractional share reporting is eliminating what researchers called "phantom volume." Resources mentioned in this episode: Trade Reporting Facility (TRF) Reg. Notice 25-15: FINRA Adopts Amendments to Extend the Trade Reporting Facilities Operating Hours Trade Reporting Notice 1/14/26: Upcoming Trade Reporting Enhancements for Fractional Share Transactions FINRA Forward Blog Post: FINRA Forward’s Rule Modernization—An Update Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve Blog Post: A Progress Update on Rule Modernization Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail

You can listen to Trading Around the Clock: Inside FINRA's Trade Reporting Enhancements online on Radio and Podcast. Open the player on this page to stream the available audio.

Trading Around the Clock: Inside FINRA's Trade Reporting Enhancements is an episode from FINRA Unscripted by FINRA.

This episode is 00:23:02 long.

This episode was published on Apr 7, 2026.

Yes. Use the heart button on the episode page to add it to your favorite episodes list.

Yes. This page shows related episodes from FINRA Unscripted when more episodes are available from the podcast feed.