Sub-group to discuss recent FINRA TRF reporting FAQs that impact ETF NAV trading

FIF Members have identified a challenge with a recent set of FAQs issued by FINRA (100.8; 313.1-313.4) that impact TRF reporting for Net Asset Value (NAV) trades. If the NAV for an ETF is determined in the evening and the TRF report is submitted the following morning with a T+1 trade date, this presents certain challenges for the institutional customer. FIF has created a sub-group to discuss this issue. If you are interested in participating in this discussion, please send a note to This email address is being protected from spambots. You need JavaScript enabled to view it., and we will include you in the sub-group.