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

Subscribe to our show on Apple Podcasts, Google Play and by RSS.