MSRB Sets Comment Deadline for Proposal to Shorten Municipal Securities Trade Reporting Times
The MSRB set a comment deadline of February 16, 2024 on a proposal to shorten the time allowed for post-trade reporting in Municipal Securities. The MSRB proposal was published in the Federal Register.
As previously covered, the MSRB proposed rule amendments to MSRB Rule G-14 ("Reports of Sales or Purchases") to shorten the time allowed for post-trade reporting from 15 minutes to within one minute, subject to certain exceptions. Among the revisions, the MSRB included two new exceptions to the new one-minute reporting requirement, consisting of (i) a 15-minute exception for dealers with "limited trading activity" and (ii) a phased-in approach for implementation from 15 minutes to an eventual five-minute reporting requirement for "trades with a manual component."