SIFMA Asks Regulators to Reconsider Shortening Trade Reporting Times

In comments in response to FINRA's and MSRB's proposal to shorten the time allowed for post-trade reporting in debt securities, SIFMA recommended that FINRA and MSRB reconsider if a one-minute trade reporting requirement is appropriate for fixed income markets.

SIFMA said that if a decision is made to proceed with the proposal, FINRA and MSRB should:

• implement a broad exemption for manual trades;
• provide relief for certain electronic trades where system processing limitations prevent one-minute reporting, including allocation trades;
• examine impacts to liquidity, depth, concentration, and transparency prior to stepping reporting times to shorter intervals to ensure markets are not harmed by shorter trade reporting timeframes; and
• implement the proposed de-minimis exemption.

See also Financial Associations Raise Concerns on FINRA and MSRB Proposals to Shorten Trade Reporting Times.