MSRB Extends Effective Date of Amended Rule on Transaction Reporting (MSRB Notice 2016-09)
The MSRB filed a rule change to extend the effective date of several amendments to the transaction reporting requirements of MSRB Rule G-14. The new effective date will be July 18, 2016, when similar amendments to FINRA's TRACE reporting requirements will also go into effect. As described in MSRB Regulatory Notice 2016-09, the amendments to Rule G-14, which governs the reporting of municipal securities transactions to the MSRB's Real-Time Transaction Reporting System ("RTRS"), will:
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expand the application of the existing list offering price and the RTRS takedown indicator to cases involving distribution participant dealers and takedown transactions that are not discounted from the list offering price;
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eliminate the requirement that dealers report yield on customer trade reports, and allow the MSRB to calculate and disseminate yield on customer trades instead;
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establish a new indicator for customer trades involving non-transaction-based compensation arrangements; and
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establish a new indicator for alternative trading system transactions.