SEC Approves MSRB Rule Regarding RTRS Procedures and Subscription Services

The SEC approved the MSRB's proposed amendments to Rule G-14. The amendments pertain to the Real-Time Transaction Reporting System ("RTRS") and its procedures and subscription service.

With limited exceptions, the new rule would require all executed transactions to be reported to the RTRS within 15 minutes of their execution. Additionally, the new rule would:

• expand the application of the existing list offering price in Rule G-14 and the RTRS takedown indicator to cases involving distribution participant dealers and takedown transactions that are not at a discount from the list offering price;
• eliminate the requirement for dealers to report yield on customer trade reports and enable the MSRB to calculate and disseminate yield on customer trades instead;
• establish a new indicator for customer trades involving non-transaction-based compensation arrangements; and
• establish a new indicator for alternative trading system transactions.

See: SEC Approval Order; MSRB Press Release.Related news: SIFMA Submits Comments to SEC on MSRB Proposal Regarding Post-Trade Reporting and Transparency Procedures (April 21, 2015); MSRB Proposal to Amend RTRS Procedures and Subscription Services Published in the Federal Register (March 27, 2015).