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FINRA fined a muni dealer for MSRB Rule violations including (i) failing to timely cancel or close out inter-dealer municipal securities transactions after settlement; (ii) failing "to take prompt steps to obtain physical possession or control of 247 short positions resulting from failed inter-dealer municipal securities transactions;" and (iii) related supervisory violations.

The MSRB proposed rule amendments to shorten the time allowed for post-trade reporting to within one minute; separately, FINRA proposed rule amendments to reduce the 15-minute TRACE reporting timeframe to one minute, with exceptions for de minimis reporting activity and for manual trades.