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FINRA issued a proposal to permit alternative trading systems ("ATSs") and broker-dealer subscribers to ATSs to report transactions in U.S. Treasuries executed on ATSs on a "partially disaggregated" basis until April 12, 2019. The proposal would permit firms to report some trades on an individual basis, and other trades on aggregated basis ( i.e. , with aggregate price and volume information across trades). After April 12, 2019, ATSs and their broker-dealer subscribers will be required to report U.S. Treasury transactions on a "fully-disaggregated" basis ( i.e. , to report each individual

In a Regulatory Notice, FINRA reminded firms that after April 12, 2019, alternative trading systems ("ATSs") and broker-dealers that subscribe to ATSs will be required to report to TRACE each individual transaction in U.S. Treasury securities executed in a trading session on the ATS ( i.e. , report transactions on a "disaggregated" basis) together with the time and price at which each individual transaction was executed.

FINRA reminded members not to report auction purchases of U.S. Treasury securities to the Trade Reporting and Compliance Engine ("TRACE"). FINRA stated that "[auction transaction data] is already maintained by the Treasury Department as part of the auction process and is readily accessible to regulators; therefore, reporting these transactions to TRACE would be duplicative. . . ." FINRA updated certain FAQs on the issue. FINRA urged members that participate in Treasury auctions "to determine if they have misreported any transactions that represent auction awards, and promptly cancel or reverse