The Financial Information Forum requested additional guidance on certain implementation challenges concerning amendments to Regulation NMS that require broker-dealers to generate on-demand customer reports.
A securities firm agreed to settle FINRA charges for failure to (i) accurately report municipal security transactions to the Real-Time Transaction Reporting System, and (ii) maintain a sufficient written supervisory procedure.
FINRA proposed a rule change granting temporary relief to member alternative trading systems and ATS subscribers as they transition to disaggregated reporting for certain transactions in U.S. Treasury securities.
In a Regulatory Notice, FINRA reminded firms that after April 12, 2019, member subscribers on an alternative trading system and ATSs will be obligated to "report to TRACE each transaction in U.S. Treasury securities executed in trading sessions on an ATS on a disaggregated basis."
CFTC Commissioner Brian Quintenz discussed ways in which he believes a lack of transparency during the financial crisis has been addressed by post-crisis reforms requiring data reporting, central clearing, and posting margin.