SIFMA Submits Comments to SEC on MSRB Proposal Regarding Post-Trade Reporting and Transparency Procedures

SIFMA submitted a comment letter to the SEC regarding MSRB-proposed amendments to Rule G-14 RTRS Procedures.

In the letter, SIFMA commended MSRB on the "methodical manner" in which it obtained input on the proposed rule changes. However, SIFMA expressed concern about the costs of certain proposed changes relative to their assumed benefits – particularly changes to methods of flagging certain dealer compensation arrangements and the ATS indicator. Additionally, SIFMA emphasized that the benefits of the proposal will not "measure up" to the costs and burdens that it could impose on broker-dealers.

SIFMA recommended that the SEC compel the MSRB to provide statistics to show that investors actually use the new information obtained as a result of recent MSRB transparency initiatives, and to determine whether or not investors consider this new information helpful.

See: SIFMA Comment Letter.See also: MSRB Proposal to Amend RTRS Procedures and Subscription Services Published in the Federal Register (March 27, 2015).