SIFMA Urges FINRA to Modify Proposed Timeframe for Aggregating and Publishing OTC Volume Information

In order to "minimize information leakage," SIFMA urged FINRA to modify its proposed timeframe for aggregation and publication of over-the-counter ("OTC") volume information. In addition, SIFMA repeated its call for "FINRA to sunset its current requirement that alternative trading systems ("ATS") make weekly volume reports to FINRA under Rule 4552." SIFMA recommended that over-the-counter equity "volume information pertaining to a market participant's trading activity in specific securities be aggregated on a monthly rather than weekly basis, and made available to the public and industry participants following a four-week delayed basis, as currently provided under FINRA Rule 4552(b)(2)." SIFMA also recommended that FINRA address its proposed elimination of the ATS volume reporting requirement "without delay," as specified in FINRA's proposal. "[N]ow that the market participant identifier requirement is effective and functioning," SIFMA stated, "the regulatory need for the self-reporting has been fully obviated."

See: SIFMA Comment Letter: Notice of Filing of a Proposed Rule Change to Expand FINRA's Alternative Trading System ("ATS") Transparency Initiative to Publish OTC Equity Volume Executed Outside ATSs; SIFMA Press Release.
Related news: FINRA-Proposed Rule Change Would Require Publishing OTC Equity Volume Executed Outside ATSs (Fed. Reg.) (August 19, 2015); SEC Grants Approval to Proposed FINRA Rule Changes Relating to ATS Volume (Fed. Reg.) (July 10, 2015); FINRA Requests Comment on a Proposal to Publish OTC Equity Volume Executed Outside ATSs (FINRA Reg. Notice 14-48) (November 12, 2014).