FINRA To Post Information for Upcoming TRACE Reporting Requirements on Foreign Sovereign Debt Securities

To help firms prepare for the November 6, 2023 effective date for reporting transactions on TRACE ("Trade Reporting and Compliance Engine") involving foreign sovereign debt securities, FINRA will post a monthly file of FINRA Symbols and CUSIPs (Uniform Security Identification Procedures). FINRA said that it will post the file on its website from June 1, 2023 through November 3, 2023 for free. FINRA said that clients must access the Master List of securities using their API or TRAQS production entitlement credentials.

As previously covered, the new rule requires members to report transactions in U.S. dollar-denominated foreign sovereign debt securities to TRACE. The rule change expanded the definition of a TRACE-eligible security to include the term "Foreign Sovereign Debt Security," which FINRA defined as a "debt security issued or guaranteed by the government of a foreign country, any political subdivision of a foreign country or a supranational entity."