FINRA to Sponsor User Acceptance Test for Upcoming TRACE Reporting Requirements

FINRA will sponsor a production User Acceptance Test on September 9, 2023 for firms required to report transactions on TRACE ("Trade Reporting and Compliance Engine") involving foreign sovereign debt securities.

FINRA reminded members that November 6, 2023 is the effective date (i) for members to report transactions in U.S. dollar-denominated foreign sovereign debt securities (see previous coverage) and (ii) on "granularity of execution timestamps" for TRACE treasuries transactions (see previous coverage). FINRA is also revising guidance to "standardize the price format used for reporting transactions in Treasury bills and [floating rate notes] by requiring all transactions after the auction date of the security to be reported using the dollar price."