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FINRA Adopts New Rules for Post-Trade Transparency in U.S. Securities Market

The Financial Industry Regulatory Authority (FINRA) announced recently that it has adopted new amendments to provide public dissemination of U.S. Treasury securities transactions on a trade-by-trade basis both at the end of the day and historically. Additionally, it announced related fees for members and other professionals who choose to subscribe to the new data set.

Commencing March 25th, 2024, FINRA will begin releasing end-of-day reports containing information on individual trades in actively traded U.S. Treasury securities that are “on-the-run nominal coupons.” These coupons are generally defined as the most recently auctioned Treasury note or bond paying fixed rate nominal coupons in TRACE (“Trade Reporting and Compliance Engine”) reference data beginning on the business day after its auction.

These reports will include details like price, trade size, and the type of counterparty involved (i.e., dealer, customer, affiliate, or alternative trading system). The reports will not reveal the identities of the parties involved in the trade. Additionally, for larger trades, the exact size may be capped to protect sensitive information.

FINRA will also offer a separate historic data set, available from April 1st, 2024, onwards. This data will include details on transactions going back to the beginning of 2019, with a six-month delay.

Daily reports will be available for free on FINRA’s website, with a one-day delay, for non-professionals for personal, non-commercial use. Members and other professionals may subscribe to FINRA’s end-of-day and historic TRACE data products for a fee. According to FINRA, the fee to access end-of-day reports will be $750 per month or $250 per month for qualifying tax-exempt organizations.

The fee for the Historic TRACE data set will be $2,000 per calendar year or $500 per calendar year for qualifying tax-exempt organizations. A single fee of $2,000 (or $1,000 for qualifying tax-exempt organizations) for development and set-up to receive historic TRACE data also applies.

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