Mandatory Display Guidelines

FINRA requires that your firm display the TRACE Information and Data incorporating the fields below:

FINRA requires that external redistributors of real-time BTDS, ATDS and BTDS144A data include the following fields on their display of disseminated transactions:

  • Bond Identifier (Symbol or CUSIP number)
  • When Issued Indicator (if applicable)
  • Price
  • Special Price Indicator (if applicable)
  • Yield*
  • Quantity
  • Sale Condition Modifiers (if applicable)
  • Reversal Indicator (if applicable)
  • Execution Date/Time
  • Side
  • Reporting Party Type
  • Contra Party Type
  • Remuneration (if applicable) – effective July 18, 2016

FINRA requires that external redistributors of real-time SPDS and SPDS144A data include the following fields on their display of disseminated transactions:

  • Security Identifier (Symbol or CUSIP number or RDID if an MBS)
  • Sub-Product Type
  • Price
  • Special Price Indicator (if applicable)
  • Quantity
  • Sale Conditions
  • Execution Date/Time (may be separated into two fields)
  • Side
  • Reporting Party Type
  • Contra Party Type
  • Settlement Date
  • Factor (Non-MBS only)
  • Remuneration (if applicable) – effective July 18, 2016

Real-Time usage Vendor displays or disseminates Information and Data promptly upon receipt by Vendor from FINRA, its agents or its Retransmission Vendor with no unreasonable delay. Vendor shall promptly and accurately transmit the Information and Data to its Clients for which it serves as a Retransmission Vendor.

Delayed Data As used in Rule 7730 shall mean that period of time starting four hours after the time of last dissemination by FINRA of transaction data on a TRACE-eligible security and ending that calendar day.

*FINRA requires TRACE data vendors and redistributors to display yield in real-time TRACE data. Currently, certain vendors disseminate a yield that they calculate and they want to continue to do so after November 3, 2008, instead of disseminating the Standard Yield calculated by FINRA's TRACE System. FINRA will permit this flexibility, provided that a vendor that displays a yield other than the Standard Yield discloses that the vendor is disseminating a yield other than the Standard Yield.