Revisions to TRACE BTDS Specification

FINRA’s Bond Trade Dissemination ServiceSM (BTDSSM ) broadcasts last sale price and other relevant trade data for US dollar-denominated, investment grade and high yield corporate bonds to authorized market data vendors. As the transactions are entered into TRACE, FINRA will automatically generate data messages to be disseminated real-time on BTDS.

This document defines the communications interface and message format requirements for the output from BTDS. All references to a time of day in these specifications are in Eastern Time.