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It is Beech Hill Securities (BHS) opinion, that FINRA’s proposal to amend Rule 6730 to reduce TRACE reporting timelines to 1-minute will adversely affect the ability of small to mid-sized firms to participate in Fixed Income reportable securities. Given it is cost prohibitive, most small to mid-size firms do not utilize automated trade reporting systems (E.g., Bloomberg TOMS). Rule 6730 proposal
Summary
FINRA has adopted amendments to the Rule 6700 series (Trade Reporting and Compliance Engine (TRACE)) to require members to report to TRACE transactions in U.S. dollar-denominated foreign sovereign debt securities. The amendments will take effect on November 6, 2023.
The amended rule text is available in the online FINRA Manual.
Questions regarding this Notice should be directed to:
On Monday, December 12, 2002, FINRA observed a number of ORF clients experiencing problems submitting transactions to TRAQS. Users were presented with an error related to the connection attempt. FINRA has resolved this issue and TRAQS should be operating normally.
TRAQS clients with questions regarding this issue should contact FINRA Market Operations at (866) 776-0800.
The festive season is here. Are you looking for the perfect gift for the compliance professional in your life? Look no further. On this episode, we cover the top five FINRA compliance resources, or gifts, for compliance professionals with FINRA's Head of Member Relations and Education.