Technical Notice

User Acceptance Testing for the TRACE System Modification to Support Trade Reporting of Equity-Linked Notes

 

Please note FINRA has changed the effective date for this release to November 3, 2008.

 

As stated in the Technical Notice dated July 1, 2008, FINRA will be modifying the Trade Reporting and Compliance Engine (TRACE) System to allow trade reporting of equity-linked notes (ELNs) that trade in shares as units. The system modifications will take effect August 4, 2008. In preparation of these changes, FINRA will be conducting a User Acceptance Test on Saturday, July 26, 2008 from 9:00 a.m. to 12:00 p.m. (ET), testing the trade reporting and trade dissemination processing of equity-linked notes. Firms are encouraged to participate in order to ensure readiness for the August 4th implementation.

 

Who can participate?

All member firms, including service bureaus who use Computer to Computer Interface (CTCI) or the TRACE Web Browser to report TRACE transactions are eligible to participate. In addition, Market Data Vendors who subscribe to the Bond Trade Dissemination Service (BTDS) are encouraged to participate (record) data on the test date to ensure they can process ELN transactions starting August 4th.

Registration

If your firm uses CTCI to access TRACE, please register no later than 12:00 p.m. (ET) on Friday, July 25, 2008 by contacting NASDAQ Trading Services via email at tradingservices@nasdaqomx.com or by phone (212) 231-5180.


If your firm uses the TRACE Web Browser, please register by sending an email to Orlando Cortes.  


Data Vendors may also email Orlando Cortes if they intend to record the test data on July 26.  

 

Testing Details

The UAT will start at approximately 9:00 a.m. (ET) and will end approximately 12:00 p.m. (ET) on Saturday, July 26. The following open conference call has been established for the duration of the test:  

 

Saturday, July 26 2008 – 9:00 a.m. (ET)  

Dial-in: (877) 985-6095 

Pass code: 840428 #  

 

FINRA has provided TRACE Member Test Script for firms to follow.  

 

At the conclusion of the UAT, participants are asked to complete and email the Testing Response Form located at the end of the document to tracefeedback@finra.org.

Questions

Questions concerning these system modifications and the user acceptance test should be directed to Orlando Cortes at (212) 858-5143 or FINRA Product Management at (866) 899-2107.

Questions concerning the reporting requirements of ELN trades should be directed to:  

 

  • tracefeedback@finra.org;  
  • FINRA Operations at (866) 776-0800;  
  • Elliot Levine, Chief Counsel, Transparency Services at (202) 728-8405;  
  • Patrick Geraghty, Director, Market Regulation at (240) 386-4973; or  
  • Office of General Counsel at (202) 728-8071.