TRACE FDIC-Backed Bond Display Policy
The following are details of FINRA's policy for the retransmission of FDIC-Backed bonds available via the BTDS (corporate bond) data feed. The policy takes effect with the introduction of the ATDS (agency debt) data feed on March 1, 2010. More information about FINRA's market data policies is available on our site.
Redistribution of FDIC-Backed Bond Data:
Under the federal government's Temporary Liquidity Guarantee Program, the Federal Deposit Insurance Corporation (FDIC) has guaranteed select corporate debt issued by certain financial institutions. Though FINRA categorizes FDIC-backed bonds as corporate debt, some industry participants have categorized and/or grouped these corporate offerings along with their agency debt.
To accommodate these market practices, FINRA allows retransmission vendors that receive both the BTDS and ATDS data feeds to provide TRACE transaction information for FDIC-backed bonds—as defined by the sources below—to ATDS-only subscribers. As such, ATDS data subscribers are not required to subscribe to the BTDS feed in order to receive TRACE transaction information for FDIC-backed debt.
This policy is limited to FDIC-backed bonds ONLY, and does not impact the daily aggregates, most actives, indices or any other TRACE reporting product or calculations. FINRA plans to re-evaluate this policy after six months, and if needed, will revise the policy no sooner than 9 months after the introduction of the ATDS feed.
The approved list of FDIC-backed bonds that can be displayed along with the ATDS data set can be found using:
Bloomberg Terminal: Bloomberg terminal users may perform an 'advanced search' on corporate bonds and select 'FDIC backed' as the 'collateral' type.
CUSIP Web site: Users may access the CUSIP Service Bureau Web site and download the list of 'FDIC Covered Bonds' for a current list of acceptable bonds.
FINRA will not supply a separate list of FDIC-backed bonds. Retransmission vendors are responsible for correctly identifying and displaying data for the approved bonds as stated above.
Please contact TRACE Data Services with any questions at (888) 507-3665.