Regulatory Notice 12-39

FINRA Requests Comment on TRACE Dissemination Issues
Comment Period Expired: October 10, 2012

Executive Summary

 

FINRA requests comment on two issues relating to the dissemination of information on TRACE-eligible securities transactions.

 

First, FINRA seeks input on whether it should maintain or modify current TRACE dissemination caps, under which the actual size (volume) of a transaction over a certain par value is not displayed in disseminated realtime TRACE transaction data. Second, FINRA requests comment on whether transactions in TRACE-eligible securities effected pursuant to Securities Act Rule 144A1 (Rule 144A transactions) should be disseminated, and if so, the scope and manner of such dissemination.

 

Questions regarding this Notice should be directed to:

  • Elliot R. Levine, Associate Vice President and Counsel, Transparency Services, at (202) 728-8405; or
  • Sharon Zackula, Associate Vice President and Associate General Counsel, Office of General Counsel, at (202) 728-8985.

 

Due to the disruption of normal business operations relating to Hurricane Sandy, FINRA is extending the deadline to provide comment to November 19, 2012. (Previously, the deadline was extended to November 9, 2012.)

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The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments.


Comments By Date Received
Income Research & Management (PDF 58 KB) 9/17/2012
Mesirow Financial, Inc. (PDF 58 KB) 9/18/2012
Michael D’Angelo (PDF 12 KB) 9/21/2012
Benchmark Solutions, Inc. (PDF 436 KB) 10/5/2012
The Nelson Law Firm, LLC (PDF 453 KB) 10/9/2012
Dimensional Fund Advisors LP (PDF 87 KB) 11/6/2012
Portfolio Advisors, Inc. (PDF 47 KB) 11/8/2012
Equius Partners, Inc. (PDF 45 KB) 11/8/2012
The Credit Roundtable (PDF 120 KB) 11/8/2012
BAM Advisor Services (PDF 72 KB) 11/8/2012
FMB Wealth Management and FMB Retirement Services (PDF 58 KB) 11/9/2012
Resource Consulting Group (PDF 52 KB) 11/9/2012
Carolyn Lloyd-Cohen LLC/Preferred Pensions LLC (PDF 116 KB) 11/9/2012
Aperio Group (PDF 41 KB) 11/9/2012
Schulz Financial (PDF 43 KB) 11/9/2012
Allodium Investment Consultants (PDF 48 KB) 11/9/2012
Dale K. Ehrhart Inc. (PDF 45 KB) 11/9/2012
Greenberg/Graham Advisors LLC (PDF 47 KB) 11/9/2012
Lamia Fiancial Group, LLC (PDF 27 KB) 11/9/2012
Robert Piano (PDF 24 KB) 11/9/2012
LifeFocus Financial Advisors, LLC (PDF 46 KB) 11/9/2012
Compass Financial Group, Inc. (PDF 61 KB) 11/9/2012
Vickery Financial Services, Inc. (PDF 74 KB) 11/9/2012
Sandy Burnham (PDF 64 KB) 11/9/2012
Mariaca Wealth Management, LLC (PDF 54 KB) 11/9/2012
Berkson Asset Management (PDF 50 KB) 11/9/2012
Boardwalk Financial Strategies LLC (PDF 55 KB) 11/9/2012
Disciplined Equity Management, Inc. (PDF 77 KB) 11/9/2012
Hankinson Wealth Management, Inc. (PDF 88 KB) 11/9/2012
Matson Money, Inc. (PDF 46 KB) 11/9/2012
Dean Roland Russell (PDF 54 KB) 11/9/2012
Forum Financial Management, LLC (PDF 74 KB) 11/9/2012
McGladrey Wealth Management LLC (PDF 48 KB) 11/9/2012
Provizio Global Advisors Inc. (PDF 30 KB) 11/9/2012
Sequent Asset Management, LLC (PDF 52 KB) 11/9/2012
Carrington Financial Planning, LLC (PDF 58 KB) 11/9/2012
Adam Hoffmann (PDF 42 KB) 11/9/2012
TAGStone Capital, Inc. (PDF 52 KB) 11/9/2012
Guy Baker (PDF 49 KB) 11/9/2012
Structured Asset Management, Inc. (PDF 55 KB) 11/9/2012
Gary Pia (PDF 60 KB) 11/9/2012
Jeff Buckner (PDF 45 KB) 11/9/2012
Haymarket Wealth Management (PDF 43 KB) 11/9/2012
Beacon Financial Planning, LLC (PDF 48 KB) 11/9/2012
The First National Bank in Sioux Falls (PDF 52 KB) 11/9/2012
Daly Investment Management, LLC (PDF 50 KB) 11/9/2012
McGladrey Wealth Management LLC (PDF 52 KB) 11/9/2012
Quality Asset Management (PDF 43 KB) 11/9/2012
Strategic Wealth Management (PDF 50 KB) 11/9/2012
Northgate Wealth Management (PDF 45 KB) 11/9/2012
Hollingsworth Avent Averre & Purvis, PA (PDF 39 KB) 11/9/2012
DKE, Inc. (PDF 20 KB) 11/9/2012
Bristlecone Advisors, LLC (PDF 38 KB) 11/9/2012
Global Wealth Advisors LLC (PDF 46 KB) 11/9/2012
Alliant Wealth Advisors (PDF 63 KB) 11/9/2012
Cypress Partners (PDF 53 KB) 11/9/2012
Investment Advisory Professionals, LLC (PDF 79 KB) 11/9/2012
Nevils Financial, LLC (PDF 46 KB) 11/9/2012
Jay Hutchins (PDF 60 KB) 11/9/2012
Redrock Wealth Management, LLC (PDF 52 KB) 11/9/2012
Jeff Holland (PDF 43 KB) 11/9/2012
Strategic Investment Advisors, LLC (PDF 79 KB) 11/9/2012
Timothy Brown (PDF 10 KB) 11/9/2012
Brown Wealth Management, LLC (PDF 52 KB) 11/9/2012
Portland Fixed Income Specialists, LLC (PDF 89 KB) 11/9/2012
John A. Wolfe & Associates, Inc. (PDF 38 KB) 11/9/2012
Critical Capital Management, Inc. (PDF 107 KB) 11/9/2012
DRV Group, Inc. (PDF 36 KB) 11/9/2012
Gasber Financial Advisors, Inc. (PDF 95 KB) 11/9/2012
Horizon Asset Management, LLC (PDF 16 KB) 11/9/2012
Integral Financial Solutions, LLC (PDF 59 KB) 11/9/2012
John Jackson (PDF 77 KB) 11/9/2012
Life Planning Partners, Inc. (PDF 39 KB) 11/9/2012
Paragon Wealth Strategies, LLC (PDF 42 KB) 11/9/2012
Skaggs Financial Planning, LLC (PDF 53 KB) 11/9/2012
Willow Creek Financial Services, Inc. (PDF 46 KB) 11/9/2012
1650 Wealth Management (PDF 91 KB) 11/10/2012
Stanley F. Green, LLC (PDF 55 KB) 11/10/2012
Financial Advisory Corporation (PDF 39 KB) 11/10/2012
LSY Financial Group (PDF 60 KB) 11/10/2012
Daniel. G Gensler (PDF 42 KB) 11/10/2012
Horizon Wealth Management (PDF 36 KB) 11/10/2012
Horizon Asset Management, LLC (PDF 36 KB) 11/10/2012
The Wealth Conservatory (PDF 46 KB) 11/10/2012
Huber Financial (PDF 36 KB) 11/11/2012
Chuck Vickery (PDF 36 KB) 11/11/2012
Del Monte Group, LLC (PDF 96 KB) 11/12/2012
Strategent Financial, LLC (PDF 36 KB) 11/12/2012
Brian Caine (PDF 30 KB) 11/12/2012
Total Portfolio Management (PDF 53 KB) 11/12/2012
Joseph J. Locke & Company, Ltd (PDF 47 KB) 11/12/2012
Strategic Investment Solutions, Inc. (PDF 62 KB) 11/12/2012
Rowling & Associates (PDF 23 KB) 11/12/2012
Clune & Associates Ltd. (PDF 44 KB) 11/12/2012
Lakeside Wealth Management (PDF 39 KB) 11/12/2012
SYM Financial Advisors (PDF 63 KB) 11/12/2012
Dan Holder (PDF 45 KB) 11/12/2012
Scott Stuth (PDF 39 KB) 11/12/2012
SYM Financial Advisors (PDF 46 KB) 11/12/2012
MEDIQUS Asset Advisors, Inc. (PDF 39 KB) 11/12/2012
True Wealth Design, LLC (PDF 83 KB) 11/12/2012
Investor’s Capital Management, LLC (PDF 13 KB) 11/12/2012
Pacesetter Financial Group, LLC (PDF 39 KB) 11/12/2012
Investor’s Capital Management, LLC, Menlo Park (PDF 49 KB) 11/12/2012
Smart Choice Financial Planning, Inc. (PDF 34 KB) 11/12/2012
Investment Company Institute (PDF 68 KB) 11/12/2012
GB&T Financial Services (PDF 47 KB) 11/12/2012
The Cogent Advisor (PDF 33 KB) 11/12/2012
Moler Capital Management (PDF 31 KB) 11/12/2012
Avocet Capital Management (PDF 61 KB) 11/12/2012
Prime Capital Equities (PDF 27 KB) 11/12/2012
The Capital Group (PDF 48 KB) 11/12/2012
Johnson Wealth Management, LLC (PDF 44 KB) 11/12/2012
Martin Financial Group (PDF 35 KB) 11/12/2012
Partners Wealth Management (PDF 40 KB) 11/12/2012
Frederick Capital Management, Inc. (PDF 27 KB) 11/12/2012
The Humphreys Group (PDF 39 KB) 11/12/2012
LPL Financial Advisor (PDF 39 KB) 11/12/2012
AHC Advisors, Inc. (PDF 39 KB) 11/12/2012
Acropolis Investment Management, LLC. (PDF 39 KB) 11/12/2012
Investor’s Capital Management, LLC Menlo Park (PDF 14 KB) 11/13/2012
The Manhattan Life Insurance Co. (PDF 46 KB) 11/13/2012
Aspiriant (PDF 27 KB) 11/13/2012
Truepoint Inc. (PDF 41 KB) 11/13/2012
Lifetime Capital Group, LLC (PDF 48 KB) 11/13/2012
Lighthouse Financial Planning, LLC (PDF 45 KB) 11/13/2012
Fiscalis Advisory, Inc. (PDF 72 KB) 11/13/2012
Penny Marchand (PDF 30 KB) 11/13/2012
Evelyn M. Zohlen (PDF 56 KB) 11/13/2012
KDM Investment Management (PDF 46 KB) 11/13/2012
Index Portfolio Tools Advisors (PDF 27 KB) 11/13/2012
Stoeckler Financial (PDF 10 KB) 11/13/2012
Conservative Wealth Management LLC (PDF 30 KB) 11/13/2012
Bob Neiman (PDF 35 KB) 11/13/2012
Don Humphreys (PDF 35 KB) 11/13/2012
Presidium Retirement Advisers, Inc. (PDF 67 KB) 11/13/2012
Jake Engle (PDF 38 KB) 11/13/2012
Wolfers Asset Management (PDF 10 KB) 11/13/2012
Edelstein Wealth Management LLC (PDF 27 KB) 11/13/2012
Oak Wealth Advisors LLC (PDF 13 KB) 11/13/2012
Chicago Partners Investment Group LLC (PDF 55 KB) 11/13/2012
Structured Investment Advisors, LLC (PDF 13 KB) 11/13/2012
Gonzales & Sisto, LLP (PDF 36 KB) 11/13/2012
Baril Advisors LLC (PDF 50 KB) 11/13/2012
Frontier Advisors, LLC (PDF 50 KB) 11/13/2012
Chamberlain Financial (PDF 44 KB) 11/13/2012
CAVU Wealth Advisors (PDF 50 KB) 11/13/2012
Mark Smith Financial Services (PDF 40 KB) 11/13/2012
Trinity Financial Planning (PDF 36 KB) 11/13/2012
Hart Financial, LLC (PDF 40 KB) 11/13/2012
Dorman Advisory Services (PDF 40 KB) 11/13/2012
Wealth Management Group LLP CPA'S (PDF 37 KB) 11/13/2012
Maas Capital Advisors, LLC (PDF 54 KB) 11/13/2012
Thomas Financial Advisors LLC (PDF 14 KB) 11/13/2012
Independence Advisors, LLC (PDF 35 KB) 11/13/2012
Index Funds Advisors, Inc. (PDF 14 KB) 11/13/2012
Copper Beech Advisors, LLC (PDF 13 KB) 11/13/2012
SJS Investment Consulting, Inc. (PDF 30 KB) 11/13/2012
South Central Bank/LPL Financial (PDF 46 KB) 11/13/2012
Ethical Advisors, LLC (PDF 20 KB) 11/13/2012
Truepoint Inc. (PDF 73 KB) 11/13/2012
Lourd Capital Management (PDF 30 KB) 11/13/2012
Perspective Financial Services LLC (PDF 13 KB) 11/13/2012
Fifth Set Investment Advisors LLC (PDF 50 KB) 11/13/2012
Milton Karafilis (PDF 35 KB) 11/13/2012
Maci Capital Advisors (PDF 36 KB) 11/13/2012
Jim Garrett (PDF 39 KB) 11/13/2012
Lawrence Johnson (PDF 39 KB) 11/13/2012
Emeritus Investment Management, Inc. (PDF 33 KB) 11/13/2012
Bank of Marin (PDF 73 KB) 11/13/2012
Grubman Wealth Management (PDF 55 KB) 11/13/2012
Marin Financial Advisors, LLC (PDF 78 KB) 11/13/2012
Brodnax & Karnes, P.C. (PDF 44 KB) 11/13/2012
Jeff Jaworski (PDF 35 KB) 11/13/2012
Ken Ransford (PDF 45 KB) 11/14/2012
Yardley Wealth Management, LLC (PDF 69 KB) 11/14/2012
North Ridge Wealth Advisors, Inc. (PDF 43 KB) 11/14/2012
Salzman Financial Management LLC (PDF 40 KB) 11/14/2012
Wealth Advisors, Inc. (PDF 35 KB) 11/14/2012
Michael D. Strasser (PDF 36 KB) 11/14/2012
M Financial Group (PDF 47 KB) 11/14/2012
Silver Oak Advisory Group (PDF 30 KB) 11/14/2012
Porter, White & Company (PDF 63 KB) 11/14/2012
Life Planning Partners, Inc. (PDF 80 KB) 11/14/2012
Holzer & Company, Inc. (PDF 35 KB) 11/14/2012
Leon V Mason (PDF 36 KB) 11/14/2012
Efficient Frontier Advisors LLC (PDF 36 KB) 11/14/2012
Compass Investments (PDF 69 KB) 11/14/2012
Asher Portfolio Advisors, inc. (PDF 36 KB) 11/14/2012
Retirement Asset Management (PDF 55 KB) 11/14/2012
Onyx Financial Advisors (PDF 65 KB) 11/14/2012
Vista Capital Partners (PDF 77 KB) 11/14/2012
Vista Capital Partners (PDF 78 KB) 11/14/2012
Haton Consulting, Inc. (PDF 42 KB) 11/14/2012
KAI Advisors (PDF 39 KB) 11/14/2012
The Leonard Financial Group, LLC (PDF 80 KB) 11/14/2012
Keats Connelly (PDF 43 KB) 11/14/2012
Private Ocean (PDF 66 KB) 11/14/2012
Steve Harrison (PDF 35 KB) 11/14/2012
GenSpring Family Offices, LLC (PDF 35 KB) 11/14/2012
SYM Financial Advisors (PDF 40 KB) 11/14/2012
Asset Dedication, LLC (PDF 42 KB) 11/14/2012
Rall Capital Management (PDF 42 KB) 11/14/2012
TCM Wealth Management, LLC (PDF 43 KB) 11/14/2012
Quilici Asset Management (PDF 51 KB) 11/14/2012
JGHeller Private Wealth Advisors (PDF 138 KB) 11/14/2012
Millard & Company, Inc. (PDF 42 KB) 11/14/2012
Premier Financial Group (PDF 30 KB) 11/14/2012
George N. Ellis (PDF 36 KB) 11/14/2012
Tomlin Financial Advisors, Inc. (PDF 50 KB) 11/14/2012
Crestone Financial Advisors (PDF 43 KB) 11/14/2012
Mercer Advisors (PDF 44 KB) 11/14/2012
Northern Trust (PDF 45 KB) 11/14/2012
Private Ocean (PDF 61 KB) 11/14/2012
Fiduciary Solutions (PDF 46 KB) 11/15/2012
Pacific Asset Management (PDF 82 KB) 11/15/2012
Servo Wealth Management (PDF 44 KB) 11/15/2012
Thomas Financial Group (PDF 62 KB) 11/15/2012
D’Orazio & Associates, Inc. (PDF 34 KB) 11/15/2012
Focus Wealth Management, Ltd. (PDF 16 KB) 11/15/2012
Northstar Financial Planning, Inc. (PDF 39 KB) 11/15/2012
Young Wealth Management (PDF 60 KB) 11/15/2012
Assabet Advisors, LLC (PDF 55 KB) 11/15/2012
Berk Cleveland Rathmell Wealth Strategies, LLC (PDF 52 KB) 11/15/2012
Cambridge Wealth Counsel (PDF 66 KB) 11/15/2012
CLS Financial Advisors, Inc. (PDF 39 KB) 11/15/2012
Wendell Miller (PDF 17 KB) 11/15/2012
Jameson Van Houten (PDF 42 KB) 11/15/2012
Merriman (PDF 73 KB) 11/15/2012
Sechrest Financial Services, LLC (PDF 66 KB) 11/15/2012
William Bernstein (PDF 35 KB) 11/15/2012
Bond & Co. (PDF 39 KB) 11/15/2012
Brighton Jones, LLC (PDF 51 KB) 11/15/2012
Claris Advisors (PDF 47 KB) 11/15/2012
Delphi Private Advisors (PDF 41 KB) 11/15/2012
Foster Wealth (PDF 57 KB) 11/15/2012
GenSpring Family Office (PDF 40 KB) 11/15/2012
Integra Wealth, LLC (PDF 84 KB) 11/15/2012
Kibble & Prentice Private Client Services (PDF 39 KB) 11/15/2012
M Financial Group (PDF 64 KB) 11/15/2012
Merriman (PDF 93 KB) 11/15/2012
Michael D. Taxman Investment Management (PDF 8 KB) 11/15/2012
Rather & Kittrell (PDF 77 KB) 11/15/2012
Sensenig Capital Advisors (PDF 16 KB) 11/15/2012
AZ Wealth Strategies, LLC (PDF 54 KB) 11/15/2012
Cadence Wealth Management (PDF 45 KB) 11/15/2012
Lourd Capital Management (PDF 64 KB) 11/15/2012
Marian P. Young (PDF 37 KB) 11/15/2012
Pacific Asset Management, LLC (PDF 39 KB) 11/15/2012
Thalheimer Financial Planning (PDF 16 KB) 11/15/2012
Bergland Wealth Management, Inc. (PDF 30 KB) 11/15/2012
Bromfield Financial Advisory Group, Inc. (PDF 43 KB) 11/15/2012
Coston and McIsaac Investment Advisers, LLC (PDF 39 KB) 11/15/2012
Michael Broad (PDF 63 KB) 11/15/2012
Stoker Ostler Wealth Advisors, Inc. (PDF 16 KB) 11/15/2012
Stonegate Financial Group (PDF 66 KB) 11/15/2012
The Lam Group, Inc. (PDF 33 KB) 11/15/2012
The Proper Analysis Corporation (PDF 17 KB) 11/15/2012
Titanium Advisors, LLC (PDF 16 KB) 11/15/2012
Index Funds Advisors, Inc. (PDF 39 KB) 11/16/2012
Passive Capital Management (PDF 67 KB) 11/16/2012
Tom Posey (PDF 32 KB) 11/16/2012
SIFMA (PDF 196 KB) 11/16/2012
Beacon Financial Advisers, Inc. (PDF 9 KB) 11/16/2012
Talis Advisors (PDF 30 KB) 11/16/2012
Yellowstone Financial, Inc. (PDF 10 KB) 11/16/2012
Savant Capital Management (PDF 10 KB) 11/16/2012
Wealth Management, LLC (PDF 55 KB) 11/16/2012
Denver Money Manager, LLC (PDF 9 KB) 11/16/2012
Larson Financial (PDF 72 KB) 11/16/2012
1926 Investment Advisors, LLC (PDF 54 KB) 11/16/2012
Prudent Man Investment Management, Inc. (PDF 7 KB) 11/16/2012
The Planning Center, Inc. (PDF 42 KB) 11/16/2012
Bromfield Financial Advisory Group, Inc. (PDF 43 KB) 11/16/2012
Financial Plan, Inc. (PDF 57 KB) 11/16/2012
Symmetry Partners, LLC (PDF 54 KB) 11/16/2012
TCI Wealth Advisors, Inc. (PDF 52 KB) 11/16/2012
The Legacy Financial Group, Inc. (PDF 86 KB) 11/16/2012
Van Sant & Mewshaw Inc. (PDF 39 KB) 11/16/2012
Lifeline Financial, LLC (PDF 40 KB) 11/17/2012
Beaird Harris Wealth Management, Inc. (PDF 35 KB) 11/18/2012
Glass Jacobson Investment Advisors, LLC (PDF 53 KB) 11/18/2012
Aequitas Investment Advisors, LLC (PDF 16 KB) 11/19/2012
BAM Advisor Services (PDF 123 KB) 11/19/2012
Johnson Financial Group (PDF 45 KB) 11/19/2012
Bond Dealers of America (PDF 160 KB) 11/19/2012
Southeast Financial Planning & Consulting Inc (PDF 30 KB) 11/19/2012
Sanctuary Wealth Management LLC (PDF 36 KB) 11/19/2012
Renaissance Wealth Counsel, LLC (PDF 63 KB) 11/19/2012
Robert Bove (PDF 47 KB) 11/19/2012
Pathways Financial Partners (PDF 35 KB) 11/19/2012
REDW Stanley Financial Advisors LLC (PDF 43 KB) 11/19/2012
Coastal Securities (PDF 42 KB) 11/19/2012
Interactive Data Corporation (PDF 63 KB) 11/19/2012
Sherrill Wealth Management (PDF 50 KB) 11/19/2012
Trellis Wealth Advisors (PDF 47 KB) 11/19/2012
Sechrest & Bloom, LLC/Sechrest Financial Services, LLC (PDF 40 KB) 11/19/2012
The Legacy Financial Group, Inc. (PDF 16 KB) 11/19/2012
McCartney Wealth Management LLC (PDF 38 KB) 11/19/2012
Ellis Capital Management (PDF 43 KB) 11/20/2012
Guardian Wealth Management, Inc. (PDF 64 KB) 11/20/2012
Bergland Wealth Management (PDF 78 KB) 11/20/2012
Principia Investment Advisors LLC (PDF 39 KB) 11/20/2012
Wagner Wealth Management (PDF 39 KB) 11/20/2012
Brighton Jones, LLC (PDF 39 KB) 11/21/2012
Mercer Advisors Inc. (PDF 43 KB) 11/21/2012
Clifford E. Fowler, Jr. (PDF 36 KB) 11/23/2012
The Bishoff Financial Group (PDF 45 KB) 11/25/2012
CCP Financial Planning Services, Inc. (PDF 43 KB) 11/26/2012
Global Wealth Management Inc. (PDF 37 KB) 11/26/2012
Mercer Advisors (PDF 45 KB) 11/26/2012
Hines Warner Wealth Management (PDF 46 KB) 11/26/2012
Focus Wealth Management (PDF 61 KB) 11/28/2012
SK Wealth Management, L.L.C. (PDF 86 KB) 11/28/2012
Larson Financial Group (PDF 73 KB) 11/28/2012
Bob Luxenberg (PDF 51 KB) 12/6/2012