TRACE BTDS 144A Transaction Specifications

FINRA's 144A Dissemination ServiceSM (144ASM) broadcasts last sale price and other relevant trade data for U.S. dollar-denominated private placement, investment grade and high yield corporate bonds to authorized market data vendors. As the transactions are entered into TRACE, FINRA automatically generates data messages to be disseminated real-time on 144A feed.

This document defines the communications interface and message format requirements for the output from 144A feed. All references to a time of day in this specification are in Eastern Time.