Mandatory Display Guidelines
FINRA requires that your firm display the TRACE Information and Data incorporating the fields below:
The following eleven fields must be displayed for each bond symbol (corporate and/or agency) in interrogation/display devices:
- Bond Identifier (Symbol or CUSIP Number)
- RDID (as applicable for MBS)
- Date/Time - Execution Time for current day's transactions, Execution Date and for As / Of Trades and Reversals
- Reporting Party Side Indicator
- Sale Condition Modifier
- When Issued Indicator (if applicable)
- Commission Indicator (if applicable)
- Special Price Indicator (if applicable)
- Reversal Indicator (if applicable)
Real-Time usage Vendor displays or disseminates Information and Data promptly upon receipt by Vendor from FINRA, its agents or its Retransmission Vendor with no unreasonable delay. Vendor shall promptly and accurately transmit the Information and Data to its Clients for which it serves as a Retransmission Vendor.
Delayed Data As used in Rule 7730 shall mean that period of time starting four hours after the time of last dissemination by FINRA of transaction data on a TRACE-eligible security and ending that calendar day.
*FINRA requires TRACE data vendors and redistributors to display yield in real-time TRACE data. Currently, certain vendors disseminate a yield that they calculate and they want to continue to do so after November 3, 2008, instead of disseminating the Standard Yield calculated by FINRA’s TRACE System. FINRA will permit this flexibility, provided that a vendor that displays a yield other than the Standard Yield discloses that the vendor is disseminating a yield other than the Standard Yield.