TRACE BTDS Specification

FINRA's Bond Trade Dissemination ServiceTM (BTDSTM) broadcasts last sale price and other relevant trade data for U.S. dollar-denominated, investment grade and high yield corporate bonds, church bonds and equity-linked notes to authorized market data vendors. As the transactions are entered into TRACE, FINRA automatically generates data messages to be disseminated real-time on BTDS.

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