Technical Notice

Updated TRACE for Treasury Securities Specifications

January 3, 2017

FINRA has updated the TRACE Technical Specifications for Treasury Securities to reflect a rule filing that includes a change to the definition of a “When-Issued Transaction.” For purposes of the TRACE rules, a When-Issued Transaction now includes transactions in a Treasury Security that is the subject of an auction until the security is issued (formerly, the term applied only to such transactions until the security was auctioned). The change to the definition of When-Issued Transaction does not change how firms report yield or price on reportable transactions; however, firms will be required to include the indicator for When-Issued Transactions, if applicable, until the issuance of the security.

Please refer to the updates to the FIX and CTCI specifications for detailed changes.

Questions regarding the rule filing should be directed to:

  • Chris Stone, Vice President, Transparency Services, at (202) 728-8457; or
  • Brant Brown, Associate General Counsel, Office of General Counsel, at (202) 728-6927.

For technical questions, contact FINRA Product Management at (866) 899-2107.