Updated TRACE for Treasury Securities Specifications

FINRA has updated the TRACE CTCI Technical Specifications for Treasury Securities to reflect a change to the reporting of “Execution Time” that is consistent with Supplementary Material .04 to Rule 6730. For purposes of the TRACE rules, when reporting transactions in U.S. Treasury securities executed electronically, members report the time of execution to the finest increment of time captured in the member’s system (e.g., milliseconds or microseconds) but, at a minimum, in increments of seconds. FINRA is not requiring members to update their systems to comply with a finer time increment; rather, members are simply required to report the time of execution to TRACE in the same time increment the member’s system captures.

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

Questions regarding the rule should be directed to:

  • Chris Stone, Vice President, Transparency Services, at (202) 728-8457;
  • Brant Brown, Associate General Counsel, Office of General Counsel, at (202) 728-6927; or
  • for technical questions, FINRA Product Management at (866) 899-2107.