FINRA TRACE Late Trade Analysis

FINRA would like to inform clients that starting Monday, September 29, 2025, the evaluation of on time reporting for TRACE Corporate and Agency, Securitized Products, and Treasuries transactions will be amended as follows:

• Corrections of published and non-published TRACE original trade reports will not be re-evaluated for on time reporting compliance regardless of the attributes (including  disseminated fields) that may have been changed on the transaction.  If an original trade report was submitted on time, a subsequent correction to that trade report will not be marked late. 
• Reversals and original Position Transfer trades as well as the corrections of these types of trades will not be evaluated for compliance for on time reporting.

Thank you for your attention to this matter.