Trade Reporting and Compliance Engine (TRACE)
The Trade Reporting and Compliance Engine is the FINRA-developed vehicle that facilitates the mandatory reporting of over-the-counter secondary market transactions in eligible fixed income securities.
All broker-dealers who are FINRA member firms have an obligation to report transactions in corporate bonds to TRACE under an SEC-approved set of rules.
Keep track of service alerts, changes to documentation and system upgrades.
Download user guides and API specifications for the various TRACE reporting systems.
Find answers to common questions regarding TRACE.
FINRA Rule 7730 explains the charges required for using TRACE.
Download data tables, independent research and the TRACE Fact Book.
TRACE report cards help firms monitor their reporting obligations.
Download the FINRA Participation Agreement (FPA), release forms, and other legal agreements pertaining to TRACE.
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FINRA Operations: (866) 776-0800
Technical Support: (212) 231-5180
- FINRA Requests Comment on the Practice of Pennying in the Corporate Bond Market
- FINRA Requests Comment on Proposed Changes to TRACE Reporting Relating to Delayed Treasury Spot and Portfolio Trades
- SEC Approves Amendments Relating to Transactions in U.S. Treasury Securities Executed to Hedge a Primary Market Transaction
- FINRA Requests Comment on a Proposal to Require Reporting of Transactions in U.S. Dollar-Denominated Foreign Sovereign Debt Securities to TRACE
- FINRA Reminds Firms of Their Obligations Regarding TRACE Reporting
- FINRA Requests Comment on a Proposal to Publish ATS Volume Data for Corporate Bonds and Agency Debt Securities on FINRA’s Website
- FINRA Requests Comment on a Proposed Pilot Program to Study Recommended Changes to Corporate Bond Block Trade Dissemination
- TRACE Reporting of OTC Transactions in Listed Bonds
- U.S. Treasury Security Auction Awards
- SEC Approves Rule Change to Modify the Dissemination Protocols for Agency Debt Securities
- SEC Approves Amendment to Require Alternative Trading Systems to Identify Non-FINRA Member Subscribers in TRACE Reports for U.S. Treasury Securities
- FINRA Updates Designation Criteria to Require Firms Reporting U.S. Treasury Securities to TRACE to Participate in FINRA's Business Continuity/Disaster Recovery Testing
- SEC Approves Rule Amendment to Create a New TRACE Security Activity Report and End-of-Day TRACE Transaction File Effective Date: February 1, 2018
- FINRA Issues Guidance on the Enhanced Confirmation Disclosure Requirements in Rule 2232 for Corporate and Agency Debt Securities
- SEC Approves Rule Change to Reduce the Delay Period for the Corporate and Agency Debt Historic TRACE Data Sets
- Effective Date for Required Use of TRACE for Treasuries Modifiers
- FINRA Updates the Transparency Services FINRA Participant Agreement
- SEC Approves Amendments to Require Mark-Up/Mark-Down Disclosure on Confirmations for Trades With Retail Investors in Corporate and Agency Bonds
- SEC Approves Rule Amendment to Create a New Academic Corporate Bond TRACE Data Product
- SEC Approves Rule Change to Require Reporting of Transactions in U.S. Treasury Securities to the Trade Reporting and Compliance Engine (TRACE)
- SEC Approves Amendments to Disseminate Collateralized Mortgage Obligation (CMO) Transactions and to Reduce the Reporting Time for CMO Transactions
- FINRA Reminds Firms of their Obligation to Report Accurately the Time of Execution for Transactions in TRACE-eligible Securities
- Exemption from Trade Reporting Obligation for Certain Transactions on Alternative Trading Systems
- SEC Approves Amendments to Require Firms to Add a No-Remuneration Indicator in TRACE Trade Report
- SEC Approves Amendments to Require Firms to Report Transactions in TRACE-Eligible Securities As Soon As Practicable
- FINRA Requests Comment on a New Academic TRACE Data Product
- FINRA Requests Comment on the Reduction of the Delay Period for Historic TRACE Data
- SEC Approves Amendments to Require Firms to Identify Transactions with Non-Member Affiliates in TRACE Trade Reports
- FINRA Requests Comment on a Proposal to Disseminate Additional Securitized Products and to Reduce the Reporting Time Frame for These Products
- FINRA Reminds Alternative Trading Systems (ATSs) and ATS Subscribers of Their Trade Reporting Obligations in TRACE-Eligible Securities
- SEC Approves Amendments to Disseminate Additional Asset-Backed Securities Transactions and to Reduce the Reporting Time for Such Transactions
- FINRA Issues an Interpretation to Clarify the Classification and Trade Reporting of Certain "Hybrid" Securities to FINRA
- SEC Approves Amendments to TRACE Rules and Dissemination Protocols to Disseminate Rule 144A Transactions in TRACE-Eligible Securities and Related Fees
- Frequently Asked Questions Regarding TRACE Reporting
- FINRA Announces Modifications Regarding Historic TRACE Data
- Reduction of Reporting Times for Agency Pass-Through Mortgage-Backed Securities Traded TBA
- SEC Approves Amendments to FINRA Rule 6730(d) (2) Requiring Firms to Report Factor in Asset-Backed Securities Transactions Executed in Agency Capacity and Subject to Commission Charges
- SEC Approves Amendments to Establish Two Optional TRACE Data Delivery Services and Related Fees
- SEC Approves Amendments to TRACE Rules and Dissemination Protocols to Disseminate Specified Pool Transactions and SBA-Backed ABS Transactions and to Reduce the Time to Report Such Transactions
- FINRA Waives Certain Trade Reporting and Compliance Engine (TRACE) Late Trade Reporting Fees in Connection With Hurricane Sandy
- for Amendments to TRACE Rules Relating to the Reporting and Dissemination of Agency Pass-Through Mortgage-Backed Securities Traded To Be Announced and Related TRACE Fees in FINRA Rule 7730 from November 5, 2012, to November 12, 2012
- FINRA Requests Comment on TRACE Dissemination Issues
- SEC Approves Amendments to TRACE Reporting Requirements and Dissemination of Agency Pass-Through Mortgage-Backed Securities Traded To Be Announced and Related Fees
- FINRA Addresses Frequently Asked Questions About TRACE Reporting Issues
- Reporting Asset-Backed Securities to the Trade Reporting and Compliance Engine (TRACE)
- FINRA Establishes a New Effective Date for Reporting Asset-Backed Securities to TRACE and Related Rule Changes
- SEC Approves Reporting Asset-Backed Securities Transactions to TRACE and Related Fees
- SEC Approves Access to Historic TRACE Data and Related Fees Effective Date: March 31, 2010
- SEC Approves Amendments Expanding TRACE to Include Agency Debt Securities and Primary Market Transactions
- SEC Approves Amendments Expanding the Definition of "TRACE-Eligible Security"
- FINRA Adopts Amendments Relating to Reporting Transfers of Proprietary Positions in Debt and Equity Securities in Connection With Certain Corporate Control Transactions
- FINRA Announces Modifications to the TRACE System Relating to Certain Securities with Equity CUSIPs and Reminds Firms of Their Reporting Obligations Regarding Equity-Linked Notes and Convertible Debt
- SEC Approves Exemption from TRACE Reporting Requirements for Certain "Derivative-Related Transactions"
- Reporting of Transactions in TRACE-Eligible Securities With Execution Dates More Than T+365 Days Before Date of Report
- SEC Approves Amendments to TRACE Reporting Exempting Trades in TRACE-Eligible Securities Conducted on a Facility of, and Reported to, the New York Stock Exchange
- SEC Approves Amendments to TRACE Rules to Reflect the Availability of TRACE "Snapshot" Data for a Reduced Monthly Fee
- SEC Approves Immediate Dissemination of Information on TRACE Transactions
- Transactions in TRACE-Eligible Securities That Occur in Connection with Options, Credit Default Swaps, Other Swaps or Similar Instruments Must Be Reported to TRACE
- SEC Approves Amendments to TRACE Fee Structure Establishing an Enterprise Fee and Lowering Fee for Receipt of Real-Time TRACE Transaction Data via Web Browser
- NASD Restructures Certain TRACE Fees for Market Data and Amends the Definition of "Non-Professional" in Connection with TRACE Market Data
- NASD Reminds Members that the TRACE Reporting Period Will Be Reduced to 15 Minutes on July 1, 2005, and Rescinds Interpretive Guidance Regarding Rejected TRACE Transaction Reports
- NASD Eliminates the TRACE Bond Transaction Data Service (BTDS) Non-Professional Real-Time Data Display Fee and the BTDS Professional Delayed-Time Data Display Fee Pilot Program
- Stage Two of the Expansion of Dissemination of TRACE Transaction Data to Begin on February 7, 2005 Instead of February 1, 2005
- NASD Issues Interpretive Guidance Regarding Various Trade Reporting and Compliance Engine (TRACE) Rules
- SEC Approves Amendments to TRACE Rules to Disseminate Transaction Information on All TRACE-Eligible Securities, Modify and Supplement Defined Terms, and Enhance Notification Requirements
- SEC Approves Amendments to TRACE Rule 6230 to Reduce the Reporting Period to 30 Minutes on October 1, 2004, and to 15 Minutes on July 1, 2005
- SEC Approves Amendments to Clarify the Term "TRACE-Eligible Security" and to Expand the Scope of an Exemption from TRACE Reporting Requirements
- NASD Issues Interpretive Guidance to the Trade Reporting and Compliance Engine Rules (TRACE Rules)
- SEC Approves Amendments to TRACE Rule 6260 to Require New Issue Notifications to Include Dissemination Eligibility Information and Be Submitted in Writing
- SEC Approves Amendments to TRACE Rule 6230 to Reduce the Reporting Period to 45 Minutes
- SEC Approves Amendments to TRACE Rule 6250 and Other TRACE Rules: Transaction Information to be Disseminated on More than 4,000 Corporate Debt Securities
- NASD Issues Interpretive Guidance to the Trade Reporting and Compliance Engine Rules (TRACE Rules)
- SEC Approves Rules To Require Fixed Income Transaction Reporting And Dissemination
- GuidanceEffective Feb. 3, 2020, FIX will be the only protocol supported for reporting trades to FINRA's TRACE and ORF platforms.February 13, 2019
- 2018 Exam Findings Report*/ /*-->*/ /*-->*/
TRACE facilitates the mandatory reporting of over-the-counter (OTC) transactions in certain fixed income securities and provides increased price transparency to market participants and investors.December 07, 2018
- FAQFrequently Asked Questions (FAQ) covering reporting of corporate and agencies debt, reporting of mortgage and asset backed securities to the Trade Reporting and Compliance Engine (TRACE)September 14, 2018
- GuidanceIn the near-future, FINRA is introducing a new TRACE Markup/Markdown Analysis Report on the Report Center. The report displays a firm's markup and markdown behavior compared to the industry and provides the underlying details used to calculate the markup or markdown.May 23, 2018
On May 14, 2018, amendments to FINRA Rule 2232 will take effect, which require a member firm to disclose on the customer confirmation the amount of mark-up or mark-down it applies for certain trades with retail customers in corporate or agency debt securities. Disclosed mark-ups must be calculated consistent with existing Rule 2121.April 03, 2018
- 2017 Exam Findings ReportFINRA observed some firms that engaged in institutional sales of fixed income securities frequently did not comply with certain key TRACE reporting rules—FINRA Rules 6730(a)(7),23 6730(b)(1) and (2),24 and 6730(c)(8)December 01, 2017
- Filing and ReportingEffective July 10, 2017July 10, 2017
- WebinarOn this recording of a June 8, 2017, TRACE Phone-In Workshop, FINRA staff review relevant rules and regulations, and discuss testing and other relevant technical information related to the July 10 requirement for to begin reporting transactions in U.S. Treasury Securities to FINRA via the Trade Reporting and Compliance Engine (TRACE).June 27, 2017
- GuidanceOn-Demand Recording: Phone-In Workshop | Original Program Date: June 8, 2017June 27, 2017
- GuidanceOn-Demand Recording: Phone-In Workshop and WebEx Presentation; Original Program Date: April 6, 2017May 04, 2017
The Fixed Income Distributions file is a cumulative list of distributions that have been announced during the calendar year. These include cash, stock and in kind distributions as a result of a bankruptcy reorganization plan, default interest payments, or other distributions in fixed income securities. FINRA’s Operations Department reviews and processes these company-related actions pursuant to SEA Rule 10b-17 and FINRA Uniform Practice Code (FINRA Rule 11000 Series) to facilitate the orderly trading and settlement of OTC securities.February 24, 2017
- GuidanceOn this free, on-demand recording of a WebEx presentation, FINRA staff members discuss new and updated fixed income-related Report Cards.November 25, 2015
February 17, 2015
- Q: If I am an existing subscriber or vendor of the SPDS (Structured Products Dissemination Service) will I automatically receive the new ABS data set on June 1, 2015? A: Existing subscribers or vendors of SPDS will automatically receive disseminated transactions in publicly traded ABS. No changes to the vendor agreement are required.
- FAQFAQ regarding Reporting of Mortgage and Asset Backed Securities (Securitized Products)
- Compliance Tools
The TRACE Quality of Markets Report Card for Treasuries is a monthly status report for treasuries transactions that a firm reported to the Trade Reporting and Compliance Engine (TRACE). Firms are required to report trades in accordance with established FINRA rules and regulations. Firms should make no inference that the staff of FINRA has or has not determined that the information contained on the TRACE Quality of Markets Report Card does or does not constitute rule violations.
- GuidanceThis document provides guidelines regarding the use of the Trace Reporting and Compliance Engine and TRACE trademarks. Any use of these trademarks must be in accordance with these guidelines.
- FAQFrequently asked questions about Structured Product Reports
- Compliance Tools
The tables below provide a reference description for all of the elements found in all views of the TRACE Quality of Markets Corporate Bond and Agency Debt Report Cards. (See TRACE Quality of Markets Report Card Figures 1 - 3 for a sample report.)
- Compliance Tools
The TRACE Markup/Markdown Analysis Report is a monthly report designed to assist firms in their supervision activities by providing transparency into a portion of FINRA's surveillance program of corporate and agency fixed income transactions customer pricing.
The TRACE Markup/Markdown Analysis Report is built upon logic developed to pair purchase and sale transactions reported to TRACE.
- FAQReporting of Corporate and Agencies Debt Frequently Asked Questions (FAQ)
- Compliance Tools
The TRACE Quality of Markets Report Card for Securitized Products is a monthly status report for the reporting of transactions in Asset Backed Securities, Mortgage Backed Securities and other similar securities, collectively defined as "Securitized Products", to the Trade Reporting and Compliance Engine (TRACE). Firms are required to report trades in accordance with established FINRA rules and regulations.
- GuidanceAdministrative Use
- Compliance ToolsThese monthly reports cover trades of Treasuries, Securitized Products, Agency Bonds, and Corporate Debt that a member firm reported to the Trade Reporting and Compliance Engine (TRACE).
- March 10, 2020
- March 28, 2019
- FINRA Posts Guidance on Enhanced Price Disclosure to Retail Investors for Corporate and Agency BondsJuly 12, 2017
- February 27, 2017
- October 19, 2016
- December 10, 2015
- July 16, 2015
- June 01, 2015
- FINRA and MSRB Release Proposals to Provide Pricing Reference Information for Investors in Fixed Income MarketsNovember 17, 2014
- June 30, 2014
- July 22, 2013
- November 13, 2012
- October 18, 2011
- October 01, 2009