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 transactions in eligible fixed income securities.

All broker-dealers who are FINRA member firms have an obligation to report transactions in TRACE-eligible securities under an SEC-approved set of rules.

Technical Notices

Keep track of service alerts, changes to documentation and system upgrades.

Technical Documentation

Download user guides and API specifications for the various TRACE reporting systems.

Frequently Asked Questions

Find answers to common questions regarding TRACE.

Fees

FINRA Rule 7730 explains the charges required for using TRACE.

TRACE Data & Licensing

Download data tables, independent research and the TRACE Fact Book.

Report Cards

TRACE report cards help firms monitor their reporting obligations.

TRACE Legal Agreements and Forms

Download the FINRA Participation Agreement (FPA), release forms, and other legal agreements pertaining to TRACE.

TRACE NOTIFICATIONS

Sign up to receive periodic emails regarding:

  • system status
  • system updates
  • planned outages
  • other important events

SUBSCRIBE

CONTACT TRACE

FINRA Operations: (866) 776-0800

Technical Support: (212) 231-5180

  • Regulatory Notice 22-28
    FINRA Adopts Amendments to Require Reporting of Transactions in U.S. Dollar-Denominated Foreign Sovereign Debt Securities to TRACE
  • Regulatory Notice 22-27
    FINRA Adopts Enhancements to TRACE Reporting for U.S. Treasury Securities
  • Regulatory Notice 22-26
    FINRA Requests Comment on Proposed Changes to TRACE Reporting Relating to Delayed Treasury Spot Trades
  • Regulatory Notice 22-13
    Exemption From Trade Reporting Obligation for Certain Transactions on Alternative Trading Systems
  • Regulatory Notice 22-12
    FINRA Adopts Amendments to TRACE Reporting Rule to Require Identification of Portfolio Trades
  • Regulatory Notice 21-02
    FINRA Modifies TRACE Dissemination Protocols for Specified Pool Transactions
  • Regulatory Notice 20-43
    FINRA Requests Comment on Enhancements to TRACE Reporting for U.S. Treasury Securities
  • Regulatory Notice 20-29
    FINRA Requests Comment on the Practice of Pennying in the Corporate Bond Market
  • Regulatory Notice 20-24
    FINRA Requests Comment on Proposed Changes to TRACE Reporting Relating to Delayed Treasury Spot and Portfolio Trades
  • Regulatory Notice 19-30
    SEC Approves Amendments Relating to Transactions in U.S. Treasury Securities Executed to Hedge a Primary Market Transaction
  • Regulatory Notice 19-25
    FINRA Requests Comment on a Proposal to Require Reporting of Transactions in U.S. Dollar-Denominated Foreign Sovereign Debt Securities to TRACE
  • Trade Reporting Notice – 7/19/19
    FINRA Reminds Firms of Their Obligations Regarding TRACE Reporting
  • Regulatory Notice 19-22
    FINRA Requests Comment on a Proposal to Publish ATS Volume Data for Corporate Bonds and Agency Debt Securities on FINRA’s Website
  • Regulatory Notice 19-12
    FINRA Requests Comment on a Proposed Pilot Program to Study Recommended Changes to Corporate Bond Block Trade Dissemination
  • Trade Reporting Notice – 1/22/19
    TRACE Reporting of OTC Transactions in Listed Bonds
  • Trade Reporting Notice – 1/9/19
    U.S. Treasury Security Auction Awards
  • Regulatory Notice 18-35
    SEC Approves Rule Change to Modify the Dissemination Protocols for Agency Debt Securities
  • Regulatory Notice 18-34
    SEC Approves Amendment to Require Alternative Trading Systems to Identify Non-FINRA Member Subscribers in TRACE Reports for U.S. Treasury Securities
  • Regulatory Notice 18-09
    FINRA Updates Designation Criteria to Require Firms Reporting U.S. Treasury Securities to TRACE to Participate in FINRA's Business Continuity/Disaster Recovery Testing
  • Regulatory Notice 17-36
    SEC Approves Rule Amendment to Create a New TRACE Security Activity Report and End-of-Day TRACE Transaction File Effective Date: February 1, 2018
  • Regulatory Notice 17-24
    FINRA Issues Guidance on the Enhanced Confirmation Disclosure Requirements in Rule 2232 for Corporate and Agency Debt Securities
  • Regulatory Notice 17-23
    SEC Approves Rule Change to Reduce the Delay Period for the Corporate and Agency Debt Historic TRACE Data Sets
  • Trade Reporting Notice – 6/12/17
    Effective Date for Required Use of TRACE for Treasuries Modifiers
  • Trade Reporting Notice – 4/3/17
    FINRA Updates the Transparency Services FINRA Participant Agreement
  • Regulatory Notice 17-08
    SEC Approves Amendments to Require Mark-Up/Mark-Down Disclosure on Confirmations for Trades With Retail Investors in Corporate and Agency Bonds
  • Regulatory Notice 16-43
    SEC Approves Rule Amendment to Create a New Academic Corporate Bond TRACE Data Product
  • Regulatory Notice 16-39
    SEC Approves Rule Change to Require Reporting of Transactions in U.S. Treasury Securities to the Trade Reporting and Compliance Engine (TRACE)
  • Regulatory Notice 16-38
    SEC Approves Amendments to Disseminate Collateralized Mortgage Obligation (CMO) Transactions and to Reduce the Reporting Time for CMO Transactions
  • Regulatory Notice 16-30
    FINRA Reminds Firms of their Obligation to Report Accurately the Time of Execution for Transactions in TRACE-eligible Securities
  • Regulatory Notice 16-15
    Exemption from Trade Reporting Obligation for Certain Transactions on Alternative Trading Systems
  • Regulatory Notice 15-47
    SEC Approves Amendments to Require Firms to Add a No-Remuneration Indicator in TRACE Trade Report
  • Regulatory Notice 15-41
    SEC Approves Amendments to Require Firms to Report Transactions in TRACE-Eligible Securities As Soon As Practicable
  • Regulatory Notice 15-26
    FINRA Requests Comment on a New Academic TRACE Data Product
  • Regulatory Notice 15-24
    FINRA Requests Comment on the Reduction of the Delay Period for Historic TRACE Data
  • Regulatory Notice 15-14
    SEC Approves Amendments to Require Firms to Identify Transactions with Non-Member Affiliates in TRACE Trade Reports
  • Regulatory Notice 15-04
    FINRA Requests Comment on a Proposal to Disseminate Additional Securitized Products and to Reduce the Reporting Time Frame for These Products
  • Regulatory Notice 14-53
    FINRA Reminds Alternative Trading Systems (ATSs) and ATS Subscribers of Their Trade Reporting Obligations in TRACE-Eligible Securities
  • Regulatory Notice 14-34
    SEC Approves Amendments to Disseminate Additional Asset-Backed Securities Transactions and to Reduce the Reporting Time for Such Transactions
  • Regulatory Notice 14-23
    FINRA Issues an Interpretation to Clarify the Classification and Trade Reporting of Certain "Hybrid" Securities to FINRA
  • Regulatory Notice 13-35
    SEC Approves Amendments to TRACE Rules and Dissemination Protocols to Disseminate Rule 144A Transactions in TRACE-Eligible Securities and Related Fees
  • Trade Reporting Notice - 8/1/13
    Frequently Asked Questions Regarding TRACE Reporting
  • Regulatory Notice 13-24
    FINRA Announces Modifications Regarding Historic TRACE Data
  • Trade Reporting Notice - 4/16/13
    Reduction of Reporting Times for Agency Pass-Through Mortgage-Backed Securities Traded TBA
  • Regulatory Notice 13-15
    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
  • Regulatory Notice - 13-09
    SEC Approves Amendments to Establish Two Optional TRACE Data Delivery Services and Related Fees
  • Regulatory Notice 12-56
    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
  • Regulatory Notice 12-53
    FINRA Waives Certain Trade Reporting and Compliance Engine (TRACE) Late Trade Reporting Fees in Connection With Hurricane Sandy
  • Regulatory Notice 12-48
    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
  • Regulatory Notice 12-39
    FINRA Requests Comment on TRACE Dissemination Issues
  • Regulatory Notice 12-26
    SEC Approves Amendments to TRACE Reporting Requirements and Dissemination of Agency Pass-Through Mortgage-Backed Securities Traded To Be Announced and Related Fees
  • Trade Reporting Notice - 12/21/11
    FINRA Addresses Frequently Asked Questions About TRACE Reporting Issues
  • Trade Reporting Notice - 5/10/11
    Reporting Asset-Backed Securities to the Trade Reporting and Compliance Engine (TRACE)
  • Regulatory Notice 10-55
    FINRA Establishes a New Effective Date for Reporting Asset-Backed Securities to TRACE and Related Rule Changes
  • Regulatory Notice 10-23
    SEC Approves Reporting Asset-Backed Securities Transactions to TRACE and Related Fees
  • Regulatory Notice 10-14
    SEC Approves Access to Historic TRACE Data and Related Fees Effective Date: March 31, 2010
  • Regulatory Notice 09-57
    SEC Approves Amendments Expanding TRACE to Include Agency Debt Securities and Primary Market Transactions
  • Regulatory Notice 09-24
    SEC Approves Amendments Expanding the Definition of "TRACE-Eligible Security"
  • Regulatory Notice 09-21
    FINRA Adopts Amendments Relating to Reporting Transfers of Proprietary Positions in Debt and Equity Securities in Connection With Certain Corporate Control Transactions
  • Trade Reporting Notice - 2/22/08
    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
  • Regulatory Notice 07-61
    SEC Approves Exemption from TRACE Reporting Requirements for Certain "Derivative-Related Transactions"
  • Notice to Members 07-21
    Reporting of Transactions in TRACE-Eligible Securities With Execution Dates More Than T+365 Days Before Date of Report
  • Notice to Members 07-18
    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
  • Notice to Members 07-15
    SEC Approves Amendments to TRACE Rules to Reflect the Availability of TRACE "Snapshot" Data for a Reduced Monthly Fee
  • Notice to Members 06-01
    SEC Approves Immediate Dissemination of Information on TRACE Transactions
  • Notice to Members 05-77
    Transactions in TRACE-Eligible Securities That Occur in Connection with Options, Credit Default Swaps, Other Swaps or Similar Instruments Must Be Reported to TRACE
  • Notice to Members 05-52
    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
  • Notice to Members 05-37
    NASD Restructures Certain TRACE Fees for Market Data and Amends the Definition of "Non-Professional" in Connection with TRACE Market Data
  • Notice to Members 05-28
    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
  • Notice to Members 05-05
    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
  • Notice to Members 05-02
    Stage Two of the Expansion of Dissemination of TRACE Transaction Data to Begin on February 7, 2005 Instead of February 1, 2005
  • Notice to Members 04-90
    NASD Issues Interpretive Guidance Regarding Various Trade Reporting and Compliance Engine (TRACE) Rules
  • Notice to Members 04-65
    SEC Approves Amendments to TRACE Rules to Disseminate Transaction Information on All TRACE-Eligible Securities, Modify and Supplement Defined Terms, and Enhance Notification Requirements
  • Notice to Members 04-51
    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
  • Notice to Members 04-39
    SEC Approves Amendments to Clarify the Term "TRACE-Eligible Security" and to Expand the Scope of an Exemption from TRACE Reporting Requirements
  • Notice to Members 03-58
    NASD Issues Interpretive Guidance to the Trade Reporting and Compliance Engine Rules (TRACE Rules)
  • Notice to Members 03-45
    SEC Approves Amendments to TRACE Rule 6260 to Require New Issue Notifications to Include Dissemination Eligibility Information and Be Submitted in Writing
  • Notice to Members 03-36
    SEC Approves Amendments to TRACE Rule 6230 to Reduce the Reporting Period to 45 Minutes
  • Notice to Members 03-12
    SEC Approves Amendments to TRACE Rule 6250 and Other TRACE Rules: Transaction Information to be Disseminated on More than 4,000 Corporate Debt Securities
  • Notice to Members 02-76
    NASD Issues Interpretive Guidance to the Trade Reporting and Compliance Engine Rules (TRACE Rules)
  • Notice to Members 01-18
    SEC Approves Rules To Require Fixed Income Transaction Reporting And Dissemination
  • Guidance
    Federal Reserve Depository Institution Reporting to TRACE

    Beginning Thursday, September 1, 2022, certain depository institutions (Covered Depository Institutions) will be required to report transactions in U.S. Treasury securities, agency debt securities and agency mortgage-backed securities (Covered Securities) to FINRA’s Trade Reporting and Compliance Engine (TRACE).

    Project Timetable*

    Launch

    September 1, 2022

    Firm Pre-launch User Testing (NTF region)

    June 27, 2022

    February 15, 2022
  • Guidance
    CTCI Migration Conference Call
    Effective 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 Reporting
    The TRACE Reporting section of the 2018 Report on Exam Findings informs member firms’ compliance programs by describing recent findings and observations from FINRA’s examinations, and, in certain cases, also providing a summary of effective practices.
    December 07, 2018
  • FAQ
    Frequently Asked Questions (FAQ) about the Trade Reporting and Compliance Engine (TRACE)
    Frequently 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
  • Guidance
    Phone-In Workshop and WebEx Presentation Recording: Markup/Markdown Analysis Report
    In 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
  • Guidance
    TRACE Price on Client Confirmations Policy

    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 Report
    Order Capacity
    The Order Capacity section of the 2017 Report on Exam Findings informs member firms’ compliance programs by describing recent findings and observations from FINRA’s examinations, and, in certain cases, also providing a summary of effective practices.
    December 06, 2017
  • 2017 Exam Findings Report
    TRACE Reporting
    The TRACE Reporting section of the 2017 Report on Exam Findings informs member firms’ compliance programs by describing recent findings and observations from FINRA’s examinations, and, in certain cases, also providing a summary of effective practices.
    December 06, 2017
  • Filing and Reporting
    TRACE Reporting and Dissemination

    TRACE Reporting Timeframes and Transparency Protocols1

    Type of TRACE-Eligible Security Other Transactions - Reporting Timeframes List or Fixed Offering Price Transaction (as defined in FINRA Rule 6710(q)), or Takedown Transaction (as defined in FINRA Rule 6710(r))- Reporting Timeframe Transparency2
    Corporate Bond (see FINRA Rule 6710(a)) Within 15 minutes of time of execution (see FINRA Rule 67
    July 10, 2017
  • Guidance
    TRACE Reporting of Transactions in U.S. Treasury Securities: Final Installment in Series
    On-Demand Recording: Phone-In Workshop | Original Program Date: June 8, 2017
    June 27, 2017
  • Webinar
    TRACE Reporting of Transactions in U.S. Treasury Securities: Final Installment in Series
    On 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
  • Guidance
    TRACE Reporting of Transactions in U.S. Treasury Securities: Demonstration of Forms
    On-Demand Recording: Phone-In Workshop and WebEx Presentation; Original Program Date: April 6, 2017
    May 04, 2017
  • Guidance
    Fixed Income Distributions

    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
  • Guidance
    Fixed Income Report Cards Demonstration (On Demand)
    On this free, on-demand recording of a WebEx presentation, FINRA staff members discuss new and updated fixed income-related Report Cards.
    November 25, 2015
  • FAQ
    Frequently Asked Questions about ABS Dissemination
    1. 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.
    February 17, 2015
  • Guidance
    Administrative Use if Real-time TRACE Information and Data
    Administrative Use
  • Guidance
    Guidelines for Use of FINRA and TRACE Trademark
    This 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.
  • FAQ
    Reporting of Corporate and Agencies Debt Frequently Asked Questions (FAQ)
    Reporting of Corporate and Agencies Debt Frequently Asked Questions (FAQ)
  • FAQ
    Reporting of Mortgage and Asset Backed Securities (Securitized Products)
    FAQ regarding Reporting of Mortgage and Asset Backed Securities (Securitized Products)
  • Compliance Tools
    TRACE Markup/Markdown Analysis Report

    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.  

  • Compliance Tools
    TRACE Quality of Markets Report Cards - Corporate Bond and Agency Debt

    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.)

    Term

    Definition

  • Compliance Tools
    TRACE Quality of Markets Report Cards - Securitized Products

    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.

  • Compliance Tools
    TRACE Quality of Markets Report Cards - Treasuries

    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.

  • FAQ
    TRACE Structured Product Reports FAQ
    Frequently asked questions about Structured Product Reports
  • Compliance Tools
    TRACE Treasuries Execution Time Difference Report Card
    The TRACE Treasuries Execution Time Difference report is a monthly summary of execution time comparisons for inter-dealer trades in U.S. Treasury Securities reported to TRACE. Firms are required to report trades in accordance with established FINRA rules and regulations.
  • Compliance Tools
    Trade Reporting and Compliance Engine (TRACE) Report Cards
    These 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).