TRACE Foreign Sovereign Debt Testing – New Issue Submissions
Beginning Monday, November 6, 2023, as described in Regulatory Notice 22-28, FINRA will require firms to report transactions in U.S. dollar-denominated foreign sovereign debt securities to TRACE. In preparation for these changes, firms may test the submission of Foreign Sovereign Debt securities to TRACE via the FINRA New Issue form. Users can access the customer test environment at https://newissue.ct.finra.org. FINRA has updated the Issue Management Web User Guide and Issue Management System Bulk Upload User Guide to include Foreign Sovereign Debt securities.
Frequently Asked Questions
Q: Where and when can I test the new issue functionality?
A: You may test the changes at any time in the test environment at https://newissue.ct.finra.org/ using your production login credentials. Users should be prepared to enter valid security information, as filing submissions in the test environment will be transmitted to the NTF region of TRACE/TRAQS. Note: This environment is not actively monitored. If you have questions on your submissions, please contact FINRA Market Operations at [email protected].
Q: What changes are being introduced for Foreign Sovereigns?
A: For submissions of Foreign Sovereign Debt securities, users will have the ability to submit a filing by CUSIP, ISIN and/or FIGI. Please note, submissions by ISIN-only or FIGI-only may require review by FINRA Market Operations to ensure uniqueness of the security. Such filings may remain in a Submitted status until reviewed or may display a Security Cannot Be Added message.
Consistent with current functionality, submissions of Foreign Sovereign Debt securities may be subsequently updated, with the exception of the MPID, Product, CUSIP, ISIN or FIGI fields. Please contact FINRA Market Operations if you need to make a correction to one or more of these fields.
Q: Who should I contact for assistance?
A: For help with Entitlements, identifying your firm’s SAA, gaining access and logging into the New Issue Platform, contact the FINRA Support Center at (301) 590-6500.
For Assistance with logging into, navigating or submitting the form, contact FINRA Market Operations, (866) 776-0800, Option 2.