Skip to main content

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 6730(a)(1)). T+1 (see FINRA Rule 6730(a)(2))
  • Individual transactions are disseminated immediately upon receipt with security identifiers (e.g., CUSIP) and transaction size caps of $5 million for Investment Grade securities (as defined in FINRA Rule 6710(h)) and $1 million for Non-Investment Grade securities (as defined in FINRA Rule 6710(i)). Investment Grade trades over $5 million in size are disseminated as “5MM+” and Non-Investment Grade trades over $1 million in size are disseminated as “1MM+”
  • Aggregated (uncapped) volume information is available in daily reports.
Agency Debt Security (as defined in FINRA Rule 6710(l)) Within 15 minutes of time of execution (see FINRA Rule 6730(a)(1)). T+1 (see FINRA Rule 6730(a)(2))
  • Individual transactions are disseminated immediately upon receipt with security identifiers (e.g., CUSIP) and transaction size caps of $5 million for Investment Grade securities (as defined in FINRA Rule 6710(h)) and $1 million for Non-Investment Grade securities (as defined in FINRA Rule 6710(i)). Investment Grade trades over $5 million in size are disseminated as “5MM+” and Non-Investment Grade trades over $1 million in size are disseminated as “1MM+”
  • Aggregated (uncapped) volume information is available in daily reports.
CMOs/REMICs (as defined in FINRA Rule 6710(dd))
  • For transactions executed before the issuance of the security, no later than the first settlement date of the security (see FINRA Rule 6730(a)(3)(C)).
  • For all other transactions: within 1 hour of time of execution (see FINRA Rule 6730(a)(3)(A)).
N/A
  • Individual transactions of less than $1 million in original face value are disseminated immediately upon receipt with security identifiers (e.g., CUSIP).
  • Aggregated volume and pricing information for individual CMOs provided in weekly and monthly reports for transactions of $1 million or more in original face value, provided the security has registered at least 5 transactions reported by at least 2 different market participant identifiers (see Regulatory Notice 16-38).
  • Aggregated volume and pricing information available in daily reports (FINRA-ICE Data Services Structured Product Activity Reports and Tables)
Agency Pass-Through MBS Traded TBA for Good Delivery (see FINRA Rule 6710(u)) Within 15 minutes of time of execution (see FINRA 6730(a)(3)(D)(ii)). N/A
  • Individual transactions are disseminated immediately upon receipt with security identifiers (e.g., CUSIP) and transaction size cap of $25 million. Trades over $25 million in size are disseminated as “25MM+”
  • Aggregated volume and pricing information are available in daily reports (FINRA-IDS Structured Product Activity Reports and Tables)
Agency Pass-Through MBS Traded TBA not for Good Delivery Within 60 minutes of time of execution (see FINRA 6730(a)(3)(E)(ii)). N/A
  • Individual transactions are disseminated immediately upon receipt with security identifiers (e.g., CUSIP) and transaction size cap of $10 million. Trades over $10 million in size are disseminated as “10MM+”
  • Aggregated volume and pricing information are available in daily reports (FINRA-IDS Structured Product Activity Reports and Tables)
Specified Pool Transactions (as defined in FINRA Rule 6710(x)) and SBA Backed ABS Transactions (as defined in FINRA Rule 6710(bb)) Within 60 minutes of time of execution (see FINRA Rules 6730(a)(3)(F)(ii) and 6730(a)(3)(G)(ii)). N/A
  • Individual transactions are disseminated immediately upon receipt based on security characteristics (see Regulatory Notice 21-02) and with transaction size cap of $10 million. Trades over $10 million in size are disseminated as “10MM+”
  • Aggregated volume and pricing information are available in daily reports (FINRA-IDS Structured Product Activity Reports and Tables)
Asset-Backed Securities (as defined in FINRA Rule 6710(cc)) Within 15 minutes of time of execution (see FINRA 6730(a)(3)(B)(i)). T+1 (see FINRA Rule 6730(a)(2))
  • Individual transactions are disseminated immediately upon receipt with security identifiers (e.g., CUSIP) and transaction size cap of $10 million. Trades over $10 million in size are disseminated as “10MM+”
  • Aggregated volume and pricing information are available in daily reports (FINRA-IDS Structured Product Activity Reports and Tables)
All other Securitized Products (CDO, CLO, CBO and private label CMBS, collectively categorized in TRACE as “ABSX”) Generally same day during TRACE business hours (see FINRA Rule 6730(a)(3)(A)). N/A
  • Aggregated volume and pricing information are available in daily reports (FINRA-IDS Structured Product Activity Reports and Tables)
Treasury Bonds
(as defined in FINRA Rule 6710(p))
  • Generally same day during TRACE business hours (see FINRA Rule 6730(a)(4)(A))
  • Transactions in U.S. Treasury securities executed to hedge a List or Fixed Offering Price transaction, or a Takedown transaction must be reported no later than T+1 (see FINRA Rule 6730(a)(4)(B)).
N/A
  • Aggregated volume information is available in weekly reports

Last Updated: 4/11/22

1This chart is for informational purposes only and is subject to modification. Firms should rely on and refer to the applicable FINRA rules, rule filings and Regulatory Notices for complete information on TRACE reporting requirements and dissemination protocols.

2For real-time trade dissemination, TRACE generally displays i) the sell-side of a transaction between two FINRA members; and ii) all transactions executed between a FINRA member and a non-member. Information on transactions not subject to real-time dissemination is available in FINRA Rule 6750.