Regulatory Notice 19-12

FINRA Requests Comment on a Proposed Pilot Program to Study Recommended Changes to Corporate Bond Block Trade Dissemination

Comment Period Expires: June 11, 2019

Summary

FINRA requests comment on a proposed pilot program to study changes to corporate bond block trade dissemination based on recommendations of the Securities and Exchange Commission’s (SEC) Fixed Income Market Structure Advisory Committee (FIMSAC or Committee). Specifically, the proposed pilot is designed to study two primary changes recommended by the FIMSAC: an increase to the current dissemination caps for corporate bond trades, and delayed dissemination of any information about trades above the proposed dissemination caps for 48 hours. The proposed pilot incorporates these primary elements of the FIMSAC Recommendation and other features, including a control group, designed to support a meaningful analysis of the pilot’s impact. 

Questions concerning this Notice should be directed to:

  • Shawn O’Donoghue, Economist, Office of the Chief Economist (OCE), at (202) 728-8273; or Yue Tang, Economist, OCE, at (202) 728-8237; or
  • Alex Ellenberg, Associate General Counsel, Office of General Counsel (OGC), at (202) 728-8152.
The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments: 
DateCommenterFormat - Size
4/17/2019The Pension Boards United Church of Christ, Inc.PDF - 68.62 KB
4/17/2019San Bernardino County GovernmentPDF - 85.09 KB
6/3/2019Larry Harris PDF - 5.21 MB
6/6/2019MIT Management Sloan SchoolPDF - 155.4 KB
6/6/2019Healthy Markets AssociationPDF - 184.57 KB
6/6/2019Descartes TradingPDF - 130.5 KB
6/7/2019Wellington Management Company LLPPDF - 296.48 KB
6/11/2019BlackRock, Inc.PDF - 312.7 KB
6/11/2019AQR Capital Management, LLCPDF - 3.93 MB
6/11/2019Dimensional fund Advisors LPPDF - 83.54 KB
6/11/2019Jane StreetPDF - 143.3 KB
6/11/2019Credit Suisse Holding (USA), Inc.PDF - 228.52 KB
6/11/2019MarketAxess Holdings, Inc.PDF - 203.05 KB
6/11/2019SumRidge Partners, LLCPDF - 1.19 MB
6/11/2019Managed Funds AssociationPDF - 151.19 KB
6/11/2019Citadel LLCPDF - 314.48 KB
6/11/2019SIFMA PDF - 341.35 KB
6/11/2019VanguardPDF - 190.01 KB
6/11/2019BondWave LLCPDF - 5.41 MB
6/11/2019City Of OntarioPDF - 42.81 KB
6/11/2019Federated Investors, Inc.PDF - 186.16 KB
6/11/2019PIMCOPDF - 175.39 KB
6/11/2019FIA Principal Traders GroupPDF - 162.42 KB
6/11/2019Bond Dealers of AmericaPDF - 232.12 KB
6/13/2019T.RowePrice Associates, Inc.PDF - 1.27 MB
6/25/2019Millennium Advisors LLCPDF - 75.38 KB
6/26/2019Spatt, Hollifield, and NeklyudovPDF - 192.36 KB
7/11/2019Flow Traders US, LLCPDF - 119.67 KB