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Rule Filing Status: Approved
Rule change to expand reporting requirements for the Trade Reporting and Compliance Engine (TRACE) to collect information on trades in foreign sovereign debt securities that are United States (U.S.) dollar-denominated.
FINRA has adopted amendments to the Rule 6700 series (Trade Reporting and Compliance Engine (TRACE)) to require members to report to TRACE transactions in U.S. dollar-denominated foreign sovereign debt securities. The amendments will take effect on November 6, 2023.
The amended rule text is available in the online FINRA Manual.
Questions regarding this Notice should be directed to:
Bond market pricing is far more opaque than it should be. This rule change is a good step in the right direction. But, I assume there are market participants who benefit from this opacity, and would rather keep things as they are.
