FINRA Requests Comment on TRACE Dissemination Issues
Due to the disruption of normal business operations relating to Hurricane Sandy, FINRA is extending the deadline to provide comment to November 19, 2012. (Previously, the deadline was extended to November 9, 2012.)
Trade Reporting and Compliance Engine (TRACE)
Regulatory Notice | |
Notice Type Request for Comment |
Suggested Routing Compliance Fixed Income Legal Trading |
Key Topics Dissemination Caps Rule 144A Transactions TRACE Dissemination TRACE-Eligible Security |
Referenced Rules & Notices FINRA Rule 6710 FINRA Rule 6750 Securities Act Section 3 Securities Act Section 5 Securities Act Rule 144A |
Executive Summary
FINRA requests comment on two issues relating to the dissemination of information on TRACE-eligible securities transactions. First, FINRA seeks input on whether it should maintain or modify current TRACE dissemination caps, under which the actual size (volume) of a transaction over a certain par value is not displayed in disseminated real-time TRACE transaction data. Second, FINRA requests comment on whether transactions in TRACE-eligible securities effected pursuant to Securities Act Rule 144A1 (Rule 144A transactions) should be disseminated, and if so, the scope and manner of such dissemination.
Questions regarding this Notice should be directed to:
[On September 24, 2012 the comment period was extended from October 10, 2012 to November 9, 2012.]
Update on November 1, 2012: Due to the disruption of normal business operations relating to Hurricane Sandy, FINRA is extending the deadline to provide comment from November 9, 2012, to November 19, 2012
Action Requested
FINRA encourages all interested parties to comment on the proposal. Comments must be received by October 10, 2012.
Member firms and other interested parties can submit their comments using the following methods:
Marcia E. Asquith
Office of the Corporate Secretary
FINRA
1735 K Street, N.W.
Washington, D.C. 20006-1506
To help FINRA process and review comments more efficiently, persons should only use one method to comment on the proposal.
Important Notes: The only comments FINRA will consider are those submitted using the methods described above. All comments received in response to this Notice will be made available to the public on the FINRA website. Generally, FINRA will post comments as they are received.2
Background & Discussion
Dissemination Caps
As part of the initial TRACE implementation in July 2002, FINRA established dissemination protocols that included certain caps. Disseminated TRACE transaction data includes price, time of execution, size and other information. The size disseminated is the total par value of the trade, subject to the limits of the applicable dissemination cap.
FINRA recently announced additional caps as part of the dissemination of transaction information on agency pass-through mortgage-backed securities traded to be announced (TBA transactions).5 FINRA will begin disseminating TBA transactions on November 5, 2012.
Discussion
FINRA periodically evaluates current practices and seeks input on modifications that may be beneficial. FINRA seeks comment as to whether to modify, leave unchanged or eliminate the $1 million and $5 million TRACE volume dissemination caps, which have been in place since TRACE began operating on July 1, 2002. As part of a broader effort to review dissemination practices, FINRA also seeks comment on the caps for TBA transactions that become effective on November 5, 2012.
Most firms have comprehensive policies and procedures for TRACE compliance, and regularly use TRACE data for pricing purposes, as well as for internal supervisory purposes. Providing transaction data showing the actual trade size may assist all market participants in determining the quality of their executions and member firms in complying with their best execution obligations. In addition, the dissemination of transaction data showing actual trade size may have a positive impact on the quality of pricing for valuation purposes.
The following tables show the percentage of transactions in TRACE-eligible securities reported to TRACE—excluding asset-backed securities—by total par value and trade count, that are effected at various sizes, and the impact of the $5 million dissemination cap (for investment grade and agency debt securities) and $1 million dissemination cap (for non-investment grade securities) on the percentage of par value and trades for which actual size is above the indicated cap level and therefore not displayed in disseminated data. The tables also show the impact of dissemination caps if set at alternative levels.7
INVESTMENT GRADE CORPORATE BONDS | NON-INVESTMENT GRADE CORPORATE BONDS | AGENCY DEBT SECURITIES | |||||
Percentage of Par Value Traded Above Cap Level | Percentage of Par Value Traded Above Cap Level | Percentage of Par Value Traded Above Cap Level | |||||
Cap Level | Percentage | Cap Level | Percentage | Cap Level | Percentage | ||
$1 million + | 83.17% | $1 million + Current Level | 79.49% | $1 million + | 94.14% | ||
$5 million + Current Level | 48.91% | $5 million + | 36.39% | $5 million + Current Level | 77.20% | ||
$10 million + | 30.49% | $10 million + | 23.03% | $10 million + | 66.01% | ||
$15 million + | 22.99% | $15 million + | 18.39% | $15 million + | 60.07% | ||
$20 million + | 17.84% | $20 million + | 15.22% | $20 million + | 54.99% | ||
$25 million + | 14.10% | $25 million + | 12.89% | $25 million + | 47.42% | ||
$50 million + | 7.23% | $50 million + | 8.06% | $50 million + | 31.50% | ||
$75 million + | 5.19% | $75 million + | 6.59% | $75 million + | 26.93% | ||
$100 million + | 3.90% | $100 million + | 5.49% | $100 million + | 20.36% | ||
Percentage of Trades Above Cap Level | Percentage of Trades Above Cap Level | Percentage of Trades Above Cap Level | |||||
Cap Level | Percentage | Cap Level | Percentage | Cap Level | Percentage | ||
$1 million + | 8.08% | $1 million + Current Level | 10.85% | $1 million + | 23.90% | ||
$5 million + Current Level | 1.81% | $5 million + | 1.43% | $5 million + Current Level | 8.34% | ||
$10 million + | 0.64% | $10 million + | 0.46% | $10 million + | 4.65% | ||
$15 million + | 0.35% | $15 million + | 0.26% | $15 million + | 3.40% | ||
$20 million + | 0.21% | $20 million + | 0.16% | $20 million + | 2.64% | ||
$25 million + | 0.13% | $25 million + | 0.11% | $25 million + | 1.76% | ||
$50 million + | 0.03% | $50 million + | 0.03% | $50 million + | 0.63% | ||
$75 million + | 0.02% | $75 million + | 0.02% | $75 million + | 0.43% | ||
$100 million + | 0.0080% | $100 million + | 0.0105% | $100 million + | 0.23% |
The following tables show the percentage of TBA transactions reported to TRACE, by total par value and trade count, that are effected at various sizes, and the impact the $25 million dissemination cap (for TBA transactions eligible "for good delivery") and the $10 million dissemination cap (for TBA transactions "not for good delivery") (based on historical transaction data) would have had on the percentage of par value traded and trades for which the actual size would not have been displayed (if such transactions had been disseminated during that period).8 The tables also show the impact of dissemination caps if set at alternative levels.
TBA GOOD DELIVERY | TBA NOT GOOD DELIVERY | ||
Percentage of Par Value Traded Above Cap Level | Percentage of Par Value Traded Above Cap Level | ||
Cap Level | Percentage | Cap Level | Percentage |
$10 million + | 92.40% | $10 million + Current Level | 84.53% |
$25 million + Current Level | 84.17% | $25 million + | 54.71% |
$50 million + | 74.20% | $50 million + | 23.52% |
$75 million + | 69.37% | $75 million + | 15.50% |
$100 million + | 57.70% | $100 million + | 10.11% |
$250 million + | 33.82% | $250 million + | 2.68% |
$500 million + | 17.40% | $500 million + | 0.00% |
Percentage of Trades Above Cap Level | Percentage of Trades Above Cap Level | ||
Cap Level | Percentage | Cap Level | Percentage |
$10 million + | 32.79% | $10 million + Current Level | 41.47% |
$25 million + Current Level | 20.13% | $25 million + | 15.98% |
$50 million + | 12.45% | $50 million + | 3.80% |
$75 million + | 10.04% | $75 million + | 1.80% |
$100 million + | 6.19% | $100 million + | 0.90% |
$250 million + | 1.87% | $250 million + | 0.12% |
$500 million + | 0.51% | $500 million + | 0.00% |
Rule 144A Transactions
Securities Act Rule 144A is a safe harbor exemption from the registration requirements of Securities Act Section 5 for certain offers and sales of qualifying securities by certain persons other than the issuer of the securities. The exemption applies to the re-sale of securities to qualified institutional buyers (QIBs).9 Rule 144A transactions have been subject to TRACE reporting requirements since TRACE inception. Unlike transactions in publicly traded bonds, Rule 144A transactions are not subject to dissemination because of the private nature of the transactions.10 However, this approach results in limited or no price transparency in the market in Rule144A TRACE-eligible securities. Without any disseminated data, it may be difficult for market participants to assess the quality of the executions of their orders and for firms to determine if they have complied with their best execution obligations. In addition, the lack of disseminated data in Rule 144A transactions may have an adverse impact on the accurate valuation of positions in such securities.
FINRA seeks comment on the current approach and whether Rule 144A transactions should be subject to dissemination. FINRA notes that Rule 144A transactions account for approximately 4 percent of trades and 18 percent of par value in corporate debt securities reported to TRACE. The table below summarizes the percentage of all TRACE corporate debt trades, all TRACE non-investment grade corporate debt trades and all TRACE investment grade corporate debt trades that are Rule 144A trades.11
July 2011 Through June 2012 | |
Rule 144A trades as a percentage of total TRACE corporate trades | 4.37% |
Rule 144A non-investment grade trades as a percentage of all TRACE non-investment grade trades | 8.09% |
Rule 144A investment grade trades as a percentage of all TRACE investment grade corporate trades | 2.50% |
Rule 144A par value traded as a percentage of total TRACE corporate par value traded | 17.53% |
Rule 144A non-investment grade par value traded as a percentage of all TRACE non-investment grade corporate par value traded | 20.59% |
Rule 144A investment grade par value traded as a percentage of all TRACE investment grade corporate par value traded | 14.89% |
If Rule 144A transactions were disseminated and dissemination caps were applied, the following tables show the percentages of Rule 144A transactions (and par value traded) that would be subject to various dissemination cap levels.
July 2011 Through June 2012 | July 2011 Through June 2012 | ||
INVESTMENT GRADE RULE 144A | NON-INVESTMENT GRADE RULE 144A | ||
Percentage of Par Value Traded Above Cap Level | Percentage of Par Value Traded Above Cap Level | ||
Cap Level | Percentage | Cap Level | Percentage |
$1 million + | 94.02% | $1 million + | 89.41% |
$5 million + | 64.30% | $5 million + | 44.63% |
$10 million + | 47.22% | $10 million + | 30.57% |
$15 million + | 39.48% | $15 million + | 25.07% |
$20 million + | 33.58% | $20 million + | 21.20% |
$25 million + | 28.40% | $25 million + | 18.42% |
$50 million + | 18.01% | $50 million + | 12.22% |
$75 million + | 14.70% | $75 million + | 9.93% |
$100 million + | 12.48% | $100 million + | 8.01% |
Percentage of Trades Above Cap Level | Percentage of Trades Above Cap Level | ||
Cap Level | Percentage | Cap Level | Percentage |
$1 million + | 50.68% | $1 million + | 51.47% |
$5 million + | 13.28% | $5 million + | 7.35% |
$10 million + | 5.52% | $10 million + | 2.61% |
$15 million + | 3.38% | $15 million + | 1.51% |
$20 million + | 2.23% | $20 million + | 0.96% |
$25 million + | 1.44% | $25 million + | 0.66% |
$50 million + | 0.42% | $50 million + | 0.21% |
$75 million + | 0.23% | $75 million + | 0.12% |
$100 million + | 0.15% | $100 million + | 0.06% |
Request for Comment
FINRA welcomes all comments on the use of dissemination caps and the dissemination of Rule 144A transactions. FINRA also specifically requests comment on the issues identified below.
Dissemination Caps for Investment Grade and Non-Investment Grade Debt Securities
Dissemination Caps for TBA Transactions
Rule 144A Transactions
1 17 CFR 239.144A.
2 FINRA will not edit personal identifying information, such as names or email addresses, from submissions. Persons should submit only information that they wish to make publicly available. See Notice to Members 03-73 (November 2003) (NASD Announces Online Availability of Comments) for more information.
3 The term investment grade is defined in FINRA Rule 6710(h). In most cases, an agency debt security that is not rated is traded and priced as an investment grade security. Thus, for purposes of TRACE, in most cases, such securities are classified as investment grade debt and subject to the $BMM+ dissemination cap. The term agency debt security is defined in FINRA Rule 6710(1).
4 The term non-investment grade is defined in FINRA Rule 6710(i). For purposes of TRACE, most unrated corporate bonds are considered non-investment grade debt and are subject to the $1MM+ dissemination cap.
5 The terms agency pass-through mortgage-backed security and to be announced are defined in, respectively, FINRA Rule 6710(v) and FINRA Rule 6710(u). See Securities Exchange Act Release No. 66829 (April 18, 2012), 77 FR 24748 (April 25, 2012) (SEC Approval Order Relating to Post-Trade Transparency of Agency Pass-Through Mortgage-Backed Securities Traded TBA) (TBA Dissemination Approval Order); Regulatory Notice 12-26 (May 2012) (announcing November 5, 2012, as the effective date for the dissemination of TBA transactions, dissemination caps for such TBA transactions, and related rule changes).
6See FINRA Rule 6710(u) (as effective on November 5, 2012) for reference to the terms "for good delivery" and "not for good delivery." See also Regulatory Notice 12-26 and TBA Dissemination Approval Order.
7 FINRA calculated the percentages based on the 12-month period from July 1, 2011, to June 30, 2012.
8See supra note 5.
9 Qualified institutional buyer is defined in Securities Act Rule 144A(a)(1). 17 CFR 239.144A(a)(1).
10See FINRA Rule 6750(b)(1).
11 FINRA calculated the percentages based on the 12-month period from July 1, 2011, to June 30, 2012.
12 For this discussion, the dollar value of the transaction means the par value multiplied by the execution price of the transaction.
Date | Commenter | Format - Size |
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2012-09-17 | Income Research & Management | PDF - 57.87 KB |
2012-09-18 | Mesirow Financial, Inc. | PDF - 50.57 KB |
2012-09-21 | Michael D’Angelo | PDF - 11.96 KB |
2012-10-05 | Benchmark Solutions, Inc. | PDF - 435.66 KB |
2012-10-09 | The Nelson Law Firm, LLC | PDF - 452.89 KB |
2012-11-06 | Dimensional Fund Advisors LP | PDF - 87.16 KB |
2012-11-08 | The Credit Roundtable | PDF - 119.89 KB |
2012-11-08 | Portfolio Advisors, Inc. | PDF - 46.71 KB |
2012-11-08 | Equius Partners, Inc. | PDF - 45.14 KB |
2012-11-08 | BAM Advisor Services | PDF - 71.72 KB |
2012-11-09 | Resource Consulting Group | PDF - 52.33 KB |
2012-11-09 | Strategic Wealth Management | PDF - 49.14 KB |
2012-11-09 | Disciplined Equity Management, Inc. | PDF - 76.92 KB |
2012-11-09 | Investment Advisory Professionals, LLC | PDF - 78.64 KB |
2012-11-09 | Jeff Buckner | PDF - 45.11 KB |
2012-11-09 | McGladrey Wealth Management LLC | PDF - 66.88 KB |
2012-11-09 | The First National Bank in Sioux Falls | PDF - 76.5 KB |
2012-11-09 | Dale K. Ehrhart Inc. | PDF - 45.17 KB |
2012-11-09 | Redrock Wealth Management, LLC | PDF - 51.95 KB |
2012-11-09 | TAGStone Capital, Inc. | PDF - 77.18 KB |
2012-11-09 | Jeff Holland | PDF - 43.22 KB |
2012-11-09 | Haymarket Wealth Management | PDF - 43.76 KB |
2012-11-09 | Strategic Investment Advisors, LLC | PDF - 78.86 KB |
2012-11-09 | Nevils Financial, LLC | PDF - 45.95 KB |
2012-11-09 | Structured Asset Management, Inc. | PDF - 54.62 KB |
2012-11-09 | Jay Hutchins | PDF - 60.45 KB |
2012-11-09 | Schulz Financial | PDF - 43.35 KB |
2012-11-09 | LifeFocus Financial Advisors, LLC | PDF - 46.9 KB |
2012-11-09 | Hollingsworth Avent Averre & Purvis, PA | PDF - 38.88 KB |
2012-11-09 | DKE, Inc. | PDF - 19.5 KB |
2012-11-09 | Carolyn Lloyd-Cohen LLC/Preferred Pensions LLC | PDF - 116.12 KB |
2012-11-09 | Portland Fixed Income Specialists, LLC | PDF - 89.74 KB |
2012-11-09 | Aperio Group | PDF - 40.52 KB |
2012-11-09 | Sequent Asset Management, LLC | PDF - 51.91 KB |
2012-11-09 | Bristlecone Advisors, LLC | PDF - 37.97 KB |
2012-11-09 | Quality Asset Management | PDF - 43.35 KB |
2012-11-09 | Daly Investment Management, LLC | PDF - 49.93 KB |
2012-11-09 | Timothy Brown | PDF - 10.38 KB |
2012-11-09 | Cypress Partners | PDF - 52.55 KB |
2012-11-09 | Alliant Wealth Advisors | PDF - 63.12 KB |
2012-11-09 | Allodium Investment Consultants | PDF - 48.24 KB |
2012-11-09 | Dean Roland Russell | PDF - 54.33 KB |
2012-11-09 | Compass Financial Group, Inc. | PDF - 60.75 KB |
2012-11-09 | Boardwalk Financial Strategies LLC | PDF - 55.3 KB |
2012-11-09 | Northgate Wealth Management | PDF - 45.35 KB |
2012-11-09 | Global Wealth Advisors LLC | PDF - 45.66 KB |
2012-11-09 | Guy Baker | PDF - 49.19 KB |
2012-11-09 | Brown Wealth Management, LLC | PDF - 51.77 KB |
2012-11-09 | Lamia Fiancial Group, LLC | PDF - 27.32 KB |
2012-11-09 | Matson Money, Inc. | PDF - 45.53 KB |
2012-11-09 | Beacon Financial Planning, LLC | PDF - 48.06 KB |
2012-11-09 | Berkson Asset Management | PDF - 49.92 KB |
2012-11-09 | Robert Piano | PDF - 23.92 KB |
2012-11-09 | Carrington Financial Planning, LLC | PDF - 57.83 KB |
2012-11-09 | Adam Hoffmann | PDF - 42.44 KB |
2012-11-09 | Gary Pia | PDF - 60.27 KB |
2012-11-09 | Hankinson Wealth Management, Inc. | PDF - 87.73 KB |
2012-11-09 | Greenberg/Graham Advisors LLC | PDF - 46.85 KB |
2012-11-09 | Vickery Financial Services, Inc. | PDF - 74.15 KB |
2012-11-09 | Mariaca Wealth Management, LLC | PDF - 53.59 KB |
2012-11-09 | John A. Wolfe & Associates, Inc. | PDF - 37.53 KB |
2012-11-09 | FMB Wealth Management and FMB Retirement Services | PDF - 58.09 KB |
2012-11-09 | Sandy Burnham | PDF - 64.09 KB |
2012-11-12 | Strategic Investment Solutions, Inc. | PDF - 61.75 KB |
2012-11-12 | Dan Holder | PDF - 45.12 KB |
2012-11-12 | Rowling & Associates | PDF - 22.86 KB |
2012-11-12 | SYM Financial Advisors | PDF - 45.74 KB |
2012-11-12 | Johnson Wealth Management, LLC | PDF - 43.57 KB |
2012-11-12 | Prime Capital Equities | PDF - 27.17 KB |
2012-11-12 | Joseph J. Locke & Company, Ltd | PDF - 47.2 KB |
2012-11-12 | Investment Company Institute | PDF - 67.78 KB |
2012-11-12 | The Capital Group | PDF - 47.91 KB |
2012-11-12 | Avocet Capital Management | PDF - 60.69 KB |
2012-11-12 | Frederick Capital Management, Inc. | PDF - 26.82 KB |
2012-11-12 | Del Monte Group, LLC | PDF - 96.48 KB |
2012-11-12 | Total Portfolio Management | PDF - 52.76 KB |
2012-11-12 | GB&T Financial Services | PDF - 46.87 KB |
2012-11-12 | Moler Capital Management | PDF - 31.35 KB |
2012-11-12 | Investor’s Capital Management, LLC, Menlo Park | PDF - 48.59 KB |
2012-11-12 | True Wealth Design, LLC | PDF - 83.01 KB |
2012-11-12 | Investor’s Capital Management, LLC | PDF - 13.38 KB |
2012-11-13 | SJS Investment Consulting, Inc. | PDF - 30.22 KB |
2012-11-13 | Truepoint Inc. | PDF - 72.77 KB |
2012-11-13 | Chicago Partners Investment Group LLC | PDF - 55.4 KB |
2012-11-10 | 1650 Wealth Management | PDF - 90.94 KB |
2012-11-09 | Critical Capital Management, Inc. | PDF - 106.97 KB |
2012-11-09 | DRV Group, Inc. | PDF - 35.81 KB |
2012-11-09 | Forum Financial Management, LLC | PDF - 73.12 KB |
2012-11-09 | Gasber Financial Advisors, Inc. | PDF - 94.35 KB |
2012-11-09 | Horizon Asset Management, LLC | PDF - 15.09 KB |
2012-11-09 | Integral Financial Solutions, LLC | PDF - 58.34 KB |
2012-11-09 | John Jackson | PDF - 76.25 KB |
2012-11-09 | Life Planning Partners, Inc. | PDF - 38.31 KB |
2012-11-10 | LSY Financial Group | PDF - 59.83 KB |
2012-11-09 | McGladrey Wealth Management LLC | PDF - 47.19 KB |
2012-11-09 | Paragon Wealth Strategies, LLC | PDF - 41.14 KB |
2012-11-09 | Provizio Global Advisors Inc. | PDF - 29.99 KB |
2012-11-09 | Skaggs Financial Planning, LLC | PDF - 52.98 KB |
2012-11-10 | Stanley F. Green, LLC | PDF - 54.29 KB |
2012-11-09 | Willow Creek Financial Services, Inc. | PDF - 45.57 KB |
2012-11-15 | Assabet Advisors, LLC | PDF - 54.96 KB |
2012-11-15 | Bergland Wealth Management, Inc. | PDF - 29.32 KB |
2012-11-15 | Berk Cleveland Rathmell Wealth Strategies, LLC | PDF - 51.95 KB |
2012-11-15 | Bromfield Financial Advisory Group, Inc. | PDF - 42.83 KB |
2012-11-15 | Cambridge Wealth Counsel | PDF - 65.19 KB |
2012-11-15 | CLS Financial Advisors, Inc. | PDF - 38.54 KB |
2012-11-15 | Coston and McIsaac Investment Advisers, LLC | PDF - 38.63 KB |
2012-11-15 | Wendell Miller | PDF - 16.61 KB |
2012-11-15 | Jameson Van Houten | PDF - 41.51 KB |
2012-11-15 | Merriman | PDF - 72.01 KB |
2012-11-15 | Michael Broad | PDF - 62.93 KB |
2012-11-15 | Sechrest Financial Services, LLC | PDF - 65.68 KB |
2012-11-15 | Stoker Ostler Wealth Advisors, Inc. | PDF - 15.98 KB |
2012-11-15 | Stonegate Financial Group | PDF - 65.31 KB |
2012-11-15 | The Lam Group, Inc. | PDF - 32.61 KB |
2012-11-15 | The Proper Analysis Corporation | PDF - 16.39 KB |
2012-11-15 | Titanium Advisors, LLC | PDF - 15.87 KB |
2012-11-15 | William Bernstein | PDF - 34.75 KB |
2012-11-13 | Index Funds Advisors, Inc. | PDF - 13.65 KB |
2012-11-13 | Lourd Capital Management | PDF - 29.74 KB |
2012-11-13 | Conservative Wealth Management LLC | PDF - 9.11 KB |
2012-11-13 | Independence Advisors, LLC | PDF - 35.17 KB |
2012-11-13 | KDM Investment Management | PDF - 45.5 KB |
2012-11-13 | South Central Bank/LPL Financial | PDF - 45.62 KB |
2012-11-10 | The Wealth Conservatory | PDF - 45.06 KB |
2012-11-10 | Daniel. G Gensler | PDF - 41.36 KB |
2012-11-13 | Perspective Financial Services LLC | PDF - 13.34 KB |
2012-11-10 | Financial Advisory Corporation | PDF - 38.82 KB |
2012-11-10 | Horizon Asset Management, LLC | PDF - 35.54 KB |
2012-11-10 | Horizon Wealth Management | PDF - 35.54 KB |
2012-11-11 | Chuck Vickery | PDF - 38.19 KB |
2012-11-13 | Ethical Advisors, LLC | PDF - 20.19 KB |
2012-11-11 | Huber Financial | PDF - 35.01 KB |
2012-11-12 | AHC Advisors, Inc. | PDF - 38.86 KB |
2012-11-12 | Lakeside Wealth Management | PDF - 105.96 KB |
2012-11-12 | Clune & Associates Ltd. | PDF - 43.24 KB |
2012-11-12 | Martin Financial Group | PDF - 34.29 KB |
2012-11-12 | Acropolis Investment Management, LLC. | PDF - 39 KB |
2012-11-12 | Pacesetter Financial Group, LLC | PDF - 38.25 KB |
2012-11-12 | MEDIQUS Asset Advisors, Inc. | PDF - 43.72 KB |
2012-11-12 | Brian Caine | PDF - 29.14 KB |
2012-11-12 | SYM Financial Advisors | PDF - 62.35 KB |
2012-11-12 | Partners Wealth Management | PDF - 39.98 KB |
2012-11-12 | The Cogent Advisor | PDF - 32.1 KB |
2012-11-12 | Smart Choice Financial Planning, Inc. | PDF - 33.15 KB |
2012-11-12 | Strategent Financial, LLC | PDF - 35.77 KB |
2012-11-12 | Scott Stuth | PDF - 38.33 KB |
2012-11-12 | The Humphreys Group | PDF - 61.32 KB |
2012-11-12 | LPL Financial Advisor | PDF - 43.89 KB |
2012-11-13 | Investor’s Capital Management, LLC Menlo Park | PDF - 14 KB |
2012-11-13 | Aspiriant | PDF - 27.43 KB |
2012-11-13 | Wolfers Asset Management | PDF - 10.38 KB |
2012-11-13 | Structured Investment Advisors, LLC | PDF - 13.49 KB |
2012-11-13 | Truepoint Inc. | PDF - 40.53 KB |
2012-11-13 | Thomas Financial Advisors LLC | PDF - 14.04 KB |
2012-11-13 | Stoeckler Financial | PDF - 10.34 KB |
2012-11-13 | Oak Wealth Advisors LLC | PDF - 13.17 KB |
2012-11-13 | Maas Capital Advisors, LLC | PDF - 54.1 KB |
2012-11-13 | Copper Beech Advisors, LLC | PDF - 13.01 KB |
2012-11-13 | The Manhattan Life Insurance Co. | PDF - 45.9 KB |
2012-11-13 | Index Portfolio Tools Advisors | PDF - 27.05 KB |
2012-11-13 | Edelstein Wealth Management LLC | PDF - 27.3 KB |
2012-11-15 | Bond & Co. | PDF - 38.84 KB |
2012-11-15 | Brighton Jones, LLC | PDF - 50.49 KB |
2012-11-15 | Claris Advisors | PDF - 46.09 KB |
2012-11-15 | Delphi Private Advisors | PDF - 40.47 KB |
2012-11-15 | Fiduciary Solutions | PDF - 45.58 KB |
2012-11-15 | Foster Wealth | PDF - 56.9 KB |
2012-11-15 | GenSpring Family Office | PDF - 39.14 KB |
2012-11-15 | Integra Wealth, LLC | PDF - 83.69 KB |
2012-11-15 | Kibble & Prentice Private Client Services | PDF - 38.73 KB |
2012-11-15 | M Financial Group | PDF - 63.24 KB |
2012-11-15 | Merriman | PDF - 92.52 KB |
2012-11-15 | Michael D. Taxman Investment Management | PDF - 7.59 KB |
2012-11-15 | Pacific Asset Management | PDF - 81.15 KB |
2012-11-15 | Rather & Kittrell | PDF - 76.58 KB |
2012-11-15 | Sensenig Capital Advisors | PDF - 15.88 KB |
2012-11-15 | Servo Wealth Management | PDF - 43.4 KB |
2012-11-15 | Thomas Financial Group | PDF - 61.37 KB |
2012-11-14 | Efficient Frontier Advisors LLC | PDF - 35.41 KB |
2012-11-14 | Yardley Wealth Management, LLC | PDF - 68 KB |
2012-11-14 | Compass Investments | PDF - 37.7 KB |
2012-11-14 | North Ridge Wealth Advisors, Inc. | PDF - 42.8 KB |
2012-11-14 | Salzman Financial Management LLC | PDF - 39.35 KB |
2012-11-14 | Wealth Advisors, Inc. | PDF - 34.92 KB |
2012-11-14 | Michael D. Strasser | PDF - 35.32 KB |
2012-11-14 | Asher Portfolio Advisors, inc. | PDF - 35.75 KB |
2012-11-14 | Retirement Asset Management | PDF - 54.93 KB |
2012-11-14 | M Financial Group | PDF - 46.64 KB |
2012-11-14 | Onyx Financial Advisors | PDF - 64.79 KB |
2012-11-14 | Vista Capital Partners | PDF - 76.18 KB |
2012-11-14 | Silver Oak Advisory Group | PDF - 29.4 KB |
2012-11-14 | Vista Capital Partners | PDF - 77.57 KB |
2012-11-14 | Haton Consulting, Inc. | PDF - 41.77 KB |
2012-11-14 | Porter, White & Company | PDF - 62.73 KB |
2012-11-14 | KAI Advisors | PDF - 38.67 KB |
2012-11-14 | The Leonard Financial Group, LLC | PDF - 79.88 KB |
2012-11-14 | Life Planning Partners, Inc. | PDF - 38.2 KB |
2012-11-14 | Keats Connelly | PDF - 42.16 KB |
2012-11-14 | Private Ocean | PDF - 65.12 KB |
2012-11-14 | Steve Harrison | PDF - 34.77 KB |
2012-11-14 | GenSpring Family Offices, LLC | PDF - 40.75 KB |
2012-11-14 | SYM Financial Advisors | PDF - 39.14 KB |
2012-11-15 | AZ Wealth Strategies, LLC | PDF - 53.23 KB |
2012-11-15 | Cadence Wealth Management | PDF - 44.43 KB |
2012-11-15 | D’Orazio & Associates, Inc. | PDF - 33.03 KB |
2012-11-15 | Focus Wealth Management, Ltd. | PDF - 15.28 KB |
2012-11-15 | Lourd Capital Management | PDF - 63.78 KB |
2012-11-15 | Marian P. Young | PDF - 36.19 KB |
2012-11-15 | Northstar Financial Planning, Inc. | PDF - 38.89 KB |
2012-11-15 | Pacific Asset Management, LLC | PDF - 38.37 KB |
2012-11-15 | Thalheimer Financial Planning | PDF - 15.52 KB |
2012-11-15 | Young Wealth Management | PDF - 59.31 KB |
2012-11-16 | Bromfield Financial Advisory Group, Inc. | PDF - 42.88 KB |
2012-11-16 | Financial Plan, Inc. | PDF - 56.48 KB |
2012-11-16 | Passive Capital Management | PDF - 66.84 KB |
2012-11-16 | Symmetry Partners, LLC | PDF - 53.57 KB |
2012-11-16 | TCI Wealth Advisors, Inc. | PDF - 51.54 KB |
2012-11-16 | The Legacy Financial Group, Inc. | PDF - 85.59 KB |
2012-11-16 | Van Sant & Mewshaw Inc. | PDF - 38.34 KB |
2012-11-13 | Gonzales & Sisto, LLP | PDF - 35.78 KB |
2012-11-13 | Baril Advisors LLC | PDF - 49.73 KB |
2012-11-13 | Frontier Advisors, LLC | PDF - 37.98 KB |
2012-11-13 | Chamberlain Financial | PDF - 43.09 KB |
2012-11-13 | Lifetime Capital Group, LLC | PDF - 47.87 KB |
2012-11-13 | CAVU Wealth Advisors | PDF - 49.6 KB |
2012-11-13 | Lighthouse Financial Planning, LLC | PDF - 44.74 KB |
2012-11-13 | Fiscalis Advisory, Inc. | PDF - 71.97 KB |
2012-11-13 | Penny Marchand | PDF - 29.08 KB |
2012-11-13 | Mark Smith Financial Services | PDF - 39.69 KB |
2012-11-13 | Trinity Financial Planning | PDF - 35.91 KB |
2012-11-13 | Hart Financial, LLC | PDF - 39.91 KB |
2012-11-13 | Dorman Advisory Services | PDF - 39.38 KB |
2012-11-13 | Wealth Management Group LLP CPA'S | PDF - 36.05 KB |
2012-11-13 | Evelyn M. Zohlen | PDF - 55.28 KB |
2012-11-13 | Bob Neiman | PDF - 34.13 KB |
2012-11-13 | Fifth Set Investment Advisors LLC | PDF - 49.9 KB |
2012-11-13 | Milton Karafilis | PDF - 34.75 KB |
2012-11-13 | Don Humphreys | PDF - 34.13 KB |
2012-11-13 | Maci Capital Advisors | PDF - 35.15 KB |
2012-11-13 | Jim Garrett | PDF - 38.04 KB |
2012-11-13 | Lawrence Johnson | PDF - 34.15 KB |
2012-11-13 | Emeritus Investment Management, Inc. | PDF - 32.71 KB |
2012-11-13 | Presidium Retirement Advisers, Inc. | PDF - 66.28 KB |
2012-11-13 | Bank of Marin | PDF - 72.84 KB |
2012-11-13 | Grubman Wealth Management | PDF - 54.44 KB |
2012-11-13 | Marin Financial Advisors, LLC | PDF - 77.67 KB |
2012-11-13 | Jake Engle | PDF - 37.5 KB |
2012-11-13 | Brodnax & Karnes, P.C. | PDF - 43.79 KB |
2012-11-13 | Jeff Jaworski | PDF - 34.97 KB |
2012-11-14 | Asset Dedication, LLC | PDF - 41.95 KB |
2012-11-14 | Rall Capital Management | PDF - 41.71 KB |
2012-11-14 | TCM Wealth Management, LLC | PDF - 42.77 KB |
2012-11-14 | Quilici Asset Management | PDF - 50.18 KB |
2012-11-14 | JGHeller Private Wealth Advisors | PDF - 137.12 KB |
2012-11-14 | Millard & Company, Inc. | PDF - 41.66 KB |
2012-11-14 | Premier Financial Group | PDF - 29.63 KB |
2012-11-14 | George N. Ellis | PDF - 35.24 KB |
2012-11-14 | Holzer & Company, Inc. | PDF - 34.94 KB |
2012-11-14 | Tomlin Financial Advisors, Inc. | PDF - 49.94 KB |
2012-11-14 | Crestone Financial Advisors | PDF - 42.62 KB |
2012-11-14 | Leon V Mason | PDF - 35.28 KB |
2012-11-14 | Mercer Advisors | PDF - 43.79 KB |
2012-11-14 | Northern Trust | PDF - 44.08 KB |
2012-11-14 | Private Ocean | PDF - 60.71 KB |
2012-11-14 | Ken Ransford | PDF - 44.36 KB |
2012-11-19 | Aequitas Investment Advisors, LLC | PDF - 15.78 KB |
2012-11-19 | BAM Advisor Services | PDF - 122.65 KB |
2012-11-18 | Beaird Harris Wealth Management, Inc. | PDF - 34.44 KB |
2012-11-16 | The Planning Center, Inc. | PDF - 41.42 KB |
2012-11-16 | Prudent Man Investment Management, Inc. | PDF - 6.11 KB |
2012-11-16 | 1926 Investment Advisors, LLC | PDF - 53.22 KB |
2012-11-18 | Glass Jacobson Investment Advisors, LLC | PDF - 52.82 KB |
2012-11-16 | Larson Financial | PDF - 71.67 KB |
2012-11-16 | Index Funds Advisors, Inc. | PDF - 38.36 KB |
2012-11-16 | Denver Money Manager, LLC | PDF - 8.91 KB |
2012-11-19 | Johnson Financial Group | PDF - 44.83 KB |
2012-11-16 | Wealth Management, LLC | PDF - 54.72 KB |
2012-11-19 | Bond Dealers of America | PDF - 159.89 KB |
2012-11-17 | Lifeline Financial, LLC | PDF - 39.67 KB |
2012-11-19 | Sechrest & Bloom, LLC/Sechrest Financial Services, LLC | PDF - 39.43 KB |
2012-11-16 | Savant Capital Management | PDF - 9.03 KB |
2012-11-19 | Southeast Financial Planning & Consulting Inc | PDF - 29.53 KB |
2012-11-19 | The Legacy Financial Group, Inc. | PDF - 15.46 KB |
2012-11-19 | Coastal Securities | PDF - 41.63 KB |
2012-11-19 | REDW Stanley Financial Advisors LLC | PDF - 42.11 KB |
2012-11-19 | Interactive Data Corporation | PDF - 62.4 KB |
2012-11-19 | Robert Bove | PDF - 46.17 KB |
2012-11-19 | Pathways Financial Partners | PDF - 34.93 KB |
2012-11-16 | Yellowstone Financial, Inc. | PDF - 9.62 KB |
2012-11-19 | Renaissance Wealth Counsel, LLC | PDF - 62.26 KB |
2012-11-19 | Sanctuary Wealth Management LLC | PDF - 35.85 KB |
2012-11-20 | Ellis Capital Management | PDF - 42.52 KB |
2012-11-16 | Talis Advisors | PDF - 29.32 KB |
2012-11-20 | Wagner Wealth Management | PDF - 38.86 KB |
2012-11-19 | Sherrill Wealth Management | PDF - 49.56 KB |
2012-11-20 | Principia Investment Advisors LLC | PDF - 38.65 KB |
2012-11-16 | Tom Posey | PDF - 31.73 KB |
2012-11-16 | Beacon Financial Advisers, Inc. | PDF - 9 KB |
2012-11-20 | Guardian Wealth Management, Inc. | PDF - 63.65 KB |
2012-11-20 | Bergland Wealth Management | PDF - 77.8 KB |
2012-11-19 | Trellis Wealth Advisors | PDF - 46.02 KB |
2012-11-21 | Mercer Advisors Inc. | PDF - 42.02 KB |
2012-11-21 | Brighton Jones, LLC | PDF - 38.45 KB |
2012-11-16 | SIFMA | PDF - 195.75 KB |
2012-11-23 | Clifford E. Fowler, Jr. | PDF - 35.76 KB |
2012-11-25 | The Bishoff Financial Group | PDF - 44.1 KB |
2012-11-19 | McCartney Wealth Management LLC | PDF - 38 KB |
2012-11-26 | CCP Financial Planning Services, Inc. | PDF - 42.39 KB |
2012-11-26 | Global Wealth Management Inc. | PDF - 36.24 KB |
2012-11-26 | Hines Warner Wealth Management | PDF - 45.51 KB |
2012-11-26 | Mercer Advisors | PDF - 44.67 KB |
2012-11-28 | Focus Wealth Management | PDF - 60.3 KB |
2012-11-28 | SK Wealth Management, L.L.C. | PDF - 85.23 KB |
2012-11-28 | Larson Financial Group | PDF - 72.73 KB |
2012-12-06 | Bob Luxenberg | PDF - 50.19 KB |