Read FINRA President and CEO Robert Cook’s email to firms and watch the video report with highlights from the Board of Governors meeting.
TRACE research performed up until this point has been done on an independent basis by academics and researchers who used objective methodology in order to achieve their conclusions. These studies have concentrated on United States-based corporate bond data and what, if any, the impact of TRACE has been on liquidity and transparency.
As previously communicated, beginning Monday, January 13, 2025, FINRA will require Multi Factor Authentication (MFA) for access to all production API reference data files. This is the final reminder clients will receive regarding this change.Beginning on January 13, 2025, FINRA will no longer support the use of digital certificates to access the Reference data API and only MFA access will be
As a reminder, FINRA will often conduct internal production region testing of its TRACE, ORF, ADF and TRF systems on Saturdays without the participation of firms. Clients are advised to only bring up their applications and connect to FINRA on Saturdays if they will be participating in testing.
Clients who connect to FINRA in the production region on Saturdays when FINRA internal testing is
SummaryEffective May 14, 2025, the Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets will decrease from its current rate of $27.80 per million dollars in transactions to a new rate of $0.00 per million dollars in transactions.Finance-related questions should be directed to Amanda Rath, Associate Director, Revenue Management,
FINRA has updated the FINRA Transparency Services Uniform Executing Broker Agreement, which allows a member firm to report trades on behalf of another member firm to a FINRA facility.
The Agreement has been renamed the “FINRA Transparency Services Uniform Reporting Agreement” and updated to define the FINRA member authorized to report on behalf on another member as the “Reporting Participant” (
Request for TRACE Reporting Exemption Under FINRA Rule 6732
FINRA has observed a number of TRACE and ORF clients experiencing problems accessing TRAQS. Users are presented with an entitlement error.
FIX trade reporting is unaffected by this issue. FINRA is currently researching the problem and will provide an update when it is known.
TRAQS clients with questions regarding this issue should contact FINRA Market
FINRA has resolved the entitlement error issue affecting TRACE and ORF clients accessing TRAQS.
TRAQS clients with questions regarding this issue should contact FINRA Market Operations at (866) 776-0800.
In observance of Memorial Day, FINRA’s Market Transparency Reporting Systems will be closed on Monday, May 29, 2023. Affected applications include:
Alternative Display Facility (ADF)
Over-the-Counter Reporting Facility (ORF)
Trade Reporting and Compliance Engine (TRACE)
FINRA/Exchange Trade Reporting Facilities (TRFs)
As stated in the data feed interface specifications, FINRA
