Exchanges Update Trade Reporting to Match SEC Tweaks
Published Date: 6/17/2025
Notice
Summary
The big stock market players like FINRA and major exchanges are updating their rules to match recent changes made by the SEC. These updates will make reporting clearer and more modern, helping everyone understand how trades are tracked. The changes kick in soon and won’t cost anyone extra but will keep the system running smoothly and fairly.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Broker-Dealers Added as Reporting Entities
The Plan will be amended to add broker-dealers who introduce or carry 100,000 or more customer accounts (in addition to market centers) as entities subject to Rule 605 reporting. This change explicitly extends the set of reporting entities referenced throughout the Plan to include brokers and dealers.
New Monthly Summary Reports for the Public
All entities subject to Rule 605 must publish a new monthly summary report in addition to the detailed monthly report, and the summary must use the Commission's CSV schema and associated PDF renderer. The Participants propose to make these summary reports available in the same locations and under the same procedures as the detailed reports and to align implementation with the SEC compliance date of December 14, 2025; monthly files must remain available for three years from the initial posting date.
More Detailed, Millisecond Execution Data
The detailed monthly reports will include new order-type categories and more granular time-to-execution buckets measured in milliseconds (or finer), new statistical measures (for example, percentage-based spreads and a size improvement benchmark), and modified order size categories based on notional dollar ranges. The Plan also raises the maximum number of records per security from 20 to 240 to reflect up to 10 order types and 24 size buckets.
File Format, Headers, and Rounding Standardized
The Plan will change detailed file conventions to use an uncompressed ".txt" extension instead of ".dat", add Gzip ".gz" compression as an alternative to ".zip", require column headers in detailed files, and require reported numeric values be rounded "up to six decimal places." These changes are intended to improve readability, compatibility, and consistency of the public files.
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