FINRA Keeps 15-Min Deadline for Bond Trade Reports
Published Date: 9/19/2025
Notice
Summary
FINRA just got the green light to keep the 15-minute deadline for reporting certain bond trades, making sure things stay clear and timely. They’re also adding a new way to report when big orders get split across multiple customer accounts. This update affects brokers and traders and kicks in soon, helping everyone stay on the same page without extra costs.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Keep 15‑Minute TRACE Reporting Deadline
If you are a FINRA member who reports bond trades to TRACE, you must continue to report transactions as soon as practicable but no later than within 15 minutes of the Time of Execution. The SEC approved this approach on September 16, 2025 and the rule rescinds the previously approved reductions to 1, 5, and 10 minute limits.
Optional Aggregate Reporting For BD/IA Allocations
A FINRA member that is both a broker‑dealer and an investment adviser (BD/IA) may voluntarily report allocations of an aggregate order to multiple managed customer accounts in a single, aggregate TRACE trade report. The aggregate report must show the same price and Time of Execution, be submitted within the Rule 6730(a) timeframes (no later than 15 minutes), and include the number of managed customer accounts allocated.
Remove Manual Trade Indicator And Exceptions
FINRA will delete the manual trade indicator requirement and remove the supplementary exceptions for firms with limited trading activity and for manual trades. These deletions accompany maintaining the 15‑minute reporting outer limit.
Change Late‑Marking Logic For Trade Corrections
FINRA will change TRACE system logic so that whether a report is marked late is determined only by the time the original trade report was submitted. If you reported the original trade on time, later corrections to disseminated fields will not be marked late.
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