FINRA Expands Trade Reporting to More Affiliates
Published Date: 5/6/2026
Notice
Summary
FINRA is updating its trade reporting rules to include transactions between members and their member affiliates, not just non-member affiliates. This change makes trade data clearer and more transparent for everyone involved. The update kicks in soon and helps keep the financial markets fair and easy to follow.
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Broker-dealers must flag affiliate trades
FINRA proposes that broker-dealer members must append a new Affiliate--Principal Transaction indicator when they and an affiliate trade the same TRACE-Eligible Security on the same day, at the same price, and in the same or smaller quantity. Member firms must identify affiliates at least annually (and update after reorganizations), may need to change reporting systems, and must correct prior reports to remove the indicator if the qualifying same-day trade does not occur.
Fewer duplicate trades shown publicly
If you follow or invest in bond and other TRACE-Eligible markets, FINRA would suppress public display of inter-affiliate principal trades that are same-day, same-price, and in the same security so you see less duplicative trade data. FINRA's 2025 analysis found about 5.7% of corporate/agency/ELN/foreign sovereign transactions, 0.5% of securitized products, and 2.1% of U.S. Treasury transactions were between affiliated members that could fall within the rule, and about 86 member firms had such trades in 2025.
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