Financial Regulators Launch Mysterious System Called SLATE With Zero Explanation
Published Date: 1/8/2025
Notice
Summary
FINRA just got the green light to roll out new rules that make securities lending more open and clear. Starting soon, firms must report their securities loans, and the public will get easier access to this info. This change helps investors see what's happening behind the scenes and could shake up how securities lending works, with no surprise costs announced yet.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Firms must report securities loans fast
Firms that are required to report covered securities loans must submit initial loan reports and loan modifications to FINRA's SLATE system within strict time windows starting January 2, 2026. Loans effected on a business day at or after 12:00:00 a.m. ET through 7:00:00 p.m. ET must be reported the same day by 11:59:59 p.m. ET; loans effected after 7:00:00 p.m. ET or on weekends/holidays must be reported by the next business day (T+1) by 11:59:59 p.m. ET. Participation in SLATE is mandatory for reporting covered securities loans and SLATE participants must obtain an MPID, execute the SLATE participant agreement, and meet specified operational requirements.
Public gets next-day loan data
FINRA will publish reported securities loan data to the public: next-business-day (T+1) dissemination of loan-level data for initial loans and modifications (except the loan amount), and a 20-business-day (T+20) delayed public release of the loan amount. FINRA will also publish daily aggregate loan statistics (including highest, lowest, and volume-weighted average rates) no later than the morning of the next business day; dissemination is scheduled to begin April 2, 2026. FINRA will make SLATE data available free on its website for personal, non-commercial use; other uses will be subject to fees filed with the SEC.
Data and reporting may carry fees
FINRA said it will file a separate proposed rule change to establish fees for Covered Securities Loan reporting and for SLATE data products and associated fees. Also, while SLATE data will be free for personal, non-commercial website use, FINRA will publish or distribute SLATE data for fees (filed with the SEC) for other uses.
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