MSRB Sticks with 15-Minute Trade Reporting for Bonds
Published Date: 6/20/2025
Notice
Summary
The Municipal Securities Rulemaking Board (MSRB) wants to keep the current 15-minute rule for reporting municipal securities trades instead of making it faster like they planned before. This change affects brokers, dealers, and anyone who reports these trades, giving them more time to report without penalties. The MSRB also plans to remove some complicated exceptions and update related rules to keep things simple and clear.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Keep 15-Minute Trade Reporting Rule
The MSRB filed on June 10, 2025 to rescind the previously approved one-minute reporting requirement and revert trades in municipal securities to the currently effective 15-minute reporting timeframe. The one-minute rule had been approved by the Commission on September 20, 2024 but has not yet become effective.
Retain 'As Soon As Practicable' Reporting Duty
The MSRB will retain the 2024-Amendments language requiring that trades effected during the RTRS Business Day be reported "as soon as practicable." The MSRB says this retained requirement is intended to encourage faster reporting and increase price transparency without imposing the one-minute deadline.
Estimated Dealer Compliance Costs
The MSRB estimates one-time upfront implementation costs of $6,246 per dealer to revise policies and procedures to address the retained 'as soon as practicable' requirement, and separately estimates training and education costs of $1,179 as part of implementation efforts.
Remove Manual-Trade Exceptions and Flag
The proposed change would delete two intra-day exceptions adopted in the 2024 Amendments — the 'dealer with limited trading activity' exception and the 'trade with a manual component' exception — and would remove the new special condition (manual trade) indicator. Those definitions and paragraphs would be deleted from Rule G-14 RTRS Procedures.
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