FINRA Eases Bond Reporting: Faster Trades, Same Old Rules
Published Date: 6/20/2025
Notice
Summary
FINRA is keeping the 15-minute deadline for reporting certain bond trades but is making it easier to report big orders split across many customer accounts. This change helps firms save time and avoid confusion when sharing trade info. The new rule is up for public comment now and could affect how quickly and smoothly trade data gets reported, with no extra costs expected.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Optional Aggregate Reporting for Allocations
FINRA would let a firm that is both a broker-dealer and an investment adviser (BD/IA) report allocations of an aggregate order to multiple managed customer accounts as a single aggregate TRACE trade report, provided the allocations share the same price and Time of Execution and the report is submitted within the applicable reporting timeframe. Use of this alternative is voluntary, the aggregate report must include the number of managed accounts, and FINRA estimates that if all eligible trades used this option the number of reports would fall from 7,570,097 to 487,625.
Keep 15‑Minute TRACE Reporting Window
FINRA proposes to keep the current rule requiring firms to report TRACE-eligible trades as soon as practicable but no later than within 15 minutes from the Time of Execution. The proposal removes references to a one-minute timeframe, deletes the earlier manual-trade and limited-activity exceptions, and deletes the manual trade indicator requirement.
TRACE Correction Marking Logic Change
FINRA will update TRACE system logic so timeliness is judged only by the time the original trade report was submitted, meaning a member's correction to a disseminated field entered after the reporting timeframe will not be marked late if the original transaction was reported on time. This change applies to trade corrections and is intended to provide a focused view on initial report timeliness.
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