SEC Takes Extra Nap on FINRA's Bond Reporting Tweak
Published Date: 7/25/2025
Notice
Summary
FINRA wants to keep the 15-minute rule for reporting certain bond trades and add a new way to report orders split across multiple customer accounts. The SEC is taking extra time to review this change carefully before deciding. This affects brokers and investors who trade these bonds and could impact how quickly trade info is shared.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
15-minute TRACE reporting preserved
The proposed FINRA rule change would keep the currently effective 15-minute outer limit for reporting TRACE-eligible securities covered by File No. SR-FINRA-2024-004. If you trade or invest in these TRACE-eligible securities, your trades would continue to be reported under the 15-minute reporting timeframe.
New reporting option for allocated orders
The proposed rule would add an alternative method for reporting and dissemination when an aggregate order in a TRACE-eligible security is allocated to multiple managed customer accounts. This change affects how broker-dealers report allocations of a single order split across several customer accounts and could affect how quickly trade information is shared.
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