ARTICLE
22 September 2020

FINRA Proposes Amendments To Timestamp Trade Reporting Requirements

CW
Cadwalader, Wickersham & Taft LLP

Contributor

Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
FINRA issued this rule proposal in order to ensure that there are no discrepancies in the data provided to the CAT and to FINRA.
United States Finance and Banking

FINRA proposed a rule change that would require firms to use the same timestamp granularity for trade reports to FINRA's Equity Trade Facilities that are used in submissions to the consolidated audit trail ("CAT").

In a Regulatory Notice, FINRA stated that the proposed rule change follows an SEC Exemptive Order relieving industry members from the requirement to report trade cancellation data to the CAT that they report to FINRA. FINRA issued this rule proposal in order to ensure that there are no discrepancies in the data provided to the CAT and to FINRA.

Primary Sources

  1. SR-FINRA-2020-029: Proposed Rule Change Relating to Granularity of Timestamps in Trade Reports Submitted to FINRA's Equity Trade Reporting

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