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FINRA filed a proposed amendment with the SEC that would impose additional Transaction Reporting and Compliance Engine ("TRACE") reporting obligations on alternative trading systems ("ATSs") as to secondary market transactions in U.S. Treasury securities.
The proposed change would mandate that ATSs report the identities of non-FINRA subscribers that are parties to Treasury securities trade transactions. The reporting requirement would be applicable only to ATSs that have executed Treasury securities transactions with non-FINRA members in an amount greater than or equal to $10 billion in monthly par value for at least two months during the preceding year.
Currently, ATSs are not required to report the identities of treasury securities transaction counterparties that are not FINRA members. According to FINRA, this additional reporting requirement will help to "facilitate a better understanding of U.S. Treasury market structure and liquidity."
If the rule change is approved by the SEC, FINRA will publish a Regulatory Notice announcing the effective date within 60 days of receiving SEC approval.
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