The SEC approved an amendment to FINRA's Trade Reporting and Compliance Engine (TRACE) rules. The change will require certain alternative trading systems ("ATSs") to report to FINRA and the U.S. Treasury Department ("Treasury") (but not to the public) the identities of non-FINRA member subscribers that are parties to Treasury securities transactions. The new reporting requirement comes into effect on April 1, 2019.
As previously covered, the reporting requirement would apply only to ATSs that have executed Treasury securities transactions with non-FINRA members in an amount equal to at least $10 billion in monthly par value for at least two months during the preceding calendar quarter.
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