BDA today sent a letter to the SEC in support of proposals from FINRA and the MSRB to rescind the one-minute trade reporting amendments approved by the Commission last September. BDA told the Commission we “fully supports both Filings to revise and rescind the Amendments and we urge Commission approval. The one-minute reporting initiatives are unnecessary and would not have contributed meaningfully to market transparency.”
Both FINRA and the MSRB last year nearly completed a two-year rulemaking project to amend FINRA Rule 6730 and MSRB Rule G-14 to shorten the time to report most trades to TRACE and RTRS from the current 15 minutes to one minute. Earlier this year, both SROs announced that they would delay announcing an implementation date for the rule changes. Then several weeks ago both announced that they will rescind the one-minute amendments altogether. BDA fully expects the Commission to approve both proposals.
BDA’s letter is available here. Thank you to all who contributed to our advocacy on this issue over the last two years. Please call or write if you have any questions.