Last week, the MSRB held its quarterly Board Meeting, covering a broad range of topics, including Pre-Trade Analysis. The Board discussed staff’s analysis of pre-trade data voluntarily provided by ATS’s which notes a significant increase in the amount of responses to RFQ’s and live quotes between 2015 and 2018.
The BDA spoke with the MSRB today regarding their anticipated next steps. The MSRB at this time does not anticipate rulemaking on pre-trade transparency, however continues to analyze data, and plans to release a paper on the findings at some point.
The BDA has offered to provide data and assistance as the MSRB continues to analyze data will continue to work with the MSRB, and provide updates if they become available.