FINRA Manual: Contents
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6000. QUOTATION, ORDER, AND TRANSACTION REPORTING FACILITIES
6700. TRADE REPORTING AND COMPLIANCE ENGINE (TRACE)
6732. Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System
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6750. Dissemination of Transaction Information
This version is valid from Mar 20 2017 through Jul 9 2017.
Amendments have been announced but are not yet effective. To view other versions open the versions tab on the right.
(a) Dissemination Upon Receipt
FINRA will disseminate information on all transactions in TRACE-Eligible Securities, including transactions effected pursuant to Securities Act Rule 144A, immediately upon receipt of the transaction report, except as provided in paragraphs (b) and (c) of this rule.
(b) Periodic Dissemination
FINRA will disseminate aggregated information on certain transactions in collateralized mortgage obligations (“CMOs”), including transactions in CMOs effected pursuant to Securities Act Rule 144A, where the transaction value is $1 million or more (calculated based upon original principal balance), and where there have been five or more transactions of $1million or more in the security in the period reported by at least two different market participant identifiers (“MPIDs”), on a weekly and monthly basis.
(c) Transaction Information Not Disseminated
FINRA will not disseminate information on a transaction in a TRACE-Eligible Security that is:
(1) identified with the non-member affiliate—principal transaction indicator pursuant to Rule 6730(d)(4)(E);
(2) a transfer of proprietary securities positions where the transfer (A) is effected in connection with a merger or direct or indirect acquisition and (B) is not in furtherance of a trading or investment strategy. Such transfers shall be reported in the manner prescribed by FINRA to denote that they are submitted for regulatory purposes and not for dissemination. Members must provide FINRA at least three business days advance written notice of their intent to use this exception, including the basis for their determination that the transfer meets the terms of the exception. Members must report such transfers on the same day as the ultimate transfer of the positions on their books and records, unless later reporting is warranted under specific circumstances;
(3) a List or Fixed Offering Price Transaction or a Takedown Transaction; or
(4) a Securitized Product that is: a CMBS; a CDO; or a CMO if the CMO transaction value is $1 million or more (calculated based upon original principal balance) and the transaction does not qualify for periodic dissemination under paragraph (b) above, except as may be otherwise provided in Rule 7730.
Amended by SR-FINRA-2017-004 eff. March 20, 2017.
Amended by SR-FINRA-2016-023 eff. March 20, 2017.
Amended by SR-FINRA-2014-050 eff. Nov 2, 2015.
Amended by SR-FINRA-2013-046 eff. June 1, 2015.
Amended by SR-FINRA-2013-029 eff. June 30, 2014.
Amended by SR-FINRA-2012-042 eff. July 22, 2013.
Amended by SR-FINRA-2012-020 eff. Nov. 12, 2012.
Amended by SR-FINRA-2011-061 eff. Oct. 14, 2011.
Amended by SR-FINRA-2009-065 eff. May 16, 2011.
Amended by SR-FINRA-2009-010 eff. March 1, 2010.
Amended by SR-FINRA-2009-024 eff. May 4, 2009.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Amended by SR-NASD-2005-120 eff. Jan. 9, 2006.
Amended by SR-NASD-2004-189 Stage 2 eff. Feb. 7, 2005.
Amended by SR-NASD-2004-148 eff. Oct. 1, 2004.
Amended by SR-NASD-2004-94 Stage 1 eff. Oct. 1, 2004 & Stage 2 eff. Feb. 7, 2005.
Amended by SR-NASD-2003-41 eff. April 14, 2003.
Amended by SR-NASD-2002-174 eff. March 3, 2003.
Amended by SR-NASD-2002-46 eff. July 1, 2002.
Adopted by SR-NASD-99-65 eff. July 1, 2002.
Selected Notices: 02-76 03-12, 03-22, 04-39, 04-65, 04-90, 05-02, 08-43, 08-57, 09-21, 09-57, 10-23, 10-55, 12-26, 12-48, 12-56, 13-35, 14-34, 15-14, 16-38