In a move that may raise costs for electronic communications networks (ECNs) and their customers, the Financial Industry Regulatory Authority (Finra) has proposed that over-the-counter execution data that had previously gone unreported be supplied to the self-regulatory organization (SRO). The result could be one less trade reporting facility (TRF).
The industry appears to support the general intent of the proposal, issued April 17, to clarify ambiguous and outdated trade reporting rules that explain which types of transactions must be reported to Finra. Under the proposed rules, the responsibility for reporting would fall on the sell-side party or its representative.
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