In a letter filed with the US Securities and Exchange Commission, the FIA Principal Traders Group applauded FINRA for eliminating the harmful manual trade exception previously approved but never implemented, and encouraged FINRA to continue to improve the TRACE regime, including by shortening the reporting timeframe for all transactions.
FIA PTG stated that the reporting timeframe should be reduced for all transactions, given technological developments supported by FINRA data indicating that 83% of trades are reported within one minute and nearly 98% of trades are reported within five minutes.
The letter includes additional recommendations for improving TRACE.
Read the full letter here.
