The Financial Industry Regulatory Authority (Finra) has launched the dissemination of individual transactions in active US Treasury securities, aiming to enhance post-trade transparency in this segment of the market.
The new data product allows Finra members and subscribed professionals to access same-day transaction information, while non-professionals can obtain it free of charge on Finra’s website the following day. Moreover, historical data will be available with a six-month delay starting 1 April according to a press release.
The published data encompasses individual transactions in on-the-run nominal coupon treasury securities, providing details such as trade price, size, counterparty type, and execution on alternative trading systems (ATS). The data doesn’t reveal identifying information about transaction participants. For trades above a pre-determined size cap, only historical data will be shown.
Stephanie Dumont, executive vice president of market regulation and transparency services at Finra, says that the authority’s approach is aimed at fostering liquidity and resilience while addressing information leakage concerns.
This initiative represents, according to Finra, its ongoing efforts to enhance transaction reporting and transparency, aligning with various regulatory bodies including the US’ Department of the Treasury, the Federal Reserve System, and the Securities and Exchange Commission.