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FINRA Expands TRACE to Include ABS

FINRA Expands TRACE to Include ABS

FINRA has expanded the TRACE reporting system (Trade Reporting and Compliance Engine) to include asset-backed securities. The reporting will become effective as of February 14, 2011 for all ABS, MBS, CMOs, CDOs, and similar synthetics. FINRA has indicated that it will not make the data public but intends to “collect and study the transaction data” for an undefined period. FINRA acknowledged that the change “will require firms to make significant operational and technological changes to incorporate the requirements in firms’ business operations, technologies, and compliance and supervisory systems.”

OUR TAKE: The TRACE system adds transparency, which likely helps the buy-side. However, it can be a cumbersome process for broker-dealers.

http://www.finra.org/Industry/Regulation/Notices/2010/P121343

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