Regulatory Trade Reporting
Chapters in this video
- 0:00 TRACE for corporate bonds and the 15-minute clock
- 1:29 U.S. Treasuries on TRACE: reported but not public
- 2:14 What TRACE excludes: municipal bonds and equities
- 3:37 RTRS pipeline and free public EMMA for munis
- 4:55 TRF for off-exchange listed stocks only
- 5:45 Three-system bird's eye view
- 6:16 Rapid-fire exam recap
What this video covers
- Which securities report through TRACE (Trade Reporting and Compliance Engine): corporate bonds, agency debt, asset-backed securities (ABS), and the special case of U.S. Treasuries
- Why U.S. Treasuries are reported to TRACE since 2017 but not publicly disseminated in real time, and how test writers bait you with outdated exclusions
- The exact 15-minute reporting deadline that applies to both TRACE and the Real-Time Transaction Reporting System (RTRS), and when longer windows apply
- Why municipal bonds bypass TRACE entirely and flow through RTRS to EMMA (Electronic Municipal Market Access), and the difference between the dealer-facing pipeline and the free public viewer
- The limited conditional exception for Alternative Trading Systems (ATS) under TRACE reporting rules, and why it is not a blanket exemption
- What the Trade Reporting Facility (TRF) actually covers: off-exchange over-the-counter (OTC) trades in National Market System (NMS) stocks, not on-exchange trades
- How to distinguish the three regulators and systems on exam day: FINRA operates TRACE and TRF; the Municipal Securities Rulemaking Board (MSRB) operates RTRS and EMMA
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