United States:
FINRA Proposes Amendments To Timestamp Trade Reporting Requirements
22 September 2020
Cadwalader, Wickersham & Taft LLP
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FINRA proposed a rule change that would require
firms to use the same timestamp granularity for trade reports to
FINRA's Equity Trade Facilities that are used in submissions to
the consolidated audit trail ("CAT").
In a Regulatory Notice, FINRA stated that the proposed rule
change follows an SEC Exemptive Order relieving industry members from
the requirement to report trade cancellation data to the CAT that
they report to FINRA. FINRA issued this rule proposal in order to
ensure that there are no discrepancies in the data provided to the
CAT and to FINRA.
Primary Sources
- SR-FINRA-2020-029: Proposed Rule Change Relating
to Granularity of Timestamps in Trade Reports Submitted to
FINRA's Equity Trade Reporting
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