FINRA adopted 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").
As previously covered, FINRA stated that the 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 adopted this rule in order to ensure that there are no timestamp discrepancies in the data provided to the CAT and to FINRA.
The rule change goes into effect on November 15, 2021 for the Alternative Display Facility and Trade Reporting Facilities, and on November 14, 2022 for OTC Reporting Facilities.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
