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

  1. 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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