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ARTICLE · 02 MAY 2019

FINRA Seeks Comment On Trade Reporting Pilot For Corporate Bond Blocks

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Comments must be submitted by June 11, 2019.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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FINRA requested feedback on a proposed pilot program "to study changes to corporate bond block trade dissemination based on recommendations of the SEC Fixed Income Market Structure Advisory Committee (the "FIMSAC")."

The FIMSAC recommendations include increasing block sizes from $5 million to $10 million for investment-grade ("IG") corporate bonds and from $1 million to $5 million for non-IG corporate bonds. The FIMSAC recommendations also add a 48-hour delay for dissemination of data regarding trades above the block-size caps.

The proposed pilot program would consist of three test groups:

  • Group 1 would study a 48-hour dissemination delay with no change to current block-size caps.

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