On February 5, FINRA announced while amendments to the TRACE reporting rules were approved in September 2024, an effective date for these amendments has not been established. These amendments, known as the “one-minute” reporting requirement, were designed to enhance price transparency by reducing the reporting timeframe for transactions in fixed income securities from 15 minutes to one minute for fully electronic trades. Provisions were included for manual trades, which involve any manual steps between trade execution and reporting, and for smaller firms with limited trading activity.

Due to concerns regarding potential market impacts, FINRA delayed setting an effective date. The new proposal will be filed with the SEC and opened for public comment before approval.

FINRA noted it intends to propose more moderate reductions in the reporting timeframes for manual trades and to address other factors that may contribute to reporting delays. The amendments will incorporate a phased strategy for manual trades, gradually decreasing reporting times over a span of several years.