The self-regulatory organization has commenced the publication of Treasuries trading data for individual transactions on a daily basis and is set to offer historical data with a six-month delay beginning April 1.
Daily trade reports, containing information on price, transaction size, and counterparty type but excluding participant identities, are accessible to FINRA members and professional subscribers on the same day. Public availability is granted the following day.
Given the unique and fundamental role of the U.S. Treasury securities market in the global economy, promoting the market’s transparency is important for both Treasury market participants and the broader financial system, stated Stephanie Dumont, executive vice-president of market regulation and transparency services at FINRA.
The reporting of individual trades is the latest move in a series of efforts aimed at enhancing transparency in the Treasury market. Initiatives such as broker reporting to regulators in 2017, weekly aggregated volume data disclosure by FINRA in 2020, and daily volume reporting since early 2023, exhibit dedication to increased market transparency.
In line with our longstanding approach, FINRA is enhancing transparency methodically and cautiously, benefiting liquidity and resilience in this vital market while addressing potential concerns about information leakage, explained Dumont.
