The Financial Industry Regulatory Authority (FINRA) has begun disseminating individual transactions in active U.S. Treasury securities at the end of the day, raising the level of transparency in the market for these benchmark securities.
The information is available on a same-day basis for FINRA members and other professionals who subscribe to the new data product. It is also publicly available and free of charge on FINRA’s website for non-professionals’ personal, non-commercial use on a next-day basis. Starting April 1, FINRA will also begin offering historical data on a six-month delay.
FINRA is publishing information on individual transactions in Treasury securities that are on-the-run nominal coupons (generally, the most recently auctioned Treasury security that is a note or bond paying fixed rate nominal coupons). The data includes the price and size of the trade; the counterparty type (dealer, customer, affiliate or alternative trading system); a flag indicating whether the trade was executed on an ATS; and other trade modifiers and indicators.
The data does not include any identifying information about the transaction participants. In addition, dissemination is subject to transaction size caps, over which the actual size of the trade will be included only in the historical data.
