TRACE - Overview

Effective Monday, July 10, 2017, FINRA member firms will be required to report transactions executed in Treasury securities (Treasuries) to TRACE.

The Treasury transaction message formats closely resemble the current TRACE Corporate format, with some differences, most notably:

  • The Trading Market Indicator, and existing P1 and S1 designations, will not be supported.
  •  A When Issued Indicator has been added.
  • The Trade Price field has been expanded to support 11 decimal places.
  • A Price Type has been added to designate the transaction price format.
  • The Execution Time has been expanded to support microseconds, and,
  • Modifier 4 will contain new values.