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FINRA Improves Post-Trade Transparency in the Treasury Market

FINRA has begun posting individual trades in active U.S. Treasuries at the close of the day.

It is reported that the Financial Industry Regulatory Authority (FINRA) in the United States has begun disseminating individual trades of active US Treasury securities at the end of each day, increasing the level of transparency in these benchmark securities markets.

This information can be accessed on the same day by FINRA members and other professionals subscribed to the new data products. Additionally, non-professionals can access this information for personal non-commercial purposes free of charge on the FINRA website the next day. Starting from April 1st, FINRA will also begin providing historical data with a six-month delay.

FINRA is releasing information on individual trades of US Treasury securities, which are the latest market-determined yields (typically for recently auctioned fixed-rate notes or bonds). The data includes the price and size of the trades; counterparty types (dealer, customer, affiliate, or alternative trading system); indicators specifying if the trade was executed on an alternative trading system; and other trade modifiers and indicators.

The data does not include any identifying information about the participants in the trades. Furthermore, the dissemination of information is subject to trade size limitations, with trades exceeding this limit only being recorded in the historical data.

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