*Letters

TRACE Reporting and Dissemination of Transactions in Additional Asset-Backed Securities

Published on:
December 17, 2013

SIFMA provides comments to the Securities and Exchange Commission (SEC) on a proposed rule change by the Financial Industry Regulatory Authority (FINRA) relating to TRACE reporting and dissemination of transactions in additional asset-backed securities (ABS), Release No. 34-70906; File No. SR-FINRA-2013-046.

While SIFMA members agree with FINRA that there may be benefits to price discovery as a result of dissemination of trade information on ABS, SIFMA also believes the proposal has the potential to negatively impact market liquidity, as previous proposals have done in the To-Be-Announced Market (TBA), specified pool and the high-yield markets. SIFMA requests that FINRA not implement this proposal, and instead engage in further discussion with the industry as to how best to preserve ABS market liquidity, and re-propose this proposal after such discussions.

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