SIFMA Statement on FINRA, MSRB Filings to Rescind 1-Minute Reporting Rules

Washington, D.C., June 11, 2025 – SIFMA today released the following statements on FINRA and the MSRB filings to rescind 1-minute reporting rules:

Leslie Norwood, managing director, associate general counsel and head of municipal securities, on the MSRB filing to amend Rule G-14:

“SIFMA strongly supports the Municipal Securities Rulemaking Board (MSRB) amending its Rule G-14 to revert to 15-minute trade reporting.  The fixed income markets—including the municipal securities market—remain predominantly over-the-counter, where elements of trading and post-execution processing rely on manual processes, or are subject to still developing and non-comprehensive automation.  An across-the-board one-minute reporting requirement is not feasible due to the lack of full post-trade automation stemming from the importance of bilateral negotiation in many fixed income markets.  We are also pleased to see the MSRB remove the manual trade flag and the two exceptions which were part of the recent revisions to the Rule.”

Chris Killian, managing director, securitization and corporate credit, on FINRA’s proposed rule change to amend Rule 6730:

“SIFMA strongly supports FINRA amending its Rule 6730 to revert to 15-minute trade reporting, as this trade reporting framework appropriately balances the need for market transparency with the operational realities of the over-the-counter (OTC) fixed income markets. Unlike the centralized and highly automated equity markets, the fixed income markets depend heavily on manual or partially automated processes, including phone calls and chat-based communications. For many firms, particularly smaller ones, achieving one-minute reporting is either technologically unfeasible or financially burdensome.  SIFMA also commends FINRA for removing the manual trade flag and the two exceptions previously introduced under the revised rule. These changes recognize the unique structure and functioning of the fixed income markets while maintaining the integrity and timeliness of market data. We will review the aspect of the proposal regarding reporting of allocation trades and provide comments to FINRA, but as an initial matter, are pleased to see FINRA’s attention to this issue which has long burdened dual-registered firms.  SIFMA remains committed to working with FINRA and other stakeholders to ensure a transparent, efficient, and resilient fixed income marketplace.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).