On April 12, the Financial Industry Regulatory Authority (FINRA) published a regulatory notice (the “Notice”) requesting comment on a proposed pilot program to study proposed changes regarding corporate bond block trade dissemination based upon recommendations by the Fixed Income Market Structure Advisory Committee (FIMSAC) of the Securities and Exchange Commission. The changes are aimed at improving corporate bond block trade dissemination—mainly, by increasing block liquidity without imposing significant costs on market participants. Currently, FINRA’s Trade Reporting and Compliance Engine (TRACE) provides information to the marketplace regarding corporate bonds and other debt securities. It is intended that the pilot program will study FIMSAC’s recommendations to determine whether such recommendations can enhance current TRACE protocols.
Continue Reading FINRA Requests Comment on Proposed Pilot Program to Study Changes to Corporate Bond Block Trade Dissemination

On June 14, the Commodity Futures Trading Commission (CFTC) announced that it had advised ICE Futures US (IFUS) that IFUS’s amendment to its Block Trade FAQ, which IFUS had previously self-certified to the CFTC pursuant to CFTC Regulation 40.6, would be stayed for a period of 90 days pending further review. The CFTC had determined that the amendment presented novel and complex issues that would require additional time to review and may be inconsistent with the Commodity Exchange Act (Act) and CFTC Regulations.
Continue Reading CFTC Seeks Comment With Respect to ICE Futures US Rule Amendment Certification