Transaction Reporting Systems
Chapters in this video
- 0:00 The four reporting systems master key
- 1:38 The 15-minute deadline that governs everything
- 2:04 TRACE: corporate bonds, agency debt, and ABS
- 3:56 EMMA and RTRS: municipal securities only
- 4:40 TRF vs ORF: listed versus unlisted OTC equities
- 5:22 Consolidated tape: Tape A, Tape B, and Tape C
- 5:49 Rapid-fire exam recap
What this video covers
- The 15-minute reporting deadline that applies to both TRACE and EMMA, and what "as soon as practicable but no later than 15 minutes" actually means on the exam
- Why TRACE covers corporate bonds, agency debt, and asset-backed securities (ABS), but never municipal bonds
- The TRACE dissemination size caps: $5 million for investment-grade bonds and $1 million for non-investment-grade bonds, and how over-cap amounts display on the tape
- Why EMMA is for municipal securities only, that the Municipal Securities Rulemaking Board (MSRB) operates it, and how the Real-Time Transaction Reporting System (RTRS) feeds it
- The critical distinction between TRF for National Market System (NMS) stocks traded over the counter (third market) and ORF for unlisted OTC equity securities
- How the consolidated tape aggregates real-time trade data from all NMS market centers, and the three tape plans: Tape A (NYSE-listed), Tape B (regional exchange-listed), and Tape C (Nasdaq-listed)
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