Regulatory Trade Reporting

Read the Free Lesson → free · no signup wall

Chapters in this video

  1. 0:00 The reporting nightclub analogy and TRACE for corporate debt
  2. 1:05 The 15-minute deadline and the TRACE muni-bond trap
  3. 3:08 RTRS versus EMMA: the municipal securities pipeline
  4. 5:14 TRF and off-exchange NMS stock trades
  5. 6:21 Rapid-fire exam recap

What this video covers

  • Which securities report to the Trade Reporting and Compliance Engine (TRACE), and why municipal bonds and U.S. Treasury securities never do
  • The 15-minute reporting deadline that applies to TRACE and Real-Time Transaction Reporting System (RTRS) trades, and what "as soon as practicable" means in practice
  • The difference between RTRS and Electronic Municipal Market Access (EMMA): dealer-facing submission system versus free public viewer
  • Why EMMA requires no subscription and is open to any investor, a common exam trap
  • What the Trade Reporting Facility (TRF) captures: over-the-counter (OTC) trades in National Market System (NMS) stocks, not on-exchange trades
  • Which regulator operates which system: Financial Industry Regulatory Authority (FINRA) for TRACE and TRF, Municipal Securities Rulemaking Board (MSRB) for RTRS and EMMA
  • Memory aids to reconstruct the reporting table under pressure on exam day

Read the full lesson, free

This video's complete written lesson is free to read in the CertFuel app, no signup wall. When you're ready to drill the topic, the full Series 7 course adds adaptive practice questions and spaced-repetition flashcards.

Read the Free Lesson → free · no signup wall