FINRA reminded members not to report auction purchases of U.S. Treasury securities to the Trade Reporting and Compliance Engine ("TRACE"). FINRA stated that "[auction transaction data] is already maintained by the Treasury Department as part of the auction process and is readily accessible to regulators; therefore, reporting these transactions to TRACE would be duplicative. . . ." FINRA updated certain FAQs on the issue.
FINRA urged members that participate in Treasury auctions "to determine if they have misreported any transactions that represent auction awards, and promptly cancel or reverse any such transaction reports in TRACE."
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