BDA today filed a comment letter with FINRA in opposition to their proposal to amend TRACE trade reporting rules for delayed Treasury spot trades, secondary corporate bond trades where the spread to Treasuries is established early in the day but where the Treasury spot takes place later in the day at an agreed upon time. Under current…
Author: Bond Market Association
BDA submits letter on MSRB Rule G-32 changes
BDA today provided comments to the MSRB on its proposal to amend MSRB Rule G-32 related to information reporting for municipal new issues. BDA generally supports the proposal. The MSRB has proposed to amend Rule G-32 to streamline the submission of new issue data on Form G-32. Under the proposal, underwriters would be required to submit certain…
Bonding Time DC Update – A Discussion with GFOA on the 2023 Legislative Outlook for Municipal Bonds
The BDA’s most recent episode of Bonding Time features a discussion with Emily Brock of the Government Finance Officers Association. The podcast was led by Brett Bolton of the BDA and covers: Current Status of the Omnibus budget and potential impacts to direct-pay bonds Amended Version of the Financial Data Transparency Act and its Impact…
Bonding Time with Solve
The monthly podcast of the Bond Dealers of America focusing on technology and bond market structure features leadership from BDA member firm Solve.
SEC extends 15c2-11 relief for two years
SEC staff today issued a revised no-action letter in regard to SEC Rule 15c2-11 and fixed income products. Today’s release effectively extends the 2022 treatment of fixed income products under Rule 15c2-11 for an additional two years. Under today’s no-action letter, signed by Josephine Tao, Assistant Director of the SEC’s Division of Trading and Markets, SEC staff…
SEC approves BDA-supported change to shorten corporate syndicate settlements
We are pleased to inform you that the SEC announced yesterday that they have approved FINRA’s proposal to shorten the syndicate settlement time for corporate bond underwritings. This approval successfully culminates three years of BDA advocacy around this issue. The FINRA change approved by the SEC yesterday amends FINRA Rule 11880, Settlement of Syndicate Accounts. The Rule currently…
BDA opposes “machine-readable” disclosure documents for muni issuers
In a column published in today’s Bond Buyer and in a group letter to congressional leaders, BDA opposed a proposal pending in Congress to require municipal issuers to file financial disclosure documents such as annual financial statements in “machine-readable” format. BDA said “implementation of a machine-readable standard for municipal disclosures would be full of problems” and would…
NOW AVAILABLE: Fixed Income Insights Digital Magazine – Fall 2022
BDA is happy to release the Fall issue of our quarterly magazine, Fixed Income Insights. Please click here or on the image above for full access to our Fall issue. Welcome to football seasons and the national mid-term elections! And to Fall issue of Fixed Income Insights – the BDA’s quarterly magazine on the U.S. fixed income markets,…
BDA opposes MSRB, FINRA proposals for one-minute trade reporting
BDA today filed comments with the MSRB and FINRA on their coordinated proposals to reduce the time dealers have to report trades to the MSRB’s Real-time Trade Reporting System (RTRS) and FINRA’s Trade Reporting and Compliance Engine (TRACE) from 15 minutes to one minute (MSRB proposal and FINRA proposal). We told the agencies “BDA strongly opposes the…
DC Fly-In Recap: BDA Meets with Key Policy Makers to Discuss Muni Priorities
This week, the BDA hosted a DC advocacy fly-in, meeting with key senior Congressional staff to discuss BDA’s tax priorities. This is the first BDA IN PERSON FLY-IN since the onset of the COVID pandemic and we plan to host multiple similar events next year as the new Congress gets underway. Educational efforts such as this are…