MSRB files one minute reporting window amendments with SEC

The Municipal Securities Rulemaking Board has filed its amendments to Rule G-14 on customer transaction reporting with the Securities and Exchange Commission, moving to bring the current 15-minute window for reporting trades to the MSRB down to one minute with exceptions for manual trades and smaller firms with limited municipal trading activity.

The proposal now awaits approval by the Commission but it has had a bumpy road. From the start it has faced significant backlash as many have argued that the proposal would have a largely negative impact on by Kim at the end of last year.

The MSRB will also move to a T+1 settlement cycle this year, as the compliance date for those rule amendments to Rules G-12 on uniform practice and G-15 on confirmation, clearance and settlement practices is May 28.

The board is also expected to launch a new proposal on pre-trade reporting, the third and final pillar of its multi-year look at time of trade, post-trade and pre-trade reporting.