FINRA and MSRB Request Comment on Pricing Disclosures for Fixed-Income Security Trade Confirmations

November 19, 2014
Client Alert

The Financial Industry Regulatory Authority, Inc. and the Municipal Securities Rulemaking Board recently requested comment on proposals to require disclosure of pricing information on customer trade confirmations for certain fixed income security transactions. The proposals would require dealers, in “retail-size” customer transactions, to disclose on the customer confirmation (1) the price of certain same-day principal trades in the same security, (2) the customer’s price for the security and (3) the difference between these two prices. The FINRA and MSRB proposals are substantially similar; however FINRA and the MSRB are soliciting comments on factors specific to corporate and municipal bonds, respectively. You may submit comments for both proposals through January 20, 2015.

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