[Federal Register Volume 82, Number 161 (Tuesday, August 22, 2017)]
[Notices]
[Pages 39879-39880]
[FR Doc No: 2017-17693]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[Docket No. USCG-2017-0768]

Merchant Marine Personnel Advisory Committee

AGENCY: U.S. Coast Guard, Department of Homeland Security.

ACTION: Notice of Federal Advisory Committee Meeting.

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SUMMARY: The Merchant Marine Personnel Advisory Committee and its
Working Groups will meet to discuss various issues related to the
training and fitness of merchant marine personnel. The meetings will be
open to the public.

DATES: The Merchant Marine Personnel Advisory Committee and its Working
Groups are scheduled to meet on Thursday, September 14, 2017, from 8
a.m. until 5:30 p.m., and the full Committee is scheduled to meet on
Friday September 15, 2017, from 8 a.m. until 5:30 p.m. Please note that
these meetings may adjourn early if the Committee has completed its
business.

ADDRESSES: The meetings will be held at Seattle University, in the
Bannan Auditorium, 901 12th Avenue, Seattle, WA 98122-1090 (https://www.seattleu.edu/).
    For information on facilities or services for individuals with
disabilities or to request special assistance at the meeting, contact
the Alternate Designated Federal Officer as soon as possible using the
contact information provided in the FOR FURTHER INFORMATION CONTACT
section of this notice.
    Instructions: You are free to submit comments at any time,
including orally at the meetings, but if you want Committee members to
review your comment before the meetings, please submit your comments no
later than September 6, 2017. We are particularly interested in
comments on the issues in the ``Agenda'' section below. You must
include ``Department of Homeland Security'' and the docket number USCG-
2017-0768. Written comments may also be submitted using the Federal
eRulemaking Portal at http://www.regulations.gov. If you encounter
technical difficulties with comments submission, contact the individual
listed in the FOR FURTHER INFORMATION CONTACT section below. Comments
received will be posted without alteration at http://www.regulations.gov, including any personal information provided. You
may review the Privacy and Security Notice for the Federal Docket
Management System at https://www.regulations.gov/privacyNotice.
    Docket Search: For access to the docket to read documents or
comments related to this notice, go to http://www.regulations.gov, type
USCG-2017-0768 in the ``Search'' box, press Enter, and then click on
the item you wish to view.

FOR FURTHER INFORMATION CONTACT: Lieutenant Junior Grade James Fortin,
Alternate Designated Federal Officer of the Merchant Marine Personnel
Advisory Committee, 2703 Martin Luther King Jr. Ave. SE., Stop 7509,
Washington, DC 20593-7509, telephone<PHONE_NUMBER>, fax<PHONE_NUMBER> or
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Notice of this meeting is given pursuant to
the Federal Advisory Committee Act, Title 5 United States Code
Appendix.
    The Merchant Marine Personnel Advisory Committee was established
under authority of section 310 of the Howard Coble Coast Guard and
Maritime Transportation Act of 2014, codified at Title 46, United
States Code, section 8108, and chartered under the provisions of the
Federal Advisory Committee Act, (Title 5, United States Code,
Appendix). The Committee acts solely in an advisory capacity to the
Secretary of the Department of Homeland Security through the Commandant
of the U.S. Coast Guard on matters relating to personnel in the United
States merchant marine, including training, qualifications,
certification, documentation, and fitness standards and other matters
as assigned by the Commandant. The Committee shall also review and
comment on proposed U.S. Coast Guard regulations and policies relating
to personnel in the United States merchant marine, including training,
qualifications, certification, documentation, and fitness standards;
may be given special assignments by the Secretary, and may conduct
studies, inquiries, workshops, and fact finding in consultation with
individuals and groups in the private sector and with State or local
governments; and shall advise, consult with, and make recommendations
reflecting its independent judgment to the Secretary.

Agenda

Day 1

    The agenda for the September 14, 2017, meeting is as follows:
    (1) The full Committee will meet briefly to discuss the Working
Groups' business/task statements, which are listed under paragraph
3(a)-(g) below.
    (2) Public comment period.
    (3) Working Groups will separately address the following task
statements which are available for viewing at https://homeport.uscg.mil/merpac:
    (a) Task Statement 87, Review of policy documents providing
guidance on the implementation of the December 24, 2013, International
Convention on Standards of Training, Certification and Watchkeeping for
Seafarers rulemaking;
    (b) Task Statement 89, Review and update of the International
Maritime Organization's Maritime Safety Committee Circular MSC.1014,
``Guidelines on Fatigue Mitigation and Management'';
    (c) Task Statement 96, Review and comment on the course and program
approval requirements including 46 CFR 10.402, 10.403, 10.407 and
Navigation and Vessel Inspection Circular 03-14 guidelines for approval
of training courses and programs;
    (d) Task Statement 98, Continue the progress made by the military
services towards meeting the goals on the use of Military Education,
Training and Assessment for STCW and National Mariner Endorsements as
identified in the Howard Coble Coast Guard and Maritime Transportation
Act of 2014 and subsequent legislation;
    (e) Task Statement 99, Review and comment on the ``Guidelines for
Issuing Endorsement for Tankerman PIC Restricted to Fuel Transfers on
Towing Vessels'' policy letter (CG-MMC Policy Letter No. 01-17);
    (f) Task Statement 101, Provide feedback and avenues to further
enhance open communication between external stakeholders and the U.S.
Coast Guard's mariner credentialing program regarding all aspects of
the program;
    (g) Task Statement 102, Consider and make recommendations regarding
the current requirement for a U.S. Merchant Mariner to read and write
using English;
    (h) Task Statement 103, Input to Support Regulatory Reform of Coast
Guard Regulations--Executive Orders 13771 and 13783.
    (4) Reports of Working Groups. At the end of the day, the Working
Groups will report to the full Committee on what was accomplished in
their meetings. The full Committee will not take action on these
reports on this date. Any official action taken as a result of these
Working Group meetings will be taken on day two of the meeting.
    (5) Public comment period.
    (6) Adjournment of meeting.

Day 2

    The agenda for the September 15, 2017, full Committee meeting is as
follows:
    (1) Introduction.

    (2) Swear in newly appointed Committee members.
    (3) Remarks from U.S. Coast Guard Leadership.
    (4) Designated Federal Officer announcements.
    (5) Roll call of Committee members and determination of a quorum.
    (6) Reports from the following Working Groups:
    (a) Task Statement 87, Review of policy documents providing
guidance on the implementation of the December 24, 2013, International
Convention on Standards of Training, Certification and Watchkeeping for
Seafarers rulemaking;
    (b) Task Statement 89, Review and update of the International
Maritime Organization's Maritime Safety Committee Circular MSC.1014,
``Guidelines on Fatigue Mitigation and Management'';
    (c) Task Statement 96, Review and comment on the course and program
approval requirements including 46 CFR 10.402, 10.403, 10.407 and
Navigation and Vessel Inspection Circular 03-14 guidelines for approval
of training courses and programs;
    (d) Task Statement 98, continue the progress made by the military
services towards meeting the goals on the use of Military Education,
Training and Assessment for STCW and National Mariner Endorsements as
identified in the Howard Coble Coast Guard and Maritime Transportation
Act of 2014 and subsequent legislation;
    (e) Task Statement 99, Review and comment on the ``Guidelines for
Issuing Endorsement for Tankerman PIC Restricted to Fuel Transfers on
Towing Vessels'' policy letter (CG-MMC Policy Letter No. 01-17);
    (f) Task Statement 101, Provide feedback and avenues to further
enhance open communication between external stakeholders and the U.S.
Coast Guard's mariner credentialing program regarding all aspects of
the program;
    (g) Task Statement 102, consider and make recommendations regarding
the current requirement for a U.S. Merchant Mariner to read and write
using English;
    (h) Task Statement 103, Input to Support Regulatory Reform of Coast
Guard Regulations-Executive Orders 13771 and 13783.
    (7) Other items for discussion:
    (a) Report on the Implementation of the 2010 Amendments to the
International Convention on Standards of Training, Certification and
Watchkeeping;
    (b) Report on National Maritime Center activities from the National
Maritime Center Commanding Officer, such as the net processing time it
takes for mariners to receive their credentials after application
submittal;
    (c) Report on Mariner Credentialing Program Policy Division
activities, such as its current initiatives and projects;
    (d) Report on International Maritime Organization/International
Labor Organization issues related to the merchant marine industry; and
    (e) Briefings about on-going U.S. Coast Guard projects related to
personnel in the U.S. merchant marine.
    (8) Public comment period.
    (9) Discussion of Working Group recommendations.
    The Committee will review the information presented on each issue,
deliberate on any recommendations presented by the Working Groups, and
approve/formulate recommendations. Official action on these
recommendations may be taken on this date.
    (10) Closing remarks/plans for next meeting.
    (11) Adjournment of meeting.
    A public comment period will be held during each Working Group and
full Committee meeting concerning matters being discussed.
    A copy of all meeting documentation will be available at https://homeport.uscg.mil/merpac no later than September 4, 2017.
Alternatively, you may contact Lieutenant Junior Grade James Fortin as
noted in the FOR FURTHER INFORMATION section above.
    Public comments will be limited to three minutes per speaker.
Please note that the public comment periods will end following the last
call for comments. Please contact Lieutenant Junior Grade James Fortin,
listed in the FOR FURTHER INFORMATION CONTACT section, to register as a
speaker.
    Please note that the meeting may adjourn early if the work is
completed.

    Dated: August 15, 2017.
Jeffrey G. Lantz,
Director of Commercial Regulations and Standards.
[FR Doc. 2017-17693 Filed 8-21-17; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 81, Number 211 (Tuesday, November 1, 2016)]
[Proposed Rules]
[Pages 75761-75762]
[FR Doc No: 2016-26010]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2016-9128; Directorate Identifier 2016-NE-19-AD]
RIN 2120-AA64

Airworthiness Directives; CFM International S.A. Turbofan Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: We propose to adopt a new airworthiness directive (AD) for
certain CFM International S.A. (CFM) CFM56-5B turbofan engines. This
proposed AD was prompted by reports of the failure of the radial drive
shaft (RDS) on CFM CFM56-5B engines. This proposed AD would require
removal of the RDS assembly and the RDS outer housing and their
replacement with parts eligible for installation. We are proposing this
AD to prevent failure of the RDS, which could lead to failure of one or
more engines, loss of thrust control, and damage to the airplane.

DATES: We must receive comments on this proposed AD by December 16,
2016.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For service information identified in this NPRM, contact CFM
International Inc., Aviation Operations Center, 1 Neumann Way, M/D Room
285, Cincinnati, OH 45125; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>;
email<EMAIL_ADDRESS>You may view this service
information at FAA, Engine & Propeller Directorate, 1200 District
Avenue, Burlington, MA. For information on the availability of this
material at the FAA, call<PHONE_NUMBER>.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2016-
9128; or in person at the Docket Management Facility between 9 a.m. and
5 p.m., Monday through Friday, except Federal holidays. The AD docket
contains this proposed AD, the regulatory evaluation, any comments
received, and other information. The street address for the Docket
Office (phone:<PHONE_NUMBER>) is in the ADDRESSES section. Comments will
be available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Kyle Gustafson, Aerospace Engineer,
Engine Certification Office, FAA, Engine & Propeller Directorate, 1200
District Avenue, Burlington, MA 01803; phone:<PHONE_NUMBER>; fax: 781-
238-7199; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under the ADDRESSES section. Include ``Docket No. FAA-2016-9128;
Directorate Identifier 2016-NE-19-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD because of those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    We have received 9 reports of failure of the RDS on CFM CFM56-5B
engines. CFM has identified an affected population of RDSs suspected of
generating unbalance levels that would lead to failure of the RDS
bearing. This proposed AD would require removal of the RDS assembly and
the RDS outer housing for the affected population. This condition, if
not corrected, could result in failure of the RDS, which could lead to
failure of one or more engines, loss of thrust control, and damage to
the airplane.

Related Service Information Under 1 CFR Part 51

    We reviewed CFM Service Bulletin (SB) CFM56-5B S/B 72-0934, dated
August 1, 2016. The service information describes procedures for
removal of the suspect RDS assembly and the RDS outer housing. This
service information is reasonably available because the interested
parties have access to it through their normal course of business or by
the means identified in the ADDRESSES section.

FAA's Determination

    We are proposing this AD because we evaluated all the relevant
information and determined the unsafe condition described previously is
likely to exist or develop in other products of the same type design.

Proposed AD Requirements

    This proposed AD would require removal of the RDS assembly and the
RDS outer housing and their replacement with parts eligible for
installation.

Differences Between This Proposed AD and the Service Information

    CFM SB CFM56-5B S/B 72-0934, dated August 1, 2016, separates the
affected RDS population into three batches with different removal dates
for each batch. This proposed AD requires removal of the affected RDS
assembly and RDS outer housing within 6 months of the effective date
after this AD.

Costs of Compliance

    We estimate that this proposed AD affects eight engines installed
on airplanes of U.S. registry.
    We estimate the following costs to comply with this proposed AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per       Cost on U.S.
              Action                        Labor cost            Parts cost        product         operators
----------------------------------------------------------------------------------------------------------------
Removal and replacement of the RDS  6 work-hours x $85 per            $37,000          $37,510         $300,080
 assembly and RDS outer housing.     hour = $510.
----------------------------------------------------------------------------------------------------------------

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. Subtitle VII: Aviation Programs,
describes in more detail the scope of the Agency's authority.
    We are issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: ``General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979),
    (3) Will not affect intrastate aviation in Alaska to the extent
that it justifies making a regulatory distinction, and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13   [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

CFM International S.A.: Docket No. FAA-2016-9128; Directorate
Identifier 2016-NE-19-AD.

(a) Comments Due Date

    We must receive comments by December 16, 2016.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to CFM International S.A. (CFM) CFM56-5B series,
CFM56-5B/P series, CFM56-5B/3 series, CFM56-5B/2P series, CFM56-5B/
P1 series, CFM56-5B/2P1 series, and CFM56-5B/3B1 series engines with
a radial drive shaft (RDS) serial number (S/N) listed in Appendix A
of CFM Service Bulletin (SB) CFM56-5B S/B 72-0934, dated August 1,
2016, installed.

(d) Subject

    Air Transport Association (ATA) of America Code 83, Accessory
Gearboxes.

(e) Unsafe Condition

    This AD was prompted by reports of the failure of the RDS on CFM
CFM56-5B engines. We are issuing this AD to prevent failure of the
RDS, which could lead to failure of one or more engines, loss of
thrust control, and damage to the airplane.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.
    Within 6 months after the effective date of this AD, remove the
RDS assembly, part number (P/N) 305-165-101-0, and RDS outer
housing, P/N 301-295-106-0, and replace with parts eligible for
installation.

(g) Installation Prohibition

    After the effective date of this AD, do not install on any
engine an RDS with an S/N identified in Appendix A of CFM S/B No.
CFM56-5B S/B 72-0934, dated August 1, 2016.

(h) Alternative Methods of Compliance (AMOCs)

    The Manager, Engine Certification Office, FAA, may approve AMOCs
for this AD. Use the procedures found in 14 CFR 39.19 to make your
request. You may email your request to<EMAIL_ADDRESS>
(i) Related Information

    (1) For more information about this AD, contact Kyle Gustafson,
Aerospace Engineer, Engine Certification Office, FAA, Engine &
Propeller Directorate, 1200 District Avenue, Burlington, MA 01803;
phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>    (2) CFM SB CFM56-5B S/B 72-0934, dated August 1, 2016, can be
obtained from CFM using the contact information in paragraph (i)(3)
of this proposed AD.
    (3) For service information identified in this AD, contact CFM
International Inc., Aviation Operations Center, 1 Neumann Way, M/D
Room 285, Cincinnati, OH 45125; phone:<PHONE_NUMBER>; fax: 877-432-
3329; email<EMAIL_ADDRESS>    (4) You may view this service information at the FAA, Engine &
Propeller Directorate, 1200 District Avenue, Burlington, MA. For
information on the availability of this material at the FAA, call
781-238-7125.

    Issued in Burlington, Massachusetts, on October 21, 2016.
Colleen M. D'Alessandro,
Manager, Engine & Propeller Directorate, Aircraft Certification
Service.
[FR Doc. 2016-26010 Filed 10-31-16; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 88, Number 216 (Thursday, November 9, 2023)]
[Notices]
[Pages 77388-77396]
[FR Doc No: 2023-24758]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-98859; File No. SR-FINRA-2023-015]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of a Proposed Rule Change Relating to
Dissemination of Information on Individual Transactions in U.S.
Treasury Securities and Related Fees

November 3, 2023.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 2, 2023, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by FINRA. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    FINRA is proposing to (1) amend FINRA Rules 6710 and 6750 to
provide that FINRA will disseminate information on individual
transactions in U.S. Treasury Securities that are On-the-Run Nominal
Coupons reported to FINRA's Trade Reporting and Compliance Engine
(``TRACE'') on an end-of-day basis with specified dissemination caps
for large trades, and (2) amend FINRA Rule 7730 to include U.S.
Treasury Securities within the existing fee structure for end-of-day
and historic TRACE data.
    The text of the proposed rule change is available on FINRA's
website at http://www.finra.org, at the principal office of FINRA and
at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, FINRA included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. FINRA has prepared summaries, set forth in sections A,
B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    On July 10, 2017,\3\ FINRA members began reporting information on
transactions in U.S. Treasury

Securities \4\ to TRACE.\5\ In addition, pursuant to requirements
adopted by the Board of Governors of the Federal Reserve System (the
``Federal Reserve Board''), on September 1, 2022, certain banks that
are not FINRA members (``covered depository institutions'') began
reporting information on transactions in specified fixed income
securities, including U.S. Treasury Securities, to TRACE.\6\
Information reported to TRACE regarding individual transactions in U.S.
Treasury Securities is currently used for regulatory and other official
sector purposes only and is not disseminated publicly. FINRA makes the
data regarding individual transactions in U.S. Treasury Securities
available to the official sector to assist them in the monitoring and
analysis of the U.S. Treasury Security markets.\7\
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    \3\ See Regulatory Notice 16-39 (October 2016); see also
Securities Exchange Act Release No. 79116 (October 18, 2016), 81 FR
73167 (October 24, 2016) (Order Granting Accelerated Approval of
File No. SR-FINRA-2016-027).
    \4\ Under Rule 6710(p), a ``U.S. Treasury Security'' means a
security, other than a savings bond, issued by the U.S. Department
of the Treasury (the ``Treasury Department'') to fund the operations
of the federal government or to retire such outstanding securities.
The term ``U.S. Treasury Security'' also includes separate principal
and interest components of a U.S. Treasury Security that has been
separated pursuant to the Separate Trading of Registered Interest
and Principal of Securities (STRIPS) program operated by the
Treasury Department.
    \5\ TRACE is the FINRA-developed system that facilitates the
mandatory reporting of over-the-counter transactions in eligible
fixed income securities. See generally Rule 6700 Series.
    \6\ See Agency Information Collection Activities: Announcement
of Board Approval Under Delegated Authority and Submission to OMB,
86 FR 59716 (October 28, 2021) (Federal Reserve approval to
implement the Treasury Securities and Agency Debt and Mortgage-
Backed Securities Reporting Requirements (FR 2956; OMB No. 7100-
NEW)).
    \7\ The Treasury Department, the Federal Reserve Board, the
Federal Reserve Bank of New York, the SEC and the U.S. Commodity
Futures Trading Commission (CFTC) comprise the Inter-Agency Working
Group for Treasury Market Surveillance (IAWG or ``official
sector'').
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    Since the commencement of TRACE reporting for U.S. Treasury
Securities, FINRA has actively studied the reported data and, in
consultation with the Treasury Department, considered ways that it can
enhance transparency in the U.S. Treasury Security market. On March 10,
2020, FINRA began posting on its website weekly, aggregate data on the
trading volume of U.S. Treasury Securities reported to TRACE.\8\ In
February 2023, FINRA increased the cadence of the aggregated volume
data it publishes for U.S. Treasury Securities to daily, and enhanced
the content of the aggregate data by adding trade counts and, for On-
the-Run Nominal Coupons,\9\ volume-weighted average price
information.\10\
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    \8\ See FINRA Press Release, FINRA Launches New Data on Treasury
Securities Trading Volume, https://www.finra.org/media-center/newsreleases/2020/finra-launches-new-data-treasury-securities-trading-volume; see also Securities Exchange Act Release No. 87837
(December 20, 2019), 84 FR 71986 (December 30, 2019) (Order
Approving File No. SR-FINRA-2019-028). FINRA also made historical
weekly aggregate data for transactions in U.S. Treasury Securities
reported since January 2019 available for download on its website.
    \9\ See infra note 20 and accompanying text for the proposed
definition of ``On-the-Run Nominal Coupon.''
    \10\ See Technical Notice, Enhancements to Aggregated Reports
and Statistics for U.S. Treasury Securities, https://www.finra.org/filing-reporting/trace/enhancements-weekly-aggregated-reports-statistics-122822; see also Securities Exchange Act Release No.
95438 (August 5, 2022), 87 FR 49626 (August 11, 2022) (Order
Approving File No. SR-FINRA-2022-017).
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    In remarks at the 2022 U.S. Treasury Market Conference,\11\ Under
Secretary for Domestic Finance Liang proposed a policy of publicly
releasing secondary market transaction data for On-the-Run Nominal
Coupons, with end-of-day dissemination and with appropriate cap sizes.
The Treasury Department's views on their policy proposal were informed
by a range of inputs, including responses to a survey of the primary
dealers, analysis and recommendations from the Treasury Borrowing
Advisory Committee (``TBAC''),\12\ and public comments submitted in
response to its Request for Information (``RFI'') on Additional
Transparency for Secondary Market Transactions of Treasury
Securities.\13\ The Treasury Department concluded that transaction-
level transparency can provide important benefits for the U.S. Treasury
Securities market, but should proceed in a gradual and calibrated
manner to mitigate risks for large trades or for trades in less liquid
segments of the U.S. Treasury Securities market. Accordingly, the
Treasury Department recommended that the next step should be to release
transaction data for On-the-Run Nominal Coupons, with end-of-day
dissemination and appropriate cap sizes.\14\
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    \11\ Remarks by Under Secretary for Domestic Finance Nellie
Liang at the 2022 Treasury Market Conference (November 16, 2022),
https://home.treasury.gov/news/press-releases/jy1110 (``Treasury
Conference Remarks'').
    \12\ See Treasury Department, Additional Public Transparency in
Treasury Markets, (November 2022), https://home.treasury.gov/system/files/221/TBACCharge1Q42022.pdf (``TBAC Findings'').
    \13\ See Treasury Department, Notice Seeking Public Comment on
Additional Transparency for Secondary Market Transactions of
Treasury Securities, 87 FR 38259 (June 27, 2022) (Docket No. TREAS-
DO-2022-0012).
    \14\ See TBAC Findings, supra note 12, at 28-29; Treasury
Conference Remarks, supra note 11.
---------------------------------------------------------------------------

    Consistent with the Treasury Department's proposed policy, and in
furtherance of FINRA's mission as a national securities association to
protect investors and promote market integrity, FINRA believes that
providing transaction-level information for trades in On-the-Run
Nominal Coupons, with end-of-day dissemination and appropriate cap
sizes, is an appropriate next step to increase transparency in
transactions in U.S. Treasury Securities. Accordingly, as described in
more detail below and in consultation with the Treasury Department,
FINRA is proposing to commence dissemination of individual transaction
information at this time for On-the-Run Nominal Coupons,\15\ on an end-
of-day basis with appropriate dissemination caps for large trades. The
proposed rule change would not require any reporting changes by members
or covered depository institutions.
---------------------------------------------------------------------------

    \15\ The proposed rule change would not affect FINRA's existing
publication of aggregate U.S. Treasury Security data. FINRA would
continue to publish daily and monthly aggregate U.S. Treasury
Security data on the same terms as it does today, which include
aggregate data on other types of U.S. Treasury Securities in
addition to On-the-Run Nominal Coupons. See supra notes 8 and 10 and
accompanying text.
---------------------------------------------------------------------------

Scope and Timing of Dissemination
    Under Rule 6750(a), FINRA disseminates information on all
transactions in TRACE-Eligible Securities,\16\ including transactions
effected pursuant to Securities Act Rule 144A, immediately upon receipt
of the transaction report, except as provided in paragraphs (b) and (c)
of Rule 6750 (Dissemination of Transaction Information). In relevant
part, current Rule 6750(c)(5) provides that FINRA will not disseminate
information on a transaction in a TRACE-Eligible Security that is a
U.S. Treasury Security.
---------------------------------------------------------------------------

    \16\ Rule 6710(a) generally defines a ``TRACE-Eligible
Security'' as a debt security that is United States (``U.S.'')
dollar-denominated and is: (1) issued by a U.S. or foreign private
issuer, and, if a ``restricted security'' as defined in Securities
Act Rule 144(a)(3), sold pursuant to Securities Act Rule 144A; (2)
issued or guaranteed by an Agency as defined in Rule 6710(k) or a
Government-Sponsored Enterprise as defined in Rule 6710(n); or (3) a
U.S. Treasury Security as defined in Rule 6710(p). ``TRACE-Eligible
Security'' does not include a debt security that is issued by a
foreign sovereign or a Money Market Instrument as defined in Rule
6710(o). Beginning on November 6, 2023, the definition of ``TRACE-
Eligible Security'' will be amended to also include a Foreign
Sovereign Debt Security as defined in new paragraph (kk) of Rule
6710. See FINRA Adopts Amendments to Require Reporting of
Transactions in U.S. Dollar-Denominated Foreign Sovereign Debt
Securities to TRACE, Regulatory Notice 22-28 (December 2022); see
also Securities Exchange Act Release No. 95465 (August 10, 2022); 87
FR 50354 (August 16, 2022) (Order Approving File No. SR-FINRA-2022-
011) (``Foreign Sovereign Filing'').
---------------------------------------------------------------------------

    Under the proposed rule change, FINRA would begin disseminating
individual transaction information for On-the-Run Nominal Coupon U.S.
Treasury Securities on an end-of-day basis. As for all individual TRACE
transaction information that FINRA

disseminates, the disseminated transaction information for U.S.
Treasury Securities would be anonymized, i.e., it would not include the
market participant identifier (MPID) or other identifying information
regarding the parties to the trade. However, consistent with other
TRACE products, the disseminated transaction information would include
counterparty type (i.e., dealer, customer, affiliate, or alternative
trading system (``ATS'')), a flag to indicate whether the trade was
executed on an ATS, and other trade modifiers and indicators. To
implement such dissemination, FINRA is proposing to amend Rule
6750(c)(5) (to be redesignated as Rule 6750(d)(5)) to provide that
FINRA will not disseminate information on a transaction in a TRACE-
Eligible Security that is a U.S. Treasury Security ``other than an On-
the-Run Nominal Coupon,'' and to add a new paragraph (c) to Rule 6750
providing that FINRA will disseminate information on individual
transactions in On-the-Run Nominal Coupons on an end-of-day basis.\17\
Consistent with the Treasury Department's proposed policy, these
proposed amendments to Rule 6750 would provide for FINRA to disseminate
information on individual transactions in U.S. Treasury Securities on
an end-of-day basis only, rather than immediately upon receipt of the
transaction report, and would specifically limit such dissemination to
On-the-Run Nominal Coupons.\18\ FINRA believes that disseminating
information on individual transactions in On-the-Run Nominal Coupons on
an end-of-day basis at this time would strike an appropriate balance
between enhancing transparency by providing timely information to the
public about U.S. Treasury Security market activity and mitigating
potential information leakage concerns that could arise with a more
accelerated dissemination timeframe, such as a real-time data feed.\19\
FINRA may in the future consider whether it would be appropriate to
disseminate information for transactions in U.S. Treasury Securities on
a more accelerated basis.
---------------------------------------------------------------------------

    \17\ To accommodate the addition of new paragraph 6750(c), the
proposed rule change would redesignate current Rule 6750(c) as Rule
6750(d), and make conforming changes to the paragraph cross-
references in Rule 6750(a) and Supplementary Material .01 to Rule
6750. The proposed rule text also reflects the inclusion of Rule
6750(c)(6) (to be redesignated as Rule 6750(d)(6)), which will be
added by the Foreign Sovereign Filing effective November 6, 2023.
See Foreign Sovereign Filing, supra note 16.
    \18\ The proposed dissemination would include all transactions
in On-the-Run Nominal Coupons reported to TRACE, including both
transactions reported by FINRA members and transactions reported by
covered depository institutions pursuant to rulemaking by the
Federal Reserve. See supra note 6 and accompanying text.
    \19\ FINRA members are generally required to report transactions
in U.S. Treasury Securities to TRACE within 60 minutes of the Time
of Execution. See Rule 6730(a)(4).
---------------------------------------------------------------------------

    To provide clarity regarding the scope of transactions in U.S.
Treasury Securities that would be subject to individual dissemination
under amended Rule 6750, FINRA is proposing to add a definition of
``On-the-Run Nominal Coupon'' as new paragraph (ll) of Rule 6710
(Definitions).\20\ Specifically, ``On-the-Run Nominal Coupon'' would be
defined to mean the most recently auctioned U.S. Treasury Security that
is a Treasury note or bond paying fixed rate nominal coupons starting
after the close of the TRACE system on the day of its Auction through
the close of the TRACE system on the day of the Auction of a new issue
for the next U.S. Treasury Security of the same maturity.\21\ For
further clarity, the proposed definition would specify that On-the-Run
Nominal Coupons do not include Treasury bills, STRIPS, Treasury
Inflation-Protected Securities (TIPS), floating rate notes (FRNs), or
any U.S. Treasury Security that is a Treasury note or bond paying a
fixed rate nominal coupon that is not the most recently issued U.S.
Treasury Security of a given maturity (i.e., off-the-run nominal
coupons).\22\ FINRA believes this proposed definition is consistent
with Treasury Department usage and industry practice in categorizing
different types of U.S. Treasury Securities, and is also consistent
with how FINRA currently categorizes different U.S. Treasury Securities
for purposes of groupings in its existing U.S. Treasury Security
aggregate data.\23\ Consistent with the Treasury Department's proposed
policy, FINRA believes it is appropriate at this time to limit
dissemination of individual transaction information to On-the-Run
Nominal Coupons. FINRA may in the future consider whether it would be
appropriate to disseminate information for transactions in other types
of U.S. Treasury Securities, such as off-the-run nominal coupons.
---------------------------------------------------------------------------

    \20\ The proposed paragraph designation for the new definition
of ``On-the-Run Nominal Coupon'' in Rule 6710 reflects the inclusion
of paragraphs (jj) and (kk) in Rule 6710, which were added,
respectively, by the Corporate Bond New Issue Reference Data Service
Filing (see Securities Exchange Act Release No. 90939 (January 15,
2021); 86 FR 6922 (January 25, 2021) (Order Approving File No. SR-
FINRA-2019-008)) and Foreign Sovereign Filing. While the Corporate
Bond New Issue Reference Data Service Filing has not been
implemented, the Foreign Sovereign Filing will become effective
November 6, 2023. See Foreign Sovereign Filing, supra note 16.
    \21\ Under Rule 6710(gg), ``Auction'' means the bidding process
by which the Treasury Department sells marketable securities to the
public pursuant to Part 356 of Title 31 of the Code of Federal
Regulations.
    \22\ FINRA will identify the most recently auctioned U.S.
Treasury Security that is a Treasury note or bond paying fixed rate
nominal coupons as an ``On-the-Run Nominal Coupon'' in TRACE
reference data beginning on the business day after its auction.
    \23\ Information about the U.S. Treasury Security aggregate
statistics, including security subtypes and groupings, is available
at https://www.finra.org/finra-data/browse-catalog/about-treasury.
---------------------------------------------------------------------------

Dissemination Protocols
    As described above, under the proposed rule change all individual
transactions in On-the-Run Nominal Coupons reported to TRACE on a given
trading day would generally be included in the end-of-day dissemination
file for such date. However, to further mitigate concerns around
information leakage for large trades and in consideration of the
different risk and liquidity characteristics among different U.S.
Treasury Security tenors, FINRA would implement transaction size
dissemination caps to indicate that the size of a trade was above a
designated threshold. This approach is consistent with the Treasury
Department's proposed policy as well as FINRA's existing dissemination
protocols for other types of TRACE-Eligible Securities.
    Accordingly, in consultation with the Treasury Department, FINRA
proposes to apply the following transaction size dissemination caps
based on the maturity of the On-the-Run Nominal Coupon at issuance:
\24\
---------------------------------------------------------------------------

    \24\ FINRA would incorporate information about these
dissemination caps in the TRACE dissemination protocols published on
its website, available at https://www.finra.org/filing-reporting/trade-reporting-and-compliance-engine-trace/trace-reporting-timeframes. Specifically, information about the dissemination caps
would be added as a new bullet in the ``Transparency'' column of the
row of the table describing the protocols for ``Treasury Bonds,'' to
read as follows: ``Individual transactions in On-the-Run Nominal
Coupons are disseminated on an end-of-day basis with security
identifiers (e.g., CUSIP) and the following transaction size caps
based on the maturity of the security at issuance: 2 Years: $250
million; 3 Years: $250 million; 5 Years: $250 million; 7 Years: $150
million; 10 Years: $150 million; 20 Years: $50 million; 30 Years:
$50 million.''
---------------------------------------------------------------------------

     Two Years: $250 million;
     Three Years: $250 million;
     Five Years: $250 million;
     Seven Years: $150 million;
     10 Years: $150 million;
     20 Years: $50 million; and
     30 Years: $50 million.
    Thus, for example, a $200 million transaction in a 10-year On-the-
Run

Nominal Coupon would be disseminated with a trade size of ``150MM+''
rather than the actual dollar amount of the trade.\25\ As discussed
further below, FINRA believes these transaction size caps are
appropriately tailored to mitigate potential information leakage
concerns related to large transactions given the different liquidity
and concentration characteristics of the market for each maturity. In
consultation with the Treasury Department and based on ongoing analysis
of the data, FINRA may in the future make adjustments to these
dissemination caps to maintain the appropriate balance between enhanced
transparency and protecting against potential information leakage that
could negatively impact trading behaviors. Any proposed future changes
to the dissemination caps would be filed with the Commission pursuant
to Section 19(b)(1) of the Securities Exchange Act of 1934.
---------------------------------------------------------------------------

    \25\ As described further below, these dissemination caps would
apply for the end-of-day dissemination file. Consistent with its
approach to other TRACE data products, FINRA also plans to provide
an Historic TRACE data product covering the same scope of
transactions, which would provide the actual, uncapped transaction
sizes on a six-month delayed basis.
---------------------------------------------------------------------------

Dissemination Fees
    FINRA is also proposing amendments to Rule 7730 (Trade Reporting
and Compliance Engine) to expand the existing fee framework for the
TRACE End-of-Day Transaction File and the Historic TRACE Data product
to include data products providing for the dissemination of information
on individual transactions in On-the-Run Nominal Coupons. Rule 7730,
among other things, sets forth the TRACE data products offered by FINRA
in connection with information on TRACE-Eligible Securities and
associated data fees.
    Among other products, Rule 7730 provides for the dissemination of
an End-of-Day TRACE Transaction File and Historic TRACE Data. Rule
7730(g)(6) defines the End-of-Day TRACE Transaction File to mean a
daily file that includes all transaction data disseminated as part of
Real-Time TRACE transaction data on that day, which is separately
available for each data set for which Real-Time TRACE transaction data
is available (i.e., the Corporate Bond Data Set, Agency Data Set, SP
Data Set, and Rule 144A Data Set) \26\ and made available daily after
the TRACE system closes. Rule 7730(g)(4) defines Historic TRACE Data to
mean historic transaction-level data with elements to be determined
from time to time by FINRA in its discretion as stated in a Regulatory
Notice or other equivalent publication, which will not include market
participant identifiers (MPIDs). Historic TRACE Data is separately
available for each of the Historic Corporate Bond Data Set, the
Historic Agency Data Set, the Historic SP Data Set, and the Historic
Rule 144A Data Set, as defined in Rule 7730(g)(4)(A) through (D).
Historic Corporate Bond and Historic Agency Data is delayed a minimum
of six months, while Historic SP Data is delayed a minimum of 18 months
and Historic Rule 144A Data carries a delay consistent with the delay
period applicable to the component security type (e.g., the delay for a
Rule 144A transaction in a Securitized Product (SP) is 18 months, while
the delay for a Rule 144A transaction in a corporate bond is six
months). Generally, Historic TRACE Data includes the same transaction
information as provided in the End-of-Day TRACE Transaction File for a
given period of time, except that the End-of-Day TRACE Transaction File
includes dissemination caps for large transactions while the Historic
TRACE Data includes the actual, uncapped transaction sizes.
---------------------------------------------------------------------------

    \26\ These data sets are defined in Rule 7730(c), which sets
forth the market data fees for Real-Time TRACE transaction data.
Under Rule 7730(g)(3), ``Real-Time'' is defined to mean that period
of time starting from the time of dissemination by FINRA of
transaction data on a TRACE-Eligible Security, and ending no more
than four hours thereafter.
---------------------------------------------------------------------------

    Rule 7730 sets forth, among other things, the fees applicable to
receive the End-of-Day TRACE Transaction File and Historic TRACE Data
from FINRA, which apply individually for each data set (i.e., a
separate fee applies for each of the Corporate Bond Data Set, Agency
Data Set, SP Data Set, and Rule 144A Data Set). The fee for the End-of-
Day TRACE Transaction File is $750/month per data set,\27\ with a lower
$250/month per data set fee available to qualifying Tax-Exempt
Organizations.\28\ The fee for Historic TRACE Data is $2,000/calendar
year per data set, with a lower $500/calendar year per data set fee
available to qualifying Tax-Exempt Organizations.\29\ A single fee of
$2,000 for development and set-up to receive Historic TRACE Data also
applies, with a lower $1,000 development and set-up fee available to
qualifying Tax-Exempt Organizations.\30\
---------------------------------------------------------------------------

    \27\ There is no charge for receipt of the End-of-Day TRACE
Transaction file for a given data set for a subscriber to the Vendor
Real-Time Data feed for that data set.
    \28\ For purposes of Rule 7730, a Tax-Exempt Organization means
an organization that is described in Section 501(c) of the Internal
Revenue Code (26 U.S.C. 501(c)) and has received recognition of the
exemption from federal income taxes from the Internal Revenue
Service. See Rule 7730(g)(2).
    \29\ The $2,000 fee for non-qualifying Tax Exempt Organizations
is applicable where the subscriber receives the data for internal
use and internal and/or external display application, but bulk re-
distribution of data is not permitted at this rate. A non-qualifying
Tax Exempt Organization seeking bulk re-distribution of the Historic
TRACE Data is instead subject to a fee of $1/CUSIP per calendar year
(or part thereof) within a single data set of Historic TRACE Data
per each recipient of re-distributed data, with a maximum fee per
data set of $1,000/calendar year (or part thereof) per each
recipient of re-distributed data. A qualifying Tax-Exempt
Organization is subject to the $500/calendar year per data set fee
for internal use and internal and/or external display application,
with bulk re-distribution of data permitted with certain
restrictions.
    \30\ The development and set-up fee is a one-time fee when a
subscriber initially begins receiving Historic TRACE Data for any
data set. The fee does not apply if a subscriber switches data sets,
or adds additional data sets, of Historic TRACE Data.
---------------------------------------------------------------------------

    FINRA is proposing that the End-of-Day TRACE Transaction File and
Historic Data include a new set of data for U.S. Treasury Securities,
as outlined above, with the same fees for the Treasury data set that
exist for other sets of TRACE-Eligible Securities. To effectuate these
changes, under the proposed rule change, FINRA would amend the existing
definition of ``End-of-Day TRACE Transaction File'' in Rule 7730(g)(6)
to include the End-of-Day Transaction File for U.S. Treasury Securities
as a separately available daily file that includes transaction data for
On-the-Run Nominal Coupons reported to TRACE on that day.\31\ FINRA
would similarly amend the definition of ``Historic TRACE Data'' in Rule
7730(g)(4) to add a new definition of ``Historic Treasury Data Set'' to
include all historic transactions in On-the-Run Nominal Coupons
reported to TRACE. Historic Treasury Data would also be subject to a
minimum six-month delay, as is the case currently for the existing
Historic Corporate Bond and Historic Agency Data sets.\32\ The addition
of U.S. Treasury Securities to the current framework in Rule 7730 for
the TRACE End-of-Day Transaction File and Historic TRACE Data products
would apply the existing data fees for each current TRACE data set to
the new U.S.

Treasury data sets.\33\ FINRA believes these fees are reasonable, and
notes that, as for any of the TRACE data sets, subscribing to each
product is optional for members and others.
---------------------------------------------------------------------------

    \31\ A clarifying edit would also be made to the first sentence
of Rule 7730(g)(6), which defines End-of-Day TRACE Transaction File
for the existing data sets, to clarify that it applies for Data Sets
other than U.S. Treasury Securities. This change is necessary
because the definition for other Data Sets is based on data
disseminated as part of Real-Time TRACE transaction data on that day
for a given data set, which will not be applicable for U.S. Treasury
Securities.
    \32\ A conforming change would also be made in the description
of Historic TRACE Data in Rule 7730(d) to add the Historic Treasury
Data Set to the list of data sets comprising Historic TRACE Data.
    \33\ As for other types of TRACE-Eligible Securities, FINRA also
anticipates making transaction information for On-the-Run Nominal
Coupons available free of charge for personal, non-commercial
purposes only through FINRA's Fixed Income Data website, available
at https://www.finra.org/finra-data/fixed-income.
---------------------------------------------------------------------------

    FINRA has an expansive and robust regulatory program regarding U.S.
Treasury Securities, involving TRACE reporting requirements;
dissemination of aggregate data and, if this filing is approved,
dissemination of individual transaction data; surveillance and
examination for complete and accurate reporting; and surveillance,
examinations, and enforcement for manipulation and other unfair and
prohibited trading practices, both in the U.S. Treasury Security market
and across markets and products. FINRA to date has not implemented any
additional fees to recover its implementation or ongoing operation
costs with respect to its regulatory programs concerning activity in
U.S. Treasury Securities.\34\ FINRA continues to review its revenue and
cost structure and consider ways to fund its operations in this area.
FINRA believes the fees proposed in the instant filing are reasonable
given the incremental costs to be incurred by FINRA in developing,
producing, and distributing the new U.S. Treasury Security data sets
and providing ongoing administrative, functional, and technical support
to subscribers. However, FINRA notes that such fees will not, and are
not designed to, recover FINRA's full costs with respect to FINRA's
regulatory programs regarding TRACE for U.S. Treasury Securities; FINRA
intends to further consider the most appropriate fee structure(s) to
recover these costs.
---------------------------------------------------------------------------

    \34\ FINRA notes that, unlike for other types of TRACE-Eligible
Securities, FINRA does not currently charge reporting fees for
transactions in U.S. Treasury Securities.
---------------------------------------------------------------------------

    If the Commission approves the proposed rule change, FINRA will
announce the effective date of the proposed rule change in a Regulatory
Notice.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\35\ which requires, among
other things, that FINRA rules must be designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest, and Section 15A(b)(9) of the Act,\36\ which requires
that FINRA rules not impose any burden on competition that is not
necessary or appropriate. FINRA believes that the proposal represents
an important step in enhancing transparency in the U.S. Treasury
Securities market, consistent with the Treasury Department's proposed
policy, by beginning dissemination of individual transaction
information in a calibrated and careful manner, on an end-of-day basis,
limited to On-the-Run Nominal Coupons, and with appropriate
dissemination caps for large trades. FINRA believes that providing this
data to the public would improve price transparency for U.S. Treasury
Securities, benefiting liquidity and resilience in this critical
market, while also mitigating potential information leakage concerns
that could negatively impact market behavior.
---------------------------------------------------------------------------

    \35\ 15 U.S.C. 78o-3(b)(6).
    \36\ 15 U.S.C. 78o-3(b)(9).
---------------------------------------------------------------------------

    FINRA also believes that the proposed rule change is consistent
with the provisions of Section 15A(b)(5) of the Act,\37\ which
requires, among other things, that FINRA rules provide for the
equitable allocation of reasonable dues, fees and other charges among
members and issuers and other persons using any facility or system that
FINRA operates or controls. Pursuant to the proposed rule change, FINRA
will establish fees for (i) the new End-of-Day TRACE Transaction file
for U.S. Treasury Securities and (ii) the new Historic TRACE Data
product for U.S. Treasury Securities. In each case, the fees will be
the same as those FINRA already charges to receive each of the other
data sets for other types of TRACE-Eligible Securities. FINRA believes
these fees are reasonable and are identical to existing fees already in
place for end-of-day and historic data products for other types of
TRACE-Eligible Securities. FINRA further notes that the fees will be
applied equally to all similarly situated interested parties that
choose to subscribe to either data product, and that subscribing to
these data products is optional for members and others.
---------------------------------------------------------------------------

    \37\ 15 U.S.C. 78o-3(b)(5).
---------------------------------------------------------------------------

    Thus, FINRA believes that the proposed rule change is in the public
interest and consistent with the Act.

B. Self-Regulatory Organization's Statement on Burden on Competition

    FINRA does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.
Economic Impact Assessment
    FINRA has undertaken an economic impact assessment, as set forth
below, to further analyze the regulatory need for the proposed
amendments to the TRACE rules, their potential economic impacts, and
the alternatives considered in assessing how to best meet FINRA's
regulatory objectives.
Regulatory Need
    Under existing rules, transaction-level data in U.S. Treasury
Securities reported to TRACE is used for regulatory and other official
sector purposes and is not publicly disseminated.\38\ Currently, market
participants may access some post-trade information for U.S. Treasury
Securities directly through multiple private platforms. However, the
data provided by such private platforms is not comprehensive, its
content and format might vary across venues, and the data is available
only to those trading on a specific platform or subscribing to its data
services.
---------------------------------------------------------------------------

    \38\ As noted, FINRA shares this data with the IAWG, which
includes the Treasury Department, The Federal Reserve Board, The
Federal Reserve Bank of New York, the SEC, and the CFTC. See supra
note 7.
---------------------------------------------------------------------------

    FINRA believes that the proposed amendments relating to
dissemination of individual transaction information for U.S. Treasury
Securities are consistent with FINRA's ongoing TRACE transparency
initiatives. The proposal may create a more level playing field,
increase understanding of market activity, enhance market liquidity,
reduce transaction costs, and assist in price efficiency and valuation.
Economic Baseline
    FINRA analyzed secondary market activity in U.S. Treasury
Securities from September 1, 2022, to February 28, 2023 using
transactions reported to TRACE.\39\ During the six-month sample period,
there were 941 unique trade reporters (904 broker-dealers, 17 ATSs, 15
depository institutions, and five depository institution
customers).\40\ Table 1 shows that, during the sample

period, there were on average 302,120 trades per day in all U.S.
Treasury Securities with an average daily volume of approximately
$732.01 billion. Daily trades in Treasury notes and bonds \41\ on
average accounted for 77.6 percent of all daily trades and 74.6 percent
of the total daily dollar volume in all U.S. Treasury Securities, which
also includes bills, TIPS and STRIPS in addition to notes and bonds.
---------------------------------------------------------------------------

    \39\ The reported statistics include transactions reported to
TRACE by covered depository institutions pursuant to Federal Reserve
Board requirements. Beginning September 1, 2022, certain depository
institutions (Covered Depository Institutions) were required to
report transactions in U.S. Treasury Securities, agency debt
securities and agency mortgage-backed securities (Covered
Securities) to FINRA's Trade Reporting and Compliance Engine
(TRACE). For more information, see https://www.finra.org/filing-reporting/trace/federal-reserve-depository-institution-reporting.
    \40\ Reporting parties were identified using market participant
identifiers (MPIDs). Depository institution customers are depository
institutions with buy-side activity only.
    \41\ Treasury notes and bonds include nominal coupon securities
and 2-year FRNs.

                                Table 1--Trading Activity in Treasury Securities
----------------------------------------------------------------------------------------------------------------
                                                         Number of trades                  Dollar volume
                                                 ---------------------------------------------------------------
                      Type                         Average daily                   Average daily
                                                    (thousands)     Total (MM)         ($B)         Total ($T)
----------------------------------------------------------------------------------------------------------------
Total...........................................          302.12           36.56          732.01           88.57
----------------------------------------------------------------------------------------------------------------
                                                  Security Type
----------------------------------------------------------------------------------------------------------------
Bills...........................................           63.17            7.64          165.89           20.07
Notes & Bonds...................................          234.56           28.38          546.27           66.10
TIPS............................................            2.82            0.34           16.30            1.97
STRIPS..........................................            1.57            0.19            3.55            0.43
----------------------------------------------------------------------------------------------------------------
                                               Counterparty Type *
----------------------------------------------------------------------------------------------------------------
Customer........................................           83.45           10.10          270.64           32.75
Dealer..........................................          148.87           18.01          301.00           36.42
Affiliate.......................................           11.36            1.38           78.65            9.52
PTF.............................................           58.44            7.07           81.72            9.89
----------------------------------------------------------------------------------------------------------------
                                                      Venue
----------------------------------------------------------------------------------------------------------------
ATS.............................................          157.14           19.01          251.15           30.39
Non-ATS.........................................          144.98           17.54          480.86           58.18
----------------------------------------------------------------------------------------------------------------
* The ``customer'' counterparty type includes trades between broker-dealers and customers or between covered
  depository institutions and customers. The ``dealer'' counterparty type includes interdealer trades, trades
  between broker-dealers and covered depository institutions, as well as trades among covered depository
  institutions. The ``affiliate'' counterparty type includes trades between broker-dealers and non-member
  affiliates or trades between covered depository institutions and non-member affiliates. The ``PTF''
  counterparty type includes trades conducted by principal trading firms (PTFs) and other non-FINRA members on a
  ``covered ATS,'' as defined in FINRA Rule 6730.07.

    Further analysis of the data shows that the average daily number of
trades and average daily dollar volume of On-the-Run Nominal Coupons
were approximately 166,240 and $392.80 billion respectively which were
substantially higher than the number and volume of trades in off-the-
run nominal coupons (approximately 68,079 and $150.18 billion
respectively).
    Table 2 provides more detail regarding the trades in the On-the-Run
Nominal Coupons that are subject to the proposed amendments. On-the-Run
Nominal Coupons on average accounted for approximately 55 percent of
the total daily number of trades and 53.7 percent of the total daily
volume of trades in U.S. Treasury Securities during the sample
period.\42\ Separating out the activity by maturity shows that 5-year
notes are the most actively traded both in terms of the number and
volume of trades. The analysis also shows active interdealer trading
and electronic trading, as proxied by ATS volume, in this market
segment and a substantial volume of trades by non-FINRA members, such
as PTFs, on the ATS platforms that are subject to Rule 6730.07.\43\
---------------------------------------------------------------------------

    \42\ The average transaction size in these securities was $2.37
million. The median and the 99th percentile are approximately $1
million and $26.76 million, respectively.
    \43\ The proportion of customer and non-ATS trades are
substantially lower in On-the-Run Nominal Coupons compared to the
broader Treasury Securities market. Trade sizes for transactions in
U.S. Treasury Securities that occur on an ATS are, on average,
smaller than non-ATS trades.

                   Table 2--Trading Activity in On-the-Run Nominal Coupon Treasury Securities
----------------------------------------------------------------------------------------------------------------
                                                         Number of trades                  Dollar volume
                                                 ---------------------------------------------------------------
                      Type                         Average daily                   Average daily
                                                    (thousands)     Total (MM)         ($B)         Total ($T)
----------------------------------------------------------------------------------------------------------------
Total...........................................          166.24           20.11          392.80           47.53
----------------------------------------------------------------------------------------------------------------
                                                    Maturity
----------------------------------------------------------------------------------------------------------------
2Y..............................................           21.99            2.66           60.19            7.28
3Y..............................................           20.19            2.44           53.27            6.45
5Y..............................................           46.72            5.65          115.38           13.96
7Y..............................................           13.76            1.66           31.85            3.85
10Y.............................................           43.95            5.32           94.24           11.40
20Y.............................................            5.14            0.62           10.66            1.29

30Y.............................................           14.50            1.75           27.21            3.29
----------------------------------------------------------------------------------------------------------------
                                                Counterparty Type
----------------------------------------------------------------------------------------------------------------
Customer........................................           10.34            1.25          100.87           12.20
Dealer..........................................           90.93           11.00          184.99           22.38
Affiliate.......................................            7.02            0.85           33.47            4.05
PTF.............................................           57.95            7.01           73.48            8.89
----------------------------------------------------------------------------------------------------------------
                                                      Venue
----------------------------------------------------------------------------------------------------------------
ATS.............................................          130.17           15.75          184.87           22.37
Non-ATS.........................................           36.07            4.36          207.93           25.16
----------------------------------------------------------------------------------------------------------------

Economic Impacts
    Given the unique and fundamental role of the U.S. Treasury
Securities market in the global economy, promoting the market's
liquidity, efficient functioning, and resilience in times of stress is
crucial both to Treasury market participants and the broader financial
system.
    The following sections outline the potential benefits and costs of
the proposed dissemination of end-of-day and historical transaction-
level information for On-the-Run Nominal Coupons, with appropriate
dissemination caps for large trades. The discussion is informed by the
public comments submitted in response to the Treasury Department's
RFI,\44\ the Sia Partners/SIFMA survey results,\45\ TBAC Findings,\46\
and the academic literature.
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    \44\ See supra note 13.
    \45\ See Additional Transparency for Secondary Market
Transactions of Treasury Securities (October 2022), https://www.sifma.org/wp-content/uploads/2022/10/FINAL-SIA-SIFMA-REPORT-Additional-Transparency-for-Secondary-Market-Transactions-of-Treasury-Securities.pdf.
    \46\ See TBAC Findings, supra note 12.
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Anticipated Benefits
    While the RFI and survey respondents expressed mixed opinions on
the impact of increased transparency on market liquidity and
resilience, they broadly supported a gradual and calibrated approach to
providing additional transparency in the Treasury Security market.\47\
The anticipated benefits included reducing trading costs, increasing
liquidity, incentivizing intermediation and promoting additional
participation, increasing market confidence, enhancing risk management,
and higher market resilience during times of stress.\48\ Some
respondents indicated that having access to transaction-level
information could lead to improved price discovery and trade execution
for both investors and dealers. Others indicated that additional
transparency would assist quantitative trading firms as electronic
trading becomes more prevalent.\49\
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    \47\ See, e.g., comment letters from CME Group Inc. and JPMorgan
Chase & Co., available at https://www.regulations.gov/docket/TREAS-DO-2022-0012/comments.
    \48\ See, e.g., comment letters from Spatt, Hollifield &
Neklyudov; Jane Street Capital, LLC; MarketAxess Holdings Inc.; and
Citadel Securities, available at https://www.regulations.gov/docket/TREAS-DO-2022-0012/comments.
    \49\ See Sia Partners/SIFMA survey, supra note 45, at 9-10.
---------------------------------------------------------------------------

    The academic literature also provides insights on the effects of
post-trade transparency in other fixed income markets and investigates
the effect of transparency on price discovery, market liquidity, and
the welfare of different classes of market participants. Several
studies found that the transparency following the initiation of TRACE
resulted in substantially lower trading costs and bid-ask spreads in
the corporate bond market, not only for bonds whose trades were
disseminated, but for other bonds as well.\50\ Studies on the impacts
of post-trade transparency in the municipal bond market and securitized
products market also reported reduced transaction costs as a result of
additional transparency.\51\ These results are consistent with
investors' ability to negotiate better prices in the presence of post-
trade transparency.
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    \50\ The studies interpret the effect on other bonds as a
``liquidity spillover'' where the traded prices of disseminated
bonds provided useful information for valuing bonds whose trades
were not disseminated. See Hendrik Bessembinder, William Maxwell &
Kumar Venkataraman, Market Transparency, Liquidity Externalities,
and Institutional Trading Costs in Corporate Bonds, 82(2) Journal of
Financial Economics 251-288 (2006); Amy K. Edwards, Lawrence E.
Harris & Michael S. Piwowar, Corporate Bond Market Transaction Costs
and Transparency, 62(3) The Journal of Finance 1421-1451 (2007);
Michael A. Goldstein, Edith S. Hotchkiss & Erik R. Sirri,
Transparency and Liquidity: A Controlled Experiment on Corporate
Bonds, 20(2) The Review of Financial Studies 235-273 (2007); Hendrik
Bessembinder & William Maxwell, Markets: Transparency and the
Corporate Bond Market, 22(2) The Journal of Economic Perspectives
217-234 (2008).
    \51\ See Erik R. Sirri, Report on Secondary Market Trading in
the Municipal Securities Market (2014), https://www.msrb.org/sites/default/files/2022-09/MSRB-Report-on-Secondary-Market-Trading-in-the-Municipal-Securities-Market.pdf; John Chalmers, Yu Liu & Z. Jay
Wang, The Difference a Day Makes: Timely Disclosure and Trading
Efficiency in the Muni Market, 139(1) Journal of Financial Economics
313-335 (2021); Paul Schultz & Zhaogang Song, Transparency and
Dealer Networks: Evidence from the Initiation of Post-Trade
Reporting in the Mortgage Backed Security Market, 133(1) Journal of
Financial Economics 113-133 (2019).
---------------------------------------------------------------------------

    FINRA believes that end-of-day public dissemination of transaction
information on On-the-Run Nominal Coupons, as described above, would
similarly benefit market participants by providing access to a single-
source, comprehensive data set, subject to the proposed fees. The
availability of this information, together with the historic TRACE data
product for U.S. Treasury Securities, may also prompt further research
and facilitate a better understanding of the U.S. Treasury Securities
market, ultimately benefiting investors and other market participants
and providing insight into how to better support the resiliency of the
U.S. Treasury Securities market in times of stress.
Anticipated Costs
    Market participants (and dealers in particular) expressed a concern
in response to the Treasury Department's RFI and Sia Partners/SIFMA
survey that releasing transaction details could potentially expose
trading strategies or

positions to competitors and impede dealers' ability to appropriately
manage risk and confidentially hedge their positions. If true, this
could decrease intermediaries' risk-taking capacity and their
willingness to participate, leading to a decline in liquidity supply
and market resilience during stressed conditions. These concerns were
mostly directed to the less-liquid market segments, larger trade sizes,
and real-time dissemination.\52\ Most commenters and respondents
believed that there was limited risk to the delayed dissemination of
the transaction-level information for On-the-Run Nominal Coupons with
appropriate transaction size dissemination caps. Some RFI commentors
indicated that additional transparency could impact market
participants' trading behavior by incentivizing market participants to
engage in smaller size trades or other behaviors to avoid
dissemination, such as attempting to move flows outside the U.S.
market.\53\ Generally, the RFI and survey respondents shared the view
that introducing additional post-trade transparency in the U.S.
Treasury Securities market requires careful and prudent implementation
to avoid disrupting market functioning.
---------------------------------------------------------------------------

    \52\ See, e.g., comment letters from Citigroup Global Markets
Inc.; Vanguard Group, Inc.; and the joint comment letter from SIFMA,
SIFMA AMG, ABASA, and IIB, available at https://www.regulations.gov/docket/TREAS-DO-2022-0012/comments.
    \53\ See TBAC Findings, supra note 12, at 7.
---------------------------------------------------------------------------

    The academic papers and industry reports that studied the impacts
of post-trade transparency in other markets have found evidence of
dealers' reluctance to carry inventory in the disseminated securities
and moving flow to alternative markets.\54\ Others found evidence of
difficulty in executing larger trades, reduced trading volume and
transaction size--particularly in riskier and less liquid assets.\55\
---------------------------------------------------------------------------

    \54\ See Hendrik Bessembinder & William Maxwell, Markets:
Transparency and the Corporate Bond Market, 22(2) The Journal of
Economic Perspectives 217-234 (2008).
    \55\ See Paul Asquith, Thomas Covert & Parag A. Pathak, The
Effects of Mandatory Transparency in Financial Market Design:
Evidence from the Corporate Bond Market (2019), available at https://ssrn.com/abstract=2320623; Bruce Mizrach, Analysis of Corporate
Bond Liquidity (2015), https://www.finra.org/sites/default/files/OCE_researchnote_liquidity_2015_12.pdf; Greenwich Associates, In
Search of New Corporate Bond Liquidity (2016) available at https://www.greenwich.com/fixed-income-fx-cmds/search-new-corporate-bond-liquidity; Schultz & Song, supra note 51.
---------------------------------------------------------------------------

    Accordingly, the proposed rule change incorporates multiple
mitigants, developed in consultation with the Treasury Department, to
address these concerns. First, the scope of the proposed rule change is
limited to only transactions in On-the-Run Nominal Coupons, which are
highly liquid. Second, delayed, end-of-day dissemination would further
protect market participants against information leakage. Third, FINRA
has conducted careful analysis and consulted with Treasury to specify
appropriate transaction size dissemination caps calibrated to the
maturity, liquidity and trading concentration in the underlying
security to preserve the anonymity of market participants trading large
transactions. In setting the proposed transaction size dissemination
caps, FINRA considered both the percentage of traded market volume that
would be disseminated (versus reported) across each maturity along with
the daily number of unique intermediaries trading each security at or
above the cap size for each maturity. This approach balances providing
similar levels of transparency across maturities with sensitivity to
information leakage concerns regarding reverse engineering of other
market participants' identities, positions, or trading strategies. In
this regard, FINRA analyzed the concentration of dealer activity and
market liquidity in trades above various cap sizes in each specific
Treasury maturity.
    The proposed dissemination caps would--across all maturities--
result in 0.09 percent of transactions being capped. Specifically, for
the two-year, three-year, and five-year notes (which would be subject
to a $250 million dollar cap), 0.08 percent, 0.08 percent, and 0.03
percent of transactions, respectively, would be capped upon
dissemination (i.e., because the size of the trade was greater than
$250 million); for the seven-year and 10-year notes (which would be
subject to a $150 million dollar cap), 0.13 percent and 0.05 percent of
transactions, respectively, would be capped upon dissemination (i.e.,
because the size of the trade was greater than $150 million); and for
the 20-year and 30-year bonds (which would be subject to a $50 million
dollar cap), 0.39 percent and 0.29 percent of transactions,
respectively, would be capped upon dissemination (i.e., because the
size of the trade was greater than $50 million).
    There is no anticipated operational impact on member firms as a
result of FINRA's proposed end-of-day and historical dissemination of
On-the-Run Nominal Coupon data, as reporting requirements will remain
unchanged. As noted above, the disseminated data would be available to
market participants for a fee. The proposed fees for the Treasury data
set are the same as those that exist for other types of TRACE-Eligible
Securities. FINRA does not anticipate any negative competitive effects
as a result of the proposed fees. The proposed end-of-day and
historical dissemination of transactions in On-the-Run Nominal Coupon
U.S. Treasury Securities, subject to their related fees, will provide
an option for all market participants, including smaller firms, to
access post-trade transparency in the U.S. Treasury Securities market
at a reasonable cost. Some market participants may choose to access the
data indirectly through their data vendors as the vendors may
externally display the data.\56\ Those market participants who choose
to access the data directly through FINRA may incur an additional cost
to set up the technological infrastructure necessary to access the data
if they are not already subscribed to other TRACE data products. On
balance, market participants would only incur costs if they determine
that the benefits of receiving the data outweigh the costs.
---------------------------------------------------------------------------

    \56\ The bulk re-distribution of the data is permitted subject
to a different fee structure or additional restrictions, as
discussed above.
---------------------------------------------------------------------------

Alternatives Considered
    FINRA, in consultation with the Treasury Department, considered
several alternatives with respect to the scope of the Treasury
Securities that would be subject to dissemination under the proposed
rule change, dissemination timeframes, and transaction size
dissemination caps.
Scope of the Treasury Securities Subject to Dissemination
    Regarding the scope of the U.S. Treasury Securities proposed to be
subject to dissemination, FINRA considered including off-the-run and
other types of U.S. Treasury Securities. However, since On-the-Run
Nominal Coupons are both highly liquid and represent a significant
portion of the Treasury Securities volume, FINRA believes that
disseminating transaction-level data for On-the-Run Nominal Coupons
would improve Treasury Securities market transparency with limited risk
for market participants. The RFI and survey respondents' concerns
regarding the potential impact of disseminating transaction data on
their ability to manage their inventory risk were more pronounced for
the less-liquid segments of the market, such as off-the-run U.S.
Treasury Securities.

Dissemination Timeframe
    FINRA also considered real-time and less delayed dissemination of
transaction level data as potential dissemination timeframe
alternatives. However, weighing the potential benefits of providing the
market with more timely data against concerns about protecting the
confidentiality of market participants' positions and trading
strategies, FINRA believes that, on balance, end-of-day dissemination
will prudently balance the timeliness of transparency and concerns
regarding potential negative impacts. End-of-day dissemination will
provide FINRA and others the ability to research the proposed rule
change's impact.\57\
---------------------------------------------------------------------------

    \57\ FINRA also notes that covered depository institutions that
report to TRACE pursuant to Federal Reserve Board requirements
generally report transactions in U.S. Treasury Securities to TRACE
by the end of the day. Thus, not all transactions in U.S. Treasuries
reported to TRACE are subject to a one-hour timeframe, which is
another factor that FINRA considered in connection with the proposed
rule change.
---------------------------------------------------------------------------

Transaction Size Caps
    FINRA considered setting a single transaction size dissemination
cap applicable to all transactions in On-the-Run Nominal Coupons.
However, since liquidity and trading volume varies across U.S. Treasury
Securities with different maturities, FINRA, in consultation with the
Treasury Department, determined that it is appropriate to propose
dissemination caps that are calibrated to the maturity, liquidity,
interest rate sensitivity, and trading concentration of the underlying
U.S. Treasury Security.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-FINRA-2023-015 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number SR-FINRA-2023-015. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-FINRA-2023-015 and should be
submitted on or before November 30, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\58\
---------------------------------------------------------------------------

    \58\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-24758 Filed 11-8-23; 8:45 am]
BILLING CODE 8011-01-P