17.5.1.1. Transaction Reporting and Compliance EngineUnlike stocks, bonds are not generally traded on exchanges. Instead, bond trading takes place directly between broker-dealers, banks, mutual funds, and other market makers in a decentralized, over-the-counter market. Bonds have not been well suited to exchange trading because they are less uniform and more varied than stocks. A large corporation might have dozens of different bond issues. In addition, there are government and agency bonds, municipal bonds, mortgage and collateralized debt obligation bonds, and foreign bonds.
The Trade Reporting and Compliance Engine (TRACE) is FINRA’s automated system for reporting trades in OTC debt securities. TRACE does not accept quotes or execute trades; it only reports completed trades. Both the buy and the sell side report TRACE trades. The trades must be reported within 15 minutes during business hours. If the report is made within the 15-minute limit, it will be displayed immediately.
Debt securities that are eligible for TRACE include (1) convertible and non-convertible corporate bonds, (2) investment grade and high-yield bonds, (3) U.S. dollar denominated debt that requires registration with the SEC, and (4) U.S. Treasury securities. New issues and debt sold under SEC Rule 144A also need to be reported to TRACE, but they are not displayed.
Debt securities that are not eligible for TRACE include municipal bonds, securities issued by a foreign government, asset-backed debt securities, and money market debt securities. Exchange-listed debt securities traded on and reported to an exchange also do not have to be reported to TRACE. Nor do transactions resulting from the exercise or settlement of an option.
SUMMARY TABLE
Type of Security
Quoted On
Traded On
Reported
VIDEO
Since you're reading about Series 7: 17.5.1.1. Transaction Reporting And Compliance Engine , you might also be interested in:
Please Enable Javascript
TESTIMONIALS
What are people saying?
After a lengthy absence from the securities industry, I again needed to get licensed. With the great help of Solomon, I did the SIE, Series 7, Series 63, and Series 82, in just over 5 months. The materials are comprehensive and I would recommend reading it all at least twice. Have realistic goals and meet them. Don't take too many days off as the quicker you learn the material the less likely your are to forget the initial stuff. I found the "Ask the Professor" feature to be particularly helpful (and responsive!). I hope I don't need further exams any time soon but, if I do, I will use Solomon.
Shawn Sullivan
Charlestowne Securities
Darien, CT
I found encouragement along the way from reading other people's testimonials, so payback is to write one of my own. Solomon is the gold standard for customer service. I passed the 66, SIE first tries -- received a 69% on the 7 (failed), but passed on the 2nd attempt. I'm in awe over the outreach I received from day 1 but especially from Jeremy on how to move forward after falling short on the Series 7 - followed his advice - one of which was to get the accompanying videos and passed. Watching/studying the Chapter 5 video had a big impact. I also printed the questions I got wrong that I particularly struggled with while taking the online exams, printed and/or turned them into flashcards, then taped many of them around the house. It forced me to constantly revisit the information and moved me past a superficial understanding. I'll take a messy-looking home for a short time than having to retake a 3 hour and 45 minute exam.
Brook Langston, Everspire. Salt Lake City, UT
I am still so giddy that I passed my Series 7 on 1/31. I truly cannot believe it. I took the 7 three times in 2019 utilizing Kaplan study materials and didn't feel good going into the tests any of the times. So shockingly I failed all three times by a lot. My highest score was a 68%. I used Solomon for my 51 in September (passed on the first try) so I thought I could try it for my 7 even though it is the hardest securities test I have taken. I felt so good going into the testing center and I passed!!! I am so grateful to have found your materials. They have been incredibly helpful and I am able to understand all the material covered in the books. I still am in shock that I passed. Now off to the 24!
Briana Turner, Cambridge Investment Research. Virginia Beach, VA
The series 7 quizzes were what made the study material the best. I just passed the series 7, it was my second time with Solomon. I Passed the SIE first attempt with their study material and it took me until the second attempt to pass the series 7 with their study material. The unlimited practice quizzes was what helped me pass. What an exciting day! I will be using them for the next 63 or 66!
Patrick Deal, Cape Securities. Frisco, TX
Solomon Exam Prep materials are head and shoulders above any other company's products. I have purchased several other companies' materials and found that when it came time to take the crucial step of practice exams, every other company's answer explanations simply were too brief to be truly educational, or worse, sometimes contradictory to the text. That is when I turned to Solomon Exam Prep. After purchasing their materials, an actual team member emailed me almost every other day to ask how I was doing with my studying and offered assistance if I had questions. With this kind of support, you aren't trying to climb the mountain of becoming licensed alone! Finally, the owner also contacted me several times to thank me for my purchase and to check on my progress. There is no other company out there doing business in this exemplary way. Please be kind to yourself and START with Solomon Exam Prep materials for the BEST of success!
Rebecca Spadafore - Financial Advisor, LPL Financial. Meadville/Erie Area, PA
SIE, Series 7, Series 66
I found Solomon Exam Prep from a general comment that probably came from someone who works for the company. It went along the lines, "Solomon Exam Prep also has study materials for the 7" (goes to show you that inbound marketing works)
I tried the STC program that most firms provide, mine included. Didn't like it, and many people on the forum that went that route mentioned they didn't feel adequately prepared for the real exam. In the STC program you can only take each quiz and practice exam 1 time.
Also tried Kaplan's cheap 2 test simulation package but despised the components of the simulation, the mark for review button didn't let me go back to review the test before submitting it, and it took forever to "save" my answers before moving on to the next question. It was just a badly developed program. It wasn't improving my scores nor did it help me to better understand the material.
I tried Solomon's out because it was comparable in price to Kaplan's exam simulation program but I hate Kaplan's simulator. solomon's had a larger question bank, and both provided unlimited tests which was my real requirement.
Loved Solomon's exam simulator program from the start, and the Finra Concept tests combined with the simulation exams is what really improved my score.
Solomon will be the only company I use to prepare for all exams I may have in the future and I highly recommend it. Solomon got a life-long repeat customer all because of a generic comment from a random forum.
Alex
Read more reviews
