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NASD Year-Old Market Transaction Database Could Face Overload

NEW YORK - Last July, the National Association of Securities Dealers instituted a mandatory system requiring its members to report market transactions for certain over-the-counter fixed-income securities, which then could be disseminated into the marketplace through Trade Reporting and Compliance Engine (TRACE). A year later, some challenges still remain, reports...

By Staff Writer | Updated on July 06, 2004

NEW YORK – Last July, the National Association of Securities Dealers instituted a mandatory system requiring its members to report market transactions for certain over-the-counter fixed-income securities, which then could be disseminated into the marketplace through Trade Reporting and Compliance Engine (TRACE). A year later, some challenges still remain, reports SS&C Technologies. The main dilemma isn’t in redistributing the data, but rather incorporating the data at the trading desk level, with data overload being a real concern. “This new source of information is proving to be difficult for the market to absorb,” SS&C reports. “Both buy-side and sell-side traders are working to incorporate the information into their market data resources, along with research, analytics, communications and electronic trading capabilities.” Experts predict that once the market does absorb and start using the data, creative ways to use that information will occur. For instance, internally, firms will start refining their in-house systems so they can channel all third-party feeds into it and vendors will continue to improve their technological systems so that they are offering their clients the most competitive system available, SS&C reports.

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