Commentary: Time of Trade Disclosure: Why a New Rule, Why the Delay?

FEB 20, 2014 4:42pm ET

Why is Proposed Rule G-47 pending approval by the Securities and Exchange Commission, and how will it differ from the existing rule? Why is this well-intentioned and, as some believe, needed rule the subject of an SEC order that has delayed its implementation?

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Comments (1)
Help has arrived that finds more material situations and far faster than EMMA. Looking at EMMA and simply Googling is being replaced by advanced intelligence gathering services available through any web browser. The availability of information about material events surrounding municipal issues has increased dramatically recently - the challenge is locating it within thousands of local sources. While EMMA is helping, it's limited definition of a material event and report submission timing only scratch the surface of information about the material situations impacting an issue. Google is frequently used to search for material conditions that could effect a bond but it's use is reactive and time consuming. New, more powerful online services that pro-actively find and alert analysts and traders to material situation that might impact an issue are rolling out to the market now. These new services continually hunt thousands of local news sources and sites to find new trading opportunities as well as increase the information available at the time of trade.
Posted by Jeff C | Friday, February 21 2014 at 4:22PM ET
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