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For example, we operate and enforce FINRA rules regarding the Trade Reporting and Compliance Engine (TRACE®), and enforce, for our member firms, federal securities regulations governing fixed income, including those promulgated by the Securities and Exchange Commission (SEC) and Municipal Securities Rulemaking Board (MSRB).Most recently, the SEC designated FINRA as the examination and enforcement authority for municipal advisors that are FINRA members. Firms selling municipal securities or performing municipal advisory services must register with the MSRB.FINRA Member Regulation is responsible for examining all" /> <link rel="canonical" href="https://www.finra.org/rules-guidance/key-topics/fixed-income" /> <link rel="image_src" href="https://www.finra.org/sites/default/files/2023-12/finra-logo.png" /> <meta name="google" content="p6aFpyERRdC4Ror_K0mTRRtXKjAsz35RTQl_MDv_nNg" /> <meta property="og:title" content="Fixed Income" /> <meta property="og:description" content="FINRA plays an important role in regulating and providing transparency to the fixed income securities markets. For example, we operate and enforce FINRA rules regarding the Trade Reporting and Compliance Engine (TRACE®), and enforce, for our member firms, federal securities regulations governing fixed income, including those promulgated by the Securities and Exchange Commission (SEC) and Municipal Securities Rulemaking Board (MSRB).Most recently, the SEC designated FINRA as the examination and enforcement authority for municipal advisors that are FINRA members. 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sf-no-children"><a href="/registration-exams-ce/capital-acquisition-brokers" class="sf-depth-4" aria-labelledby="Capital Acquisition Brokers">Capital Acquisition Brokers</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content01963f11-2411-4031-a5c9-8e73580648f3--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/funding-portals" class="sf-depth-4" aria-labelledby="Funding Portals">Funding Portals</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content45b769ff-9b3c-4cbc-befb-79380e5b6014--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/individuals" class="sf-depth-4" aria-labelledby="Individuals">Individuals</a></li></ol></li></ol></div></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentac0e3bb2-976c-4b6a-8fec-981489a9fdec--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/registration-exams-ce" class="sf-depth-2 menuparent" 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id="finra-homepage-nav-megamenus-new-menu-link-content1d435c60-0a5d-4ac1-baac-6feb68ac1aa4--2" class="sf-depth-3 header menuparent"><a href="/registration-exams-ce/continuing-education" class="sf-depth-3 menuparent" aria-labelledby="Continuing Education (CE)">Continuing Education (CE)</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content12708005-03a9-4813-a1c4-b79ccb575e00--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/continuing-education/regulatory-element-topics" class="sf-depth-4" aria-labelledby="View a Regulatory Element Learning Plan">View a Regulatory Element Learning Plan</a></li></ol></li></ol></div></li><li id="finra-homepage-nav-megamenus-new-menu-link-content87ac70da-476d-497b-bee4-39d65e59ea5f--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/registration-exams-ce" class="sf-depth-2 menuparent" aria-labelledby="Registration Section 3">Registration Section 3</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content1f87e2bc-137c-4e76-ba12-921ac5400696--2" class="sf-depth-3 header menuparent"><a href="/registration-exams-ce/classic-crd" class="sf-depth-3 menuparent" aria-labelledby="Registration Systems">Registration Systems</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content74de55a6-970c-49a4-877f-6a3cd1584db9--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/classic-crd" class="sf-depth-4" aria-labelledby="Classic CRD">Classic CRD</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentc425811e-6944-4643-9a4b-21222d7ed44e--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/finpro" class="sf-depth-4" aria-labelledby="Financial Professional Gateway (FinPro)">Financial Professional Gateway (FinPro)</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content7afd209b-9193-484a-b160-9705bcd8e250--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/financial-industry-networking-directory" class="sf-depth-4" aria-labelledby="Financial Industry Networking Directory (FIND)">Financial Industry Networking Directory (FIND)</a></li></ol></li></ol></div></li></ol></li></ul></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentc47867f6-a419-4633-83aa-9fb4c8d8cda7--2" class="sf-depth-1 header menuparent"><a href="/events-training" class="sf-depth-1 menuparent" aria-labelledby="Events & Training">Events & Training</a><ul class="sf-multicolumn"><li class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content9cd640c1-feb7-4c4a-b67e-a3eaedacd028--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/events-training" class="sf-depth-2 menuparent" aria-labelledby="Events & Training Section 1">Events & Training Section 1</a><ol><li 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href="/events-training/small-firm-briefing" class="sf-depth-3" aria-labelledby="Small Firm Briefing">Small Firm Briefing</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content911c7ec5-023c-4c98-953f-b121ff986fa3--2" class="sf-depth-3 header sf-no-children"><a href="/events-training/webinars" class="sf-depth-3" aria-labelledby="Webinars">Webinars</a></li></ol></div></li></ol></li></ul></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentf3f7bbdd-246d-45c1-af1c-960dc8ad074d--2" class="sf-depth-1 header menuparent"><a href="/filing-reporting" class="sf-depth-1 menuparent" aria-labelledby="Filing & Reporting">Filing & Reporting</a><ul class="sf-multicolumn"><li class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content296db8b3-7b22-4c23-a036-06be44277a69--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/filing-reporting" class="sf-depth-2 menuparent" aria-labelledby="Filing & Reporting Section 1">Filing & Reporting Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentf874a19d-557b-487f-88f1-3d84445f4bc9--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/finra-gateway" class="sf-depth-3" aria-labelledby="FINRA Gateway">FINRA Gateway</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentf6c4c3c6-93c8-42cf-ab58-476a92d01380--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/systems-status" class="sf-depth-3" aria-labelledby="Systems Status">Systems Status</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentd27e2150-fc22-4e07-98c1-2cce079184a8--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/entitlement" class="sf-depth-3" aria-labelledby="Entitlement Program">Entitlement Program</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content68c74d41-92b9-4e79-84e4-5c43beaf45dc--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/market-transparency-reporting" class="sf-depth-3" aria-labelledby="Market Transparency Reporting Tools">Market Transparency Reporting Tools</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentbb250ecd-0432-4ebc-bccf-a21e455fb617--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/regulatory-filing-systems" class="sf-depth-3" aria-labelledby="Regulatory Filing Systems">Regulatory Filing Systems</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content2de7e722-b3b2-471e-9cf2-587f649dd923--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/data-transfer-tools" class="sf-depth-3" aria-labelledby="Data Transfer Tools">Data Transfer Tools</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentec6d9be1-8ac6-4071-890c-52838b5490a2--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/e-bill" class="sf-depth-3" aria-labelledby="E-Bill">E-Bill</a></li></ol></div></li></ol></li></ul></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentabdfc859-e1e4-4071-9b99-9535c132ee72--2" class="sf-depth-1 header menuparent"><a href="/compliance-tools" class="sf-depth-1 menuparent" aria-labelledby="Compliance Tools">Compliance Tools</a><ul class="sf-multicolumn"><li class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content318c9740-343f-48dd-a32e-600f8c817211--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/compliance-tools" class="sf-depth-2 menuparent" aria-labelledby="Compliance Tools Section 1">Compliance Tools Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content2badcc82-a0ba-4813-a97b-5cde27a154a6--2" class="sf-depth-3 header sf-no-children"><a href="https://www.finra.org/compliance-tools/cybersecurity-checklist" class="sf-depth-3 sf-external" aria-labelledby="Cybersecurity Checklist">Cybersecurity Checklist</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content7f6b440c-bc36-49c7-900b-1fe8e36909db--2" class="sf-depth-3 header sf-no-children"><a href="/compliance-tools/compliance-calendar" class="sf-depth-3" aria-labelledby="Compliance Calendar">Compliance Calendar</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contente0f11415-45ff-4cf1-925e-cf2b1f5cecf9--2" class="sf-depth-3 header sf-no-children"><a href="/compliance-tools/weekly-archive" class="sf-depth-3" aria-labelledby="Weekly Update Email Archive">Weekly Update Email Archive</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content170de235-7c02-4852-984e-95eef4499125--2" class="sf-depth-3 header sf-no-children"><a href="/compliance-tools/peer-2-peer-compliance-library" class="sf-depth-3" aria-labelledby="Peer-2-Peer Compliance Library">Peer-2-Peer Compliance Library</a></li></ol></div></li></ol></li></ul></li><li 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sf-no-children"><a href="/investors/tools-and-calculators" class="sf-depth-3" aria-labelledby="Tools & Calculators">Tools & Calculators</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content53f5080d-f916-4b0a-942e-129c5cf72090--2" class="sf-depth-3 header menuparent"><a href="/investors/personal-finance" class="sf-depth-3 menuparent" aria-labelledby="Personal Finance">Personal Finance</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content2cb22ba9-d516-490f-bd0e-bf9984550142--2" class="sf-depth-4 header sf-no-children"><a href="/investors/insights/set-time-frame-your-financial-goals-rot" class="sf-depth-4" aria-labelledby="Financial Goals">Financial Goals</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content7c320bbc-4fad-463a-97ee-024d99463fca--2" class="sf-depth-4 header sf-no-children"><a href="/investors/personal-finance/know-your-net-worth" class="sf-depth-4" aria-labelledby="Net Worth">Net Worth</a></li><li 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href="/investors/personal-finance/start-emergency-fund" class="sf-depth-4" aria-labelledby="Emergency Funds">Emergency Funds</a></li></ol></li></ol></div></li><li id="finra-homepage-nav-megamenus-new-menu-link-content7d8f8a9d-8b19-4d7e-a8cd-586399b0e4f8--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/investors" class="sf-depth-2 menuparent" aria-labelledby="For Investors Section 2">For Investors Section 2</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content64f29299-b56d-4976-9c4d-c4cd58f933ba--2" class="sf-depth-3 header menuparent"><a href="/investors/investing" class="sf-depth-3 menuparent" aria-labelledby="Investing">Investing</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content3d6bebd0-cfbc-4d39-88f9-a401f33f597e--2" class="sf-depth-4 header sf-no-children"><a href="/investors/investing/investing-basics" class="sf-depth-4" aria-labelledby="Investing Basics">Investing Basics</a></li><li 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class="sf-depth-3 header menuparent"><a href="/investors/protect-your-money" class="sf-depth-3 menuparent" aria-labelledby="Protect Your Money">Protect Your Money</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content84745677-33ee-4917-b6d7-78f2d33ae64a--2" class="sf-depth-4 header sf-no-children"><a href="/investors/alerts" class="sf-depth-4" aria-labelledby="Investor Alerts">Investor Alerts</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentbabb7a34-330b-432a-9c7a-3aed86cab6b3--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/ask-and-check" class="sf-depth-4" aria-labelledby="Ask and Check">Ask and Check</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content75981642-a29c-4c2f-a04a-268dd98fd524--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/avoid-fraud" class="sf-depth-4" aria-labelledby="Avoid Fraud">Avoid Fraud</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content773fb0c7-df7e-422b-a8f0-3689c3f58683--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/protect-your-identity" class="sf-depth-4" aria-labelledby="Protect Your Identity">Protect Your Identity</a></li></ol></li></ol></div></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentf03d2691-6592-4649-b41d-6652712ef3d0--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/investors" class="sf-depth-2 menuparent" aria-labelledby="For Investors Section 3">For Investors Section 3</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentb0c88306-2bd6-4078-8a56-8766b2affe7f--2" class="sf-depth-3 header sf-no-children"><a href="/investors/military" class="sf-depth-3" aria-labelledby="For the Military">For the Military</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content1b13b9ef-e483-4cb3-bce6-a5e1069fc45e--2" class="sf-depth-3 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data-block-plugin-id="system_main_block" class="block block-system block-system-main-block"> <div class="content"> <article class="node node--type-article node--view-mode-full clearfix node--promoted"> <div> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <div class="block-region-content"><div data-block-plugin-id="entity_field:node:title" class="block block-ctools-block block-entity-fieldnodetitle"> <div class="content"> <span class="field field--name-title field--type-string field--label-hidden"><h1>Fixed Income</h1></span> </div> </div> <div data-block-plugin-id="block_content:7611dbf3-53e0-41ac-ab90-4c361653ab54" class="block-content-quicker_tabs block block-block-content block-block-content7611dbf3-53e0-41ac-ab90-4c361653ab54"> <div class="content"> <nav id="tab-links" class="nav nav-tabs" role="tablist"> <a href="#overview" role="tab" data-toggle="tab" class="nav-link nav-item">Overview</a> <a href="#rules" role="tab" data-toggle="tab" class="nav-link nav-item">Rules</a> <a href="#notices" role="tab" data-toggle="tab" class="nav-link nav-item">Notices</a> <a href="#guidance" role="tab" data-toggle="tab" class="nav-link nav-item">Guidance</a> <a href="#news-releases" role="tab" data-toggle="tab" class="nav-link nav-item">News Releases</a> <a href="#investor-education" role="tab" data-toggle="tab" class="nav-link nav-item">Investor Education</a> </nav> <div id="tabs" class="tab-content"> <div role="tabpanel" class="tab-pane fade" id="overview"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div id="block-body" data-block-plugin-id="entity_field:node:body" class="block block-ctools-block block-entity-fieldnodebody"> <div class="content"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>FINRA plays an important role in regulating and providing transparency to the fixed income securities markets. For example, we operate and enforce FINRA rules regarding the <a href="/industry/trace">Trade Reporting and Compliance Engine (TRACE<sup>®</sup>)</a>, and enforce, for our member firms, federal securities regulations governing <a href="/industry/fixed-income">fixed income</a>, including those promulgated by the <a href="http://www.sec.gov/">Securities and Exchange Commission (SEC)</a> and <a href="http://www.msrb.org/">Municipal Securities Rulemaking Board (MSRB)</a>.</p><p>Most recently, the <a href="https://www.sec.gov/municipal">SEC</a> designated FINRA as the examination and enforcement authority for <a href="/industry/issues/municipal-advisor-regulation">municipal advisors</a> that are FINRA members. Firms selling municipal securities or performing municipal advisory services must register with the MSRB.</p><p>FINRA <strong>Member Regulation</strong> is responsible for examining all FINRA members involved in the fixed income markets for compliance with applicable rules and regulations. Among other things, Member Regulation reviews firms' fixed-income sales practices to determine whether they have dealt fairly with customers and that their registered representatives are properly qualified and supervised, and ensures they are in compliance with net capital requirements.</p><p><strong>Market Regulation</strong>, meanwhile, monitors trading activity in more than 2.5 million individual debt securities, including corporate bonds, municipal securities, government agency securities, U.S. Treasury Securities and mortgage- and asset-backed securities, for potential manipulative activity and to ensure customers receive fair prices.</p><h2>Trade Reporting and Compliance Engine (TRACE)</h2><p><a href="/industry/trace">TRACE</a>, introduced in 2002, captures real-time consolidated transaction data for all eligible public and private (144A) corporate bonds—including investment grade, high yield and convertible debt—agency debt and U.S. Treasury Securities. Securitized products, such as mortgage-backed securities (MBS), traded in specified pool or To Be Announced (TBA) transactions also are part of the TRACE system.</p><p>As a result, TRACE brings transparency to the bond market. Individual investors and market professionals can access information on all over-the-counter (OTC) public and private activity representing more than 99 percent of total U.S. corporate bond debt, more than 16,000 agency debt securities, and more than one million asset and mortgage-backed securities.</p><p>FINRA licenses TRACE data to TRACE vendors and subscribers. The <a href="/industry/trace/trace-content-licensing">TRACE Content Licensing</a> section provides information about data licensing options, agreements, technical specifications, and market data policies.</p><p class="more-link"><a href="/industry/trace">Learn more about TRACE</a></p><hr><h2>Contact FINRA</h2><p>FINRA's Fixed Income Regulation (FIR) staff provides broker-dealers, attorneys, registered representatives, investors and other interested parties with guidance relating to FINRA’s enforcement of MSRB rules. </p><p><strong>FIR staff contacts:</strong><br><a href="javascript:email(2378,'Tiffany Buxton');">Tiffany Buxton</a> and <a href="javascript:email(2379,'Bonnie Bowes');">Bonnie Bowes</a><br>FINRA, Fixed Income Regulation<br>1700 K Street, NW<br>Washington, DC 20006<br>(202) 728-8000</p></div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="rules"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-2" id="block-views-block-topic-pages-by-industry-issue-block-2" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_2"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_2 js-view-dom-id-951af7a85609dbf6dcbedccb9dc208b95570ad624e76d1804dca49d4cc800d21"> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="notices"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-1" id="block-views-block-topic-pages-by-industry-issue-block-1" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_1"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_1 js-view-dom-id-0cf538566d1b3d9c9d7e531c6143ada4bd1c6dbae3938d0c8f3cb4ea6aba5c90"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/17-24" hreflang="und">Regulatory Notice 17-24</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Issues Guidance on the Enhanced Confirmation Disclosure Requirements in Rule 2232 for Corporate and Agency Debt Securities</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">07/12/2017</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/17-08" hreflang="und">Regulatory Notice 17-08</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">SEC Approves Amendments to Require Mark-Up/Mark-Down Disclosure on Confirmations for Trades With Retail Investors in Corporate and Agency Bonds</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">02/15/2017</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/15-46" hreflang="und">Regulatory Notice 15-46</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">Guidance on Best Execution Obligations in Equity, Options and Fixed Income Markets</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">11/20/2015</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/15-36" hreflang="und">Regulatory Notice 15-36</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Requests Comment on a Revised Proposal Requiring Confirmation Disclosure of Pricing Information in Corporate and Agency Debt Securities Transactions</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">10/12/2015</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/15-31" hreflang="und">Regulatory Notice 15-31</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">SEC Approves Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Debt Research Reports</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">08/26/2015</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/15-27" hreflang="und">Regulatory Notice 15-27</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">Guidance Relating to Firm Short Positions and Fails-to-Receive in Municipal Securities</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">07/30/2015</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/15-03" hreflang="und">Regulatory Notice 15-03</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Requests Comment on Proposal to Require Alternative Trading Systems to Submit Quotation Information Relating to Fixed Income Securities to FINRA for Regulatory Purposes</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">02/06/2015</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/10-41" hreflang="und">Regulatory Notice 10-41</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Reminds Firms of Their Sales Practice and Due Diligence Obligations When Selling Municipal Securities in the Secondary Market</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">09/20/2010</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/09-35" hreflang="und">Regulatory Notice 09-35</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Recommends Review of Municipal Securities Activities</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">06/30/2009</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/06-36" hreflang="und">Notice to Members 06-36</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">NASD and NYSE Joint Interpretive Guidance on Fixed Income Research</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">07/31/2006</em></div></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="guidance"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-3" id="block-views-block-topic-pages-by-industry-issue-block-3" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_3"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_3 js-view-dom-id-4a49e958fa66868a86a7bde1cb458019b2cf736a4d2c1a90045f4f60e5cebc05"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Guidance</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/node/85492" hreflang="und">Phone-In Workshop and WebEx Presentation Recording: Markup/Markdown Analysis Report</a></span></div><div class="views-field views-field-body"><div class="field-content">In the near-future, FINRA is introducing a new TRACE Markup/Markdown Analysis Report on the Report Center. The report displays a firm's markup and markdown behavior compared to the industry and provides the underlying details used to calculate the markup or markdown.</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">May 23, 2018</em></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Guidance</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/filing-reporting/trace/fixed-income-report-cards-demonstration-demand" hreflang="und">Fixed Income Report Cards Demonstration (On Demand)</a></span></div><div class="views-field views-field-body"><div class="field-content">On this free, on-demand recording of a WebEx presentation, FINRA staff members discuss new and updated fixed income-related Report Cards. </div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">November 25, 2015</em></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Targeted Examination Letter</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/industry/targeted-examination-letter-retail-sale-gas-bonds" hreflang="und">Targeted Examination Letter on the Retail Sale of “Gas Bonds”</a></span></div><div class="views-field views-field-body"><div class="field-content">FINRA is reviewing transactions with retail customers of certain fixed income products known as “Gas Bonds.”</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">June 01, 2009</em></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">FAQ</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/key-topics/fixed-income/confirmation-disclosure-faq" hreflang="en">Fixed Income Confirmation Disclosure: Frequently Asked Questions (FAQ)</a></span></div><div class="views-field views-field-body"><div class="field-content">Preliminary Note: FINRA recently adopted enhanced confirmation disclosure requirements for corporate and agency bonds. </div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content"></em></div></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="news-releases"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-4" id="block-views-block-topic-pages-by-industry-issue-block-4" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_4"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_4 js-view-dom-id-f84ec32dd2e3989b516142886bf8e1ff795054690c20aee5bb30d7a6d5b763f4"> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="investor-education"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-5" id="block-views-block-topic-pages-by-industry-issue-block-5" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_5"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_5 js-view-dom-id-175a8f47c19571fdcd5e37c22c1746be279afc47b3dbec1337f0acf816e598e7"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Investor Education</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/investors/insights/bonds-interest-rate-changes-duration" hreflang="und">Brush Up on Bonds: Interest Rate Changes and Duration</a></span></div><div class="views-field views-field-body"><div class="field-content">Do you own bonds or have money invested in a bond fund? If so, now is a good time to brush up on two factors that can affect bond prices and fund returns: interest rate changes and a bond's duration.</div></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Investor Insights</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/investors/insights/spread-word-what-you-need-know-about-bond-spreads" hreflang="und">Spread the Word: What You Need to Know About Bond Spreads</a></span></div><div class="views-field views-field-body"><div class="field-content">The difference between the yields of two different bonds, called a bond spread, can help you understand the potential risks and rewards for investing in a particular bond. Corporate bonds are often measured against relatively risk-free Treasury bonds. Bond spreads can also help you evaluate the overall health of the economy.</div></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Investor Education</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/investors/insights/what-is-TRACE" hreflang="en">What Is TRACE and How Can It Help Me?</a></span></div><div class="views-field views-field-body"><div class="field-content">When securities are listed on a centralized exchange, such as the New York Stock Exchange or Nasdaq, transaction information such as price and trade history is readily available to investors through the exchange. But how can you get information about bonds and other fixed income securities that are not listed on a national securities exchange? Information about these securities, known as over-the-counter (OTC) debt securities, is provided by TRACE®—the Trade Reporting and Compliance Engine®.</div></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Investor Insights</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/investors/insights/know-the-facts-direct-registered-shares" hreflang="en">Know the Facts About Direct Registered Shares</a></span></div><div class="views-field views-field-body"><div class="field-content">As an individual investor, there are several ways in which you can hold securities, including through direct registration. Direct registration allows you to have your securities registered in your name—rather than in the name of a brokerage firm—without the need for a physical certificate.</div></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Investor Insights</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/investors/insights/zero-coupon-bonds" hreflang="und">The One-Minute Guide to Zero Coupon Bonds</a></span></div><div class="views-field views-field-body"><div class="field-content">Most bonds make regular interest or "coupon" payments—but not zero coupon bonds. Zeros, as they are sometimes called, are bonds that pay no coupon or interest payment. With a zero, you buy the bond at a discount from the face value of the bond and are paid the face amount when the bond matures.</div></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Investor Insights</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/investors/insights/insurance-linked-securities" hreflang="und">Insurance-Linked Securities</a></span></div><div class="views-field views-field-body"><div class="field-content">Where there is uncertainty, there are always bets—the question is who wins. From horse racing to the price of gold, people have always speculated on uncertainty. Insurance-linked securities (ILS) are financial instruments that allow investors to speculate on a variety of events, including catastrophes such as hurricanes, earthquakes and pandemics.</div></div></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </article> </div> </div> </section> </main> <div class="sidebar col-lg-2 finra-sidebar-second"> <aside class="section" role="complementary"> <section class="layout--right-nav region region-sidebar-second"> <div class="views-element-container block block-views block-views-blockhome-what-s-new-block-2" id="block-views-block-home-what-s-new-block-2" data-block-plugin-id="views_block:home_what_s_new-block_2"> <h2>Most Recent</h2> <div class="content"> <div><div class="view view-home-what-s-new view-id-home_what_s_new view-display-id-block_2 js-view-dom-id-94c346d1b8c4da9d18c6062675525bfffa4ccb08634de9456df75f9a2c977ad3"> <div class="view-content"> <div class="item-list 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