Bloomberg announced the launch of its Fixed Income Quotation Transparency product to provide broker-dealers with information that can be integrated into their compliance program to help identify fixed income securities that may be impacted by SEC Rule 15c2-11.
The October 2020 amendments to SEC Rule 15c2-11 requires broker-dealers to review certain current and publicly available information about an issuer of a security not listed on a U.S. exchange prior to initiating or resuming quotations for the security on a quotation medium.
Bloomberg's Quotation Transparency product provides broker-dealers with attributes that may be relevant to a broker-dealer's determination of whether a security may still be quoted on an OTC quotation medium under SEC Rule 15c2-11. The attributes are easily integrated into a broker-dealer's legal and compliance team's own policies and procedures to help with the determination of whether a quotation may be provided. Additionally, the date of the last audited financials of the issuer is provided as a potential indication of whether any publicly available issuer information exists to source the required data fields for a broker-dealer to determine whether a security is eligible to be quoted on an OTC market quotation medium.
"Given the need to review information on a security not listed on a U.S. exchange prior to initiating or resuming quotations, our clients approached us looking for a solution to this compliance challenge," said Brad Foster, Global Head of Enterprise Data Content at Bloomberg. "Our breadth of data and detailed rule engines enabled us to deliver a solution, which assists client's compliance and legal teams in determining which fixed income securities can or cannot be quoted. The architecture of this solution is highly flexible so that it can rapidly implement changes stemming from any future SEC guidance."
This regulatory solution is available to Bloomberg Data License customers who may need to integrate it into their compliance workflow. Clients will have the option to obtain this data per security or as part of a bulk subscription for the entire security universe.
Source: Bloomberg
