The Financial Industry Regulatory Authority issued a reminder to members to accurately report the time of execution for transactions in TRACE-eligible securities. (Under TRACE – FINRA’s trade reporting and compliance engine – broker-dealers must report transactions in certain fixed-income securities within certain time frames (typically 15 minutes; click here for precise time frames)). According to FINRA, the time of execution is typically “when the parties to the transaction agree to all of the material terms sufficient to calculate the dollar price of the trade – i.e., when there has been a ‘meeting of the minds’ with regard to material terms such as price and quantity.”