On June 12, the Financial Industry Regulatory Authority filed with the Securities and Exchange Commission a proposed rule change establishing February 5, 2018, as the date when member firms must begin using new transaction modifiers in connection with reporting transactions in certain US Treasury securities. In October 2016 the SEC approved changes to the FINRA Transaction Reporting and Compliance Engine (TRACE) rules to require reporting of transactions in certain US Treasury securities and to introduce the use of two new modifiers in connection with such reporting: “B” on a trade report if the transaction being reported is part of a series of transactions where at least one of the transactions involves a futures contract (e.g., a “basis” trade), and “S” on a trade report if the transaction being reported is part of a series of transactions and may not be priced based on the current market (e.g., a fixed-price transaction in an “on-the-run” security as part of a transaction in an “off-the-run” security). Under the newly filed rule change, member firms may begin using the new trade modifiers as of the July 10effective date for the amended TRACE rules, but will not be required to do so until February 5, 2018.