In addition to Finra's Trade Reporting and Compliance Engine (Trace), the platform takes in data from Electronic Municipal Market Access (EMMA), evaluated prices and market-maker quotes. From there, the service will provide metrics on execution quality for corporate, municipal and Trace-eligible agency bond trades.
S3 has already rolled out similar services for both equities and options, but thanks to new regulatory demands, fixed income made logical sense for expansion, S3 CEO Mark Davies tells
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