A new rule requiring broker-to-broker trade matching within an hour is expected to take effect June 14, says the Investment Dealers Association.

A requirement that firms must enter trades into an “acceptable trade matching utility” will be effective on the first day of operation of the CDS Trade Matching Service, currently scheduled for June 14. However, firms will have a year to get in compliance with the requirement that trades be reported “within one hour of executing the trade.”

The one-hour limit is expected to come into force June 14, 2005. The IDA says that the one-year time frame is being provided to “give firms adequate time to put in place the near real-time reporting capabilities required to meet the one hour reporting requirement.”