The U.S. Financial Industry Regulatory Authority (FINRA) on Monday launched its new historical bond data products, known as Academic Corporate Bond TRACE Data, which is intended to encourage research on bond markets by providing academics with access to historical transaction-level, corporate bond data.
The data is delayed by 36 months and identifying information regarding the dealer reporting each transaction is masked. The data includes a security identifier, execution date and time, price, yield, quantity, commission, buy or sell, and principal or agency capacity.
“With interest in the fixed-income markets and market design on the rise, the Academic Corporate Bond TRACE Data provides researchers with broad content to investigate issues of interest to market participants and regulators including liquidity provision, search costs, inventory models, price discovery and the treatment of retail orders,” says Jonathan Sokobin, chief economist and senior vice president at FINRA. “We believe the product will lead to research that increases understanding of these important markets.”