FINRA reveals technical specifications for SLATE reporting
14 February 2025 US
Image: Jose_Laguna/stock.adobe.com
The Financial Industry Regulatory Authority (FINRA) has released participant specifications for Securities Lending and Transparency Engine (SLATE) reporting.
SLATE is the new reporting facility under Rule 6500 Series which performs two major functions: securities loan transaction reporting and data dissemination.
If approved by the US Securities and Exchange Commission (SEC), firms will be required to report covered securities loan information to SLATE pursuant to FINRA’s rules beginning 2 January 2026.
Participants of the service can submit loan transaction information on CAT NMS Plan (CAT), FINRA’s Trade Reporting and Compliance Engine (TRACE), or Real-Time Transaction Reporting System (RTRS) reportable securities, the authority says.
FINRA has documented the technical specifications of SLATE, which describes the formats of the inbound and outbound messages from the SLATE system.
In addition, as loan transaction files are reported to the system, the files and records will be validated. Files indicating the records were accepted or rejected will be returned.
The SLATE reporting facility will be available for submissions between 06:00 and 23:59 ET on business days. Loan events reported after system close will be rejected, and must be reported on the next business day during SLATE system hours.
In terms of loan identifiers, the system will assign a FINRA loan ID to each unique accepted loan and will be required on all subsequent modifications and deletions if the corresponding new loan event or pre-existing loan modification event was submitted on a prior day.
This identifier will be used for loan lifecycle linkage and dissemination to the marketplace.
For data submission, reports must be submitted via fileX — a centralised, secure file transfer platform where firms can send, track and receive files in one place.
The platform streamlines the process for submitting bulk filings to FINRA, provides additional options for submitting those filings to FINRA, and allows for authentication and authorisation.
Firms will receive acknowledgment, integrity, and ingestion feedback to correct errors before compliance deadlines.
SLATE is the new reporting facility under Rule 6500 Series which performs two major functions: securities loan transaction reporting and data dissemination.
If approved by the US Securities and Exchange Commission (SEC), firms will be required to report covered securities loan information to SLATE pursuant to FINRA’s rules beginning 2 January 2026.
Participants of the service can submit loan transaction information on CAT NMS Plan (CAT), FINRA’s Trade Reporting and Compliance Engine (TRACE), or Real-Time Transaction Reporting System (RTRS) reportable securities, the authority says.
FINRA has documented the technical specifications of SLATE, which describes the formats of the inbound and outbound messages from the SLATE system.
In addition, as loan transaction files are reported to the system, the files and records will be validated. Files indicating the records were accepted or rejected will be returned.
The SLATE reporting facility will be available for submissions between 06:00 and 23:59 ET on business days. Loan events reported after system close will be rejected, and must be reported on the next business day during SLATE system hours.
In terms of loan identifiers, the system will assign a FINRA loan ID to each unique accepted loan and will be required on all subsequent modifications and deletions if the corresponding new loan event or pre-existing loan modification event was submitted on a prior day.
This identifier will be used for loan lifecycle linkage and dissemination to the marketplace.
For data submission, reports must be submitted via fileX — a centralised, secure file transfer platform where firms can send, track and receive files in one place.
The platform streamlines the process for submitting bulk filings to FINRA, provides additional options for submitting those filings to FINRA, and allows for authentication and authorisation.
Firms will receive acknowledgment, integrity, and ingestion feedback to correct errors before compliance deadlines.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
