Is yield optional? It appears to be an optional field in the TRACE specifications?
No, reporting of yield is not optional. A member must report yield as required in TRACE Rule 6230(c)(13). A member does not report yield when a security is in default (and is trading flat), has a floating interest rate (e.g., Floating Rate Notes (FRNs)), has a step-up or a step-down feature and the amount of the step-up or step-down is not known, or is a pay-in-kind security (PIK). The provision also includes a more generally worded exception. Thus, the yield field is not optional, but may appear to be optional in the specifications because yield is not required in certain cases. Please review Rule 6230(c)(13) carefully.
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- Is yield optional? It appears to be an optional field in the TRACE specifications?
