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For all trades on US Treasuries made through RFQs, all the trades should be reported to TRACE to have post-trade transparency.

But is TRACE then available to the public? or is it just for SEC?

If it's not made public I am wondering why it's not the case, because it would help institutions like banks to deliver bad quotes to toxic clients (for example clients that send simultaneous buy/sell RFQs to capture the spread without any risk).

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It is publicly available as of very recently.
https://www.finra.org/rules-guidance/notices/24-06

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According to https://www.finra.org/investors/insights/what-is-TRACE

U.S. Treasury securities, which represent the latest expansion of the program, are also reported to TRACE though currently aren’t publicly available.

See also https://www.finra.org/filing-reporting/trace/data

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  • $\begingroup$ Thank you! Helps a lot. Any clues why it's not publicly available? $\endgroup$ Apr 12 at 23:25
  • $\begingroup$ According to the news @dm21 found, it looks like it's becoming available. I don't know why it wasn't right away, but knowing FINRA, I suspect lack of funds/resources to do it sooner. $\endgroup$ Apr 13 at 2:41

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