MFA Comments on FINRA Wash Sale Proposal

Today, MFA filed a letter to the SEC on FINRA’s proposal to add supplementary material to FINRA Rule 5210 (Publication of Transactions and Quotations) regarding wash sale transactions.  MFA expressed in its letter that the unintentional interaction of orders from one or more algorithms from a single firm (“self-matches”) should not be a violation of Rule 5210.  MFA supported FINRA Members taking reasonable precautions to prevent self-matches that are publicly reported.  MFA also strongly supported the further development by exchanges and alternative trading systems of software functionality that will help users prevent self-matches.

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