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RFQ platform obligation requires stock brokers to route a growing share of proprietary corporate bond trades via quotes to boost liquidity and transparency. Stock brokers must increase use of the RFQ platform for proprietary secondary market trades in corporate bonds by meeting phased minimums through one-to-one or one-to-many quote modes, with compliance measured on a rolling basis across the current and two prior months; exchanges must notify members, amend rules, report implementation progress and file compliance reports with the regulator.
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Provisions expressly mentioned in the judgment/order text.
RFQ platform obligation requires stock brokers to route a growing share of proprietary corporate bond trades via quotes to boost liquidity and transparency.
Stock brokers must increase use of the RFQ platform for proprietary secondary market trades in corporate bonds by meeting phased minimums through one-to-one or one-to-many quote modes, with compliance measured on a rolling basis across the current and two prior months; exchanges must notify members, amend rules, report implementation progress and file compliance reports with the regulator.
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