The U.S. Financial Industry Regulatory Authority (FINRA) announced on Wednesday that its proposal to require its member firms to report transactions in Treasury securities to its Trade Reporting and Compliance Engine (TRACE) has received approval from the U.S. Securities and Exchange Commission (SEC).

The requirement, which will take effect July 10, 2017, will apply to all U.S. Treasury securities except savings bonds. The new reporting requirement is intended to enhance regulatory oversight of the Treasury market, FINRA is not currently planning to publicly disseminate the data it collects.

“TRACE will provide an effective structure for FINRA members to report trades in Treasuries so that more information about this important market is available to regulators,” says Steven Joachim, executive vice president of transparency services at FINRA, in a news release.

The initiative follows an episode of unexplained volatility in the U.S. Treasury markets in 2014, which pushed regulators to enhance their oversight in these markets.

“The new requirement will significantly enhance the ability of FINRA and other regulators to understand trading activity in Treasury securities. Leveraging the existing TRACE platform will reduce the burden on firms to comply with the new reporting obligations,” Joachim added.