The Financial Industry Regulatory Authority is seeking a rule change that would require brokerages to report trades within 10 seconds rather than 30.

The rule would apply to all equity transactions, including companies not listed on an exchange, and order cancellations, Finra said in a Feb. 1 to the U.S. Securities and Exchange Commission. The change will help ensure that trade data reflect the current market, according to Finra's proposal.

Finra is also trying to prohibit delays in reporting and said brokers should program systems to report executions as soon as possible. More than 99 percent of transactions executed by brokers away from the exchanges already report within 10 seconds, said the group that oversees 4,300 brokerages.

Only 22 companies in a one-week period were unable to report to Finra at least half of their eligible transactions within 10 seconds, it said. The majority of those firms route most of their trades to other brokers or do not handle equities frequently, Finra said.

If the SEC approves the change, it would take effect 120 to 180 days later, according to the filing.