Join FIF

Stay Informed on Current Regulatory and Market Initiatives

With discussion documents, committee meetings and email bulletins, FIF keeps its members updated on the significant industry initiatives that are driving technology innovation and internal spending. FIF also engages and informs regulators about the implementation impact of proposed regulation and other market structure changes. Key issues include:

• Interactive discussions with tracking documents and web portals surrounding SEC Market Access Rule, OATS Expansion to NMS Securities and Limit Up-Limit Down
• Market Transparency discussions around Consolidated Audit Trail (CAT), Large Trader Reporting System and Dark Pool Reporting
• Market Data Capacity and Latency Statistics, new Exchanges and Trends including peak message rates and daily messages from execution venues globally. Online download tool allows members to select and compare multiple feeds capacity statistics and download them for further analysis. Click here to view an excerpt.
• Order Handling Issues (e.g., FINRA OATS/Trade Reporting, NYSE Rule 92/Manning, Sponsored Access, Short Sale, Exchange Connectivity, Erroneous Trades)
• Back Office Processing Issues (e.g., Cost-Basis Reporting, DTCC Corporate Actions Re-engineering, DTCC Obligation Warehouse, MBS CCP Pool Netting, NSCC Universal Trade Capture, TRACE, ACATS, SEC Large Trader Reporting System, Electronic Blue Sheets)
• Business Continuity Planning/Preparedness (FIF Emergency Command Center, 2011 Industry Connectivity Testing, GETS Cards for FIF Market Data Vendors and Service Bureaus member firms, Participation in FSSCC)
• Short Sale Implementation and Stock Circuit Breaker Implementation discussions involving feedback from SEC, FINRA and Exchanges

Drive Industry Issues to Successful Resolution

FIF prepares comment letters and discussion documents based on member input that contribute to changes in implementation time frames and methodology. Past accomplishments include the cancellation of the NASDAQ Symbology implementation and FINRA replacing the current market maker-based trade reporting framework with an "executing broker " framework. FIF has submitted comment letters in 2010 on the following initiatives: Publication of Dark Pool data, Cost Basis, Short Sale, Suffix Symbology, Clearly Erroneous Executions, Large Trader Reporting System, Consolidated Audit Trail and FINRA OATS.

Apply FIF Insight Within Your Firm

FIF serves as a consolidated repository of information and insight that members depend on for internal decision making with discussion documents, online relevant link web pages, quarterly events and meetings focused on implementation.

Past Regulatory and Market Initiatives

FIF has participated and kept its members updated on the following initiatives:

• Options Symbology Initiative (OSI) Implementation including a review of OCC, OPRA, LOPR, Bluesheet and Options Exchange changes
• NASDAQ Symbology suspension
• OATS for OTC delay and reduction of project scope in line with FIF recommendations
• SIFMA/FIF Regulation NMS Implementation Working Group tracked implementation progress and addressed open issues