October 18, 2016 Front Office Agenda

  • When: Tuesday, Oct 18, 2016 @ 4:00 PM ET
  • Where: Click here to join the meeting

Meeting Agenda

  • FINRA Updates 
    • ADF
      • Update from Brendan Loonam, FINRA, on SR-FINRA-2016-031.
      • October 7, 2016:  Trade Reporting Notice 100716 - Firms that elect to submit clearing-eligible trades to the Alternative Display Facility (ADF) using the Trade Match or Trade Acceptance functionality must identify only a contra party that is another ADF participant with access to the ADF and the ability to view and take action with respect to the submission.
    • TRF
      • Sept 28, 2016:  SR-FINRA-037 - Proposed Rule Change to Modify Fees and Transaction Credits for the FINRA/NYSE Trade Reporting Facility.
  • Exchange Updates
    • MIAX
      • Sept 23, 2016: SR-MIAX-2016-35 - Amend MIAX Rule 503 Openings on the Exchange and MIAX Rule 603 Obligations of Market Makers to Clarify a PLMM's Quoting Obligations at the Opening.
  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • Oct 5, 2016:  FIF met with the SEC to discuss concerns regarding the Consolidated Audit Trail.  A link to FIF's presentation can be accessed here.
      • Sept 2, 2016:  SRO Response Letter concerning industry feedback of the CAT NMS Plan
      • CAT NMS Plan Website
    • Rule 600/606 - Disclosure of Order Handling Working Group
      • FIF has formed an ad hoc working group to discuss concerns related to proposed rule from the SEC affecting the Disclosure of Order Handling Information.  
        • FIF Submitted a Comment Letter to the SEC on September 26, 2016.  
        • Next Meeting Date:  Wednesday, October 19 at 1:00 pm ET.
    • Tick Size Pilot Working Group
      • Nov 2016:  Tick Size Pilot Firm Review Files - Tick Size Pilot Statistics to be published November 2016.
      • Oct 3, 2016 - Phased Roll-Out of the Tick Size Pilot Program begins.  Please click here to find FINRA's Implementation Rollout Schedule of Symobls and Dates.  
      • Sept 30, 2016:  SR-FINRA-038 - Proposed Rule Change to Amend FINRA Rule 6191 to Modify the Quoting and Trading Requirements Relating to the Block Size Exception and the Use of Intermarket Sweep Orders and Trade-at Intermarket Sweep Orders
      • Jun 30, 2016:  Trading and Quoting FAQs - Updated FAQs for Tick Size Pilot-Updated Version Includes Examples of Trade-At Block Size Exceptions.
      • FINRA Tick Size Pilot information available here.
      • Buy-Side Tick Size Pilot Guide available here.
    • Market Data Technology
      • Next Meeting Date:  Wednesday, October 19 at 10:30 am ET.
    • FIF Retail Execution Quality Statistics
    • FIF Regulatory Initiatives Tracking Site - (Requires FIF Website Login)
    • FIF Monthly Reports 
      • Market Share Report
      • Market Dynamics Report
      • Market Share Executive Summary
      • Market Dynamics Executive Summary
    • Additional Updates - Equities
      • Oct 10, 2016: ETU-2016-10 - NASDAQ and BX updates specifications for Reactive Trade Now
      • Oct 7, 2016:  NYSEArca-2016-136 - Proposed Rule Change Amending NYSE Arca Equities Rule 7.35P to Provide for Widened Price Collar Thresholds for the Core Open Auction on Volatile Trading Days.
      • Oct 7, 2016: SR-NYSE-2016-64 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Supplementary Material .20 to Rule 103.
      • Sept 30, 2016:  SR-NASDAQ-2016-135 - Proposal to amend the continued listing requirements for exchange-traded products Nasdaq Rule 5700 series, as well as a related amendment to Nasdaq Rule 5810.
      • Sept 28, 2016:  SR-NASDAQ-2016-134 - A Proposed Rule Change to List and Trade Exchange-Traded Managed Funds.
      • Sept 19, 2016: SR-NASDAQ-2016-131 - Proposal to amend Rule 4120 to enhance the reopening auction process following a trading halt and Rule 11890 to provide that a member cannot request a review of an execution arising from a Halt Auction as a clearly erroneous execution.
      • Sept 15, 2016:  ETA-2016-179 - FINRA/NASDAQ TRF to disable NO/WAS functionality as of October 31, 2016.
      • Aug 18, 2016:  ETA-2016-189 - FINRA/NASDAQ TRF to expand carryover of Match-Compare Trade Reports and enforcement of reversal logic for Match-Compare Trade Reports
    • Additional Updates - Options
      • Oct 7, 2016: ORA-2016-33 - NASDAQ PHLX notifies participants of directed order allocation inconsistencies.  
      • Oct 7, 2016: SR-CBOE-2016-071 - The MIAX Options Exchange is modifying the BCP Testing Requirements per the SIFMA 2016 industry guidelines.
      • Oct 4, 2016:  OTU 2016-9 - NASDAQ Options Market updates OTTO Specification.
    • Next Meeting Date:  Tuesday, Nov 15, 2016 @ 4:00 PM ET.