November 15, 2016 Front Office Agenda

  • When: Tuesday, Nov 15, 2016 @ 4:00 PM ET
  • Where: Click here to join the meeting

Meeting Agenda

  • FINRA Updates 
    • TRACE
      • Oct 19, 2016:  Regulatory Notice 16-39 - SEC Approves Rule Change to Require Reporting of Transactions in U.S. Treasury Securities to the Trade Reporting and Compliance Engine (TRACE).
        • TRACE Technical Specifications
        • FIF is forming a working group to address the rule changes to TRACE reporting of U.S. Treasury Transactions.  For more information, contact the program office at fifinfo@fif.com.
        • First Meeting Date: Wednesday, November 16 at 3:00 PM ET.
    • OATS
      • Nov 7, 2016: OATS Technical Specification - Recent updates to OATS Reporting Technical Specifications applicable only to ATSs for orders in NMS stocks went into the Production environment on November 7, 2016.
        • OATS Compliance FAQs - FINRA added three new FAQs related to changes in Special Handling Codes applicable to ATS.'  The additional FAQs are found in questions 107, 108, and 109.
    • ATS
      • Nov 8, 2016:  SR-FINRA-2016-041 - Proposed Rule Change Relating to the Implementation Date for Alternative Trading Systems to Report Sequence Numbers Under Rule 4554.
    • FINRA Response to Regulatory Notice 14-46
      • Nov, 2016: Trade Reporting Notice XX -  On January 9, 2016, FINRA submitted for comment Regulatory Notice 14-46, which proposed that FINRA interprets the "as soon as practicable" requirement under the trade reporting rules to require that firms not disseminate executed trade informaiton for OTC trades in NMS stocks sooner than the trade is reported to FINRA.  FINRA has revised their original guidance to address comments received.
        • Feb 20, 2015:  FIF submitted a comment letter addressing FINRA's Proposal to Identify OTC Equity Trades Reported More Than Two Seconds After Execution as "Out of Sequence" and Not Last Sale Eligible.
  • SEC Updates
    • Nov 8, 2016:  Equity Market Structure Advisory Committee Equity Market Structure Advisory Committee - The SEC Equity Market Structure Advisory Committee will be holding a public meeting on Tuesday, November 29, 2016.
  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • Nov 15, 2016: Sunshine Act Meeting - The Commission will consider whether to approve a proposed national market system ("NMS") plan to create, implement, and maintain a consolidated audit trail, submitted pursuant to Rule 613 of Regulation NMS.
      • Nov 3, 2016:  SEC Release No. 34-79237 - The SEC is adopting a temporary rule, new Rule 608T that extends to November 15, 2016, the date by which the Commission is required to act on the Consolidated Audit Trail.
      • 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.  
        • Nov 7, 2016:  FIF Submitted an Addendum to its Comment Letter submitted on September 26th, which included a proposed combined template.
    • Tick Size Pilot Working Group
      • Nov 2016:  Tick Size Pilot Firm Review Files - Tick Size Pilot Statistics to be published February 2017.
      • FINRA Tick Size Pilot information available here.
      • Buy-Side Tick Size Pilot Guide available here.
      • First Meeting Date: Wednesday, November 16 at 3:00 PM ET.
    • Market Data Technology
      • Next Meeting Date:  Wednesday, November 16 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
      • Nov 8, 2016:  SR-NASDAQ-2016-156 - A proposal to amend Rule 4702 and Rule 4703 to add a Trade Now instruction to certain order types.
      • Nov 4, 2016:  SR-NASDAQ-2016-155 - A proposal to amend the Limit Order Protection for members accessing the Nasdaq Market Center.
      • Nov 1, 2016:   SR-CHX-2016-16 -  Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Adopt the CHX Liquidity Taking Access Delay. 
      • Oct 31, 2016:  SR-NASDAQ-2016-151 - A proposal to amend Commentary .14 to Rule 4770 (Compliance with Regulation NMS Plan to Implement a Tick Size Pilot).
      • Oct 31, 2016:  SR-NASDAQ-2016-150 - Proposal to amend the Exchange NBBO Program at Rule 7014(g) to change the qualification criteria required to receive the executed NBBO Program rebate in NYSE-listed securities and in Securities Listed on Exchanges other than Nasdaq and NYSE.
      • Oct 27, 2016:  NYSE-MKT-2016-99 - Proposal to Amend Rule 104 Equities.
      • Oct 26, 2016:  SR-NASDAQ-2016-131 - Notice of Filing of Proposed Rule Change to Enhance the Reopening Auction Process Following a Trading Halt Declared Pursuant to the Plan to Address Extraordinary Market Volatility.
      • Oct 21, 2016:  NYSE-MKT - Trading of NASDAQ Listed Securities - Final Update - NYSE MKT will cease trading Nasdaq-listed symbols when the legacy UTP SIP technology protocol is sunset.
    • Additional Updates - Options
      • Nov 8, 2016:  SR-BOX-2016-50 - Notice of Filing of Proposed Rule Change to Amend Rule 5050 Series of Options Contracts Open for Trading to Provide for the Listing and Trading on the Exchange of RealDayTM Options Pursuant to a Pilot Program.
      • Nov 2, 2016:   SR-Phlx-2016-107 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Exchange Rule 1079 Concerning the Process of Initiating a FLEX Transaction and Determining the Best Bid or Offer.
      • Nov 1, 2016:  OTU 2016-11 - NASDAQ announces ISE Gemini Connectivity and UAT Schedule.
      • Oct 26, 2016:  OTU 2016-10 - ISE Integration FAQ Updates.
      • Oct 24, 2016:  MIAX Reg Cir 2016-53 - The Exchange has amended Rule 503, Openings on the Exchange, and Rule 603, Obligations of Market Makers, to add new Interpretations and Policies to each rule.
    • Next Meeting Date:  Tuesday, Dec 20, 2016 @ 4:00 PM ET.