April 18, 2017 - FIF Front Office Meeting Agenda

Meeting Details

  • When: Tuesday, April 18, 2017 @ 4:00 PM ET
  • Where: Click here to join the meeting

Meeting Agenda

  • FINRA Updates 
    • CAT 
      • March 15, 2017:  34-80255 - Financial Industry Regulatory Authority, Inc.; Order Approving Proposed Rule Change to Adopt the FINRA Rule 6800 Series (Consolidated Audit Trail Compliance Rule).
    • TRACE
      • April 3, 2017: Trade Reporting Notice – 4/3/17 - FINRA Updates the Transparency Services FINRA Participant Agreement
      • March 27, 2017: Revised TRACE Securitized Products Web API specification
    • ORF
      • April 6, 2017: ORF and ADF Changes for Trade Reporting and T+2 Settlement - In accordance with the industry-led shortened settlement cycle from three business days (T+3) to two business days (T+2) FINRA will make available its changes for equity trade reporting.
      • March 24, 2017:  FINRA MPP Client Connections to NASDAQ Data Center - FINRA client connections to its Multi Product Platform (MPP) services, such as TRACE, the Over the Counter Reporting Facility (ORF), the OTC Bulletin Board (OTCBB) and the Alternative Display Facility (ADF), are routed through Nasdaq, which acts as FINRA's service provider. Nasdaq is currently making changes to its connectivity offering, that will impact FINRA member firms.
      • March 17, 2017:  Additional TRACE and ORF CTCI Validation Required on Trade Cancels - Beginning Monday, June 26, 2017, FINRA will require Over The Counter Reporting Facility (ORF) and TRACE Corporate and Agency (CA)and Securitized Products (SP) clients using CTCI protocols to include a Reporting Party Identifier (RPID) on all cancellation transactions sent for previously reported trades. The validation for TRACE for Treasuries (TS) will be implemented on July 10, 2017.
  • DOL Fiduciary Rule
    • March 29, 2017:  Department of Labor Delays DOL Fiduciary Rule Implementation 
  • T+2
    • March 28, 2017:  MSRB Announces Date of Transition to a Two-Day Settlement Cycle for Municipal Securities Transactions.
    • March 22, 2017: 34-80295 - Amendment to Securities Transaction Settlement Cycle
    • March 22, 2017:  Financial Services Industry Commends SEC on Final Rule to Facilitate a Shorter Settlement Cycle.
    • March 21, 2017:  Corporate Action Test Event for Cycles 4 through 8.
    • March 17, 2017:  T+2 Changes to Omgeo's Prime Broker Disaffirmation Cutoff.
  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • April 12, 2017:  FIF submitted Comment Letters to the SEC and the Plan Participants regarding retirement of duplicative systems.
      • April 11, 2017:  Survey on Clock Synchronization from CAT Plan Participants.  
      • April 6, 2017:  FIF held a CAT Working Group Meeting
      • April 4, 2017:  CAT NMS, LLC Operating Committee with be hosting at CAT webcast on Thursday, April 13, 2017 at 4:15 PM.  
      • March 2, 2017: FIF submitted a comment letter to the SEC addressing various clock synchronization issues related to CAT and FINRA Rule 4590
      • Feb 3, 2017:  FIF submitted a comment letter to the SEC requesting permanent relief with respect to the current November 1, 2017 compliance data for Phase Three of Rule 13h-1.
      • Next FIF CAT meeting will be held on Wednesday, April 20th @10:00 am ET.
      • CAT NMS Plan Website
    • Tick Sized Pilot WG
      • April 5, 2017:  FIF submitted a comment letter on proposed methodology of B.I, B.II, and B.IV data.
      • FIF held a WG call on March 8th to discuss FINRA's proposed masking methodology of B.I, B.II, and B.IV data.
    • Mark-Up/Mark-Down WG
      • March 29, 2017:  FIF held a Mark-Up/Mark-Down working group meeting to discuss various implementation issues
      • FIF held a joint session with MSRB on March 29th regarding FINRA Rule 2232/MSRB Rule G-15/G-30 (Mark-Up/Mark-Down). The discussion focused on implementation concerns.
    • TRACE for Treasuries
      • FIF will be holding working group meetings to address implementation concerns pursuant to new TRACE for Treasuries rules.
    • Cost Basis Working Group
      • The next Cost Basis Working Group meeting will be held on Thursday, May 4th @ 11:00 am ET.
    • Data & Technology
      • Next Meeting:  April 26, 2017 @ 10:30 am ET
    • FIF Retail Execution Quality Statistics
    • FIF Regulatory Initiatives Tracking Site - (Requires FIF Website Login)
    • FIF Monthly Reports
      • Market Data Capacity Statistics – (Requires FIF Website Login)
    • Additional Updates - Equities
      • April 6, 2017: SR-NASDAQ-2017-034 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Implementation Date of Its Functionality Relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging 
      • April 3, 2017: NYSE Arca Equities 17-01 - Amended Timeframe for Electronic Filing of Forms U5 and Amendments thereto
      • April 3, 2017: SR-CHX-2017-04 - Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change to Adopt the CHX Liquidity Enhancing Access Delay
      • March 30, 2017: SR-NASDAQ-2017-032 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Nasdaq Rule 5710
      • March 22, 2017: NYSE ARCA - NYSE Pillar - Phase II Update
      • March 20, 2017: NYSE ARCA Proprietary Market Data - Upcoming Changes in 2017
    • Additional Updates - Options
      • April 3, 2017: Nasdaq ISE Announces ISE FIX Bridge Production Port Transition Schedule
      • April 3, 2017: NYSE Arca Options 17-01 - Amended Timeframe for Electronic Filing of Forms U5 and Amendments thereto
      • March 31, 2017: Launch of NYSE Options Imprint
      • March 29, 2017: SR-CBOE-2017-026 - Proposal Regarding the Non-Standard Expirations Pilot Program
      • March 28, 2017: SR-CBOE-2017-025 - Proposal to Extend the SPXPM Pilot Period Until May 3, 2018
      • March 24, 2017: RG17-042 NBBO Protection for Spreads - National Spread Market (NSM)
      • March 23, 2017: Nasdaq Amends Third Party Services SEC Filing and Key Dates
      • March 22, 2017: ISE Conformance Scripts and Nasdaq Test Facility (NTF) Guide Updates
      • March 22, 2017: SR-CBOE-2017-024 - Proposal to Amend Trade Reporting Duties
      • March 17, 2017: #2017-10 - ISE Bid/Ask Differentials for "NDX" and "PCLN" Option Classes through April 22, 2017
    • Next Meeting Date:  Tuesday, May 16, 2017 @ 4:00 PM ET.

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