December 18, 2017 - Front Office Meeting Agenda

Meeting Details

  • When: Monday, December 18, 2017 @ 4:00 PM ET

Meeting Agenda

  • FINRA Updates
    • Short Interest Reporting
      • December 6, 2017 - Regulatory Notice 17-43 - Guidance on reporting short interest positions held in master/sub-accounts or parent/child accounts.
    • FIX Format Changes
      • December 13, 2017: Technical Notice - FINRA withdraws required change to FIX Tag 22007 due to narrow time frame provided to implement the rule change.  
      • December 4, 2017 - Technical Notice - Starting Monday, March 5, 2018, FINRA will require a change to FIX Tag 22007 (Execution Time) to more accurately process execution time during Daylight Savings Time (DST) changes. This update affects firms’ transaction reports for all FINRA Multi Product Platform Products (MPP), including TRACE, The Over the Counter Trade Reporting Facility (ORF) and The Alternative Display Facility (ADF). 
    • FINRA Examination Findings - Cybersecurity 
      • December 1, 2017 - FINRA issues report on findings from their 2016-2017 examination process.
    • ORF
      • November 30, 2017 - Technical Notice - ORF Reference Data File Change - Effective March 5, 2018.
    • Upgrade to Transport Layer Security Version
      • November 28, 2017 - Technical Notice 
    • Market Making Rule
      • November 28, 2017 - Regulatory Notice 17-41 - FINRA Requests Comment on Effectiveness and Efficiency of its payments for Market Making Rule.
    • Fund Analyzer
      • November 21, 2017 - News Release - FINRA Introduces New Functionality and Design to Fund Analyzer.
    • Tier Size Pilot
      • November 20, 2017 - SR-FINRA-2017-035 - Proposed Rule Change to Extend the Tier Size Pilot of Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities).
    • AML
      • November 21, 2017: Regulatory Notice 17-40 - FINRA Provides Guidance to Firms Regarding Anti- Money Laundering Program Requirements Under FINRA Rule 3310 Following Adoption of FinCEN’s Final Rule to Enhance Customer Due Diligence Requirements for Financial Institutions
    • Additional FINRA Updates
      • December 11, 2017: REMINDER - FINRA/NYSE TRF - DR IP CHANGE - ACTION REQUIRED
      • November 30, 2017: SR-FINRA-2017-034 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Trade Reporting Facility Limited Liability Company Agreements
  • NMS Plans
    • December 7, 2017: 34-82235 - Order Approving the Fourth Amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed to Facilitate the Listing and Trading of Standardized Options
  • Limit Up-Limit Down
    • December 8, 2017: SR-NASDAQ-2017-129 - To amend Rule 4120 Limit Up-Limit Down Plan and Trading Halts to reduce the length of the Display-Only Period for the initial pricing on Nasdaq of a security that is the subject of an initial public offering.

  • SEC:
    • December 8, 2018: Release No 34-82253 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of Amendment No. 1 to a Proposed Rule Change to Adopt a Fee Schedule to Establish the Fees for Industry Members Related to the National Market System Plan Governing the Consolidated Audit Trail.
    • December 7, 2017: Agenda - SEC held an Investor Advisory Committee Meeting
  • CAT
    • November 30, 2017 - House Subcommittee held a hearing on the Implementation and Cybersecurity Protocols of the Consolidated Audit Trail.
    • November 21, 2017: SR-FINRA-2017-013 - Notice of Designation of Longer Period for Commission Action on Proceedings to Determine Whether to Approve or Disapprove the Proposed Rule Changes, as Modified by Amendments Thereto, to Eliminate Requirements That Will Be Duplicative of CAT.
  • Additional Exchange Updates
    • December 11, 2017 - Cboe launches Bitcoin Futures Trading Platform.
  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • December 6, 2017:  FIF held a CAT Working Group meeting.
      • November 29, 2017: FIF submitted a comment letter to SEC and SROs on a New Plan for CAT.
      • November 29, 2017:  FIF held a CAT Working Group meeting.
      • October 16, 2017:  FIF submitted comments to Thesys CAT on Industry Member Specification.
      • September 29, 2017:  FIF submitted a comment letter to the SEC on SRO Retirement Plans.
      • September 25, 2017:  FIF submitted a comment letter to Thesys CAT on Industry Member Specification .
      • September 25, 2017:  FIF held an outreach session with Thesys, covering new order events.
      • September 7, 2017:  Thesys CAT LLC released first draft of Industry Member Technical Specification.
      • September 7, 2017:  FIF participated in Industry Outreach Meeting with Thesys CAT LLC.
      • CAT NMS Plan Website
      • Next CAT Meeting: December 20th @ 2pm
    • Mark-Up/Mark-Down WG
        • December 18, 2017:  FIF held a Mark-Up/Mark-Down Working Group Meeting
        • November 13, 2017: FIF met with the SEC, MSRB and FINRA regarding a potential delay in the implementation date of MSRB Rule G-15/G-30 and FINRA Rule 2232.
        • November 6, 2017: FIF held a Mark-Up/Mark-Down Working Group Meeting on Possible Extension of MSRB Rule G-15/G-30 and FINRA Rule 2232 Implementation Date
        • July 12, 2017:  MSRB released FAQs/Guidance on confirms and PMP Calculation 
        • July 12, 2017:  FINRA released FAQs on rule enhancements to Fixed Income Confirmation Disclosures.
    • Cost Basis Working Group
      • December 7 - Cost Basis Working Group held a meeting on Thursday, December 7 focusing on the Tax Bill and how it might affect basis calculation and reporting.
      • Next Meeting:  January 11, 2018 @ 11:00 am et.
    • Data and Technology
      • December 20, 2017:  The Data & Technology Spotlight Topic will be presented by Peter Gargone, CEO of n-Tier fs.  The topic will center around Data Management in the Finance Industry.
      • January 2017:  The Data & Technology Spotlight Topic will be presented by Cboe and will focus on Cryptocurrency.
      • Next Meeting:  December 20, 2017 @ 10:30 am ET.
    • Retail Execution Quality
      • FIF to expand Charter of Retail Execution Quality Working Group
    • FIF Cybersecurity Working Group
      • Next Meeting, January 4, 2018 @ 3:00 PM ET.
      • FIF rebrands Reg SCI working group to incorporate a stronger focus on cybersecurity issues effecting FIF Member Firms.  If you would like to join the working group, please contact the program office at fifinfo@fif.com.
    • FIF has created a new working group on Cloud Technology which will launch in January.  If you have an interest in participating, subscribe through your FIF user profile or email the program office at fifinfo@fif.com
      • FIF Industry Solutions Offering
        • Visit the FIF Industry Solutions Page for the Latest Products & Services from Fellow FIF Members
      • 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
    • December 12, 2017: NYSE - TRADING TAPES B AND C SECURITIES - EXTENSION TO FEBRUARY 12, 2018
    • December 11, 2017: SR-NYSEArca-2017-137 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Period for the Exchange's Retail Liquidity Program until June 30, 2018
    • December 11, 2017: SR-BX-2017-023 - Notice of Filing of Amendment No. 2 to a Proposed Rule Change to Adopt Rule 7004 and Chapter XV, Section 11
    • December 5, 2017: SR-NASDAQ-2017-121 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 4759
    • December 4, 2017: SR-NYSE-2017-32 - Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to Amend Section 202.06 of the NYSE Listed Company Manual to Prohibit Listed Companies From Issuing Material News After the Official Closing Time for the Exchange's Trading Session Until the Earlier of Publication of Such Company's Official Closing Price on the Exchange or Five Minutes After the Official Closing Time
    • December 4, 2017: SR-BX-2017-052 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 4759
    • December 1, 2017: SR-BX-2017-055 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Period for the Retail Price Improvement Program Until June 30, 2018
    • December 1, 2017: SR-BX-2014-048 - Order Granting an Extension to Limited Exemption from Rule 612(c) of Regulation NMS in Connection with the Exchange's Retail Price Improvement Program Until June 30, 2018
    • November 30, 2017: REMINDER - NYSE ARCA INTEGRATED FEED V1.16 DECOMMISSION
    • November 29, 2017: SR-BX-2017-054 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt a Shell Structure for the BX Rulebook
    • November 22, 2017: SR-NASDAQ-2017-122 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 4702
    • November 22, 2017: SR-NASDAQ-2017-087 - Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Modify the Listing Requirements Related to Special Purpose Acquisition Companies to Reduce Round Lot Holders on Nasdaq Capital Market for Initial Listing From 300 to 150 and Eliminate Public Holders for Continued Listing from 300 to Zero, Require $5 Million in Net Tangible Assets for Initial and Continued Listing on Nasdaq Capital Market, and Impose a Deadline to Demonstrate Compliance with Initial Listing Requirements on All Nasdaq Markets Within 30 Days Following Each Business Combination
    • November 22, 2017: SR-NYSEArca-2017-132 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 5.1-E(c) Regarding the Requirements for the Listing of Securities that are Issued by the Exchange or Any of Its Affiliates
    • November 21, 2017: 34-82138 - Order Approving a Proposed Rule Change, as Modified by Amendments No. 1 and 2, to List and Trade Shares of the U.S. Equity Cumulative Dividends Fund - Series 2027 and the U.S. Equity Ex-Dividend Fund - Series 2027 under NYSE Arca Rule 8.200-E, Commentary .02
  • Additional Updates - Options
    • December 11, 2017: PHLX Updates FIX Specifications to Support PIXL Cross Surrender
    • December 11, 2017: SR-Phlx-2017-037 - Notice of Filing of Amendment No. 2 to a Proposed Rule Change to Adopt Rule 7004 and Chapter XV, Section 11
    • December 8, 2017: SR-Phlx-2017-99 - Notice of Filing of Proposed Rule Change to Amend the Exchange Rules to Make Permanent a Program that Allows Transactions to Take Place in Open Outcry Trading at Prices of at Least $0 But Less Than $1 per Option Contract ("sub-dollar cabinet trades")
    • December 6, 2017: Nasdaq updates policy on emailed reports via Report HQ
    • December 6, 2017: Nasdaq GEMX Updates SQF and OTTO Specifications
    • December 5, 2017: SR-Phlx-2017-95 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 3304
    • December 4, 2017: Nasdaq GEMX Updates Technical Specification
    • December 1, 2017: SR-CBOE-2017-064 - Order Approving a Proposed Rule Change Creating an Electronic-Only Order Type
    • December 1, 2017: PHLX Disciplinary Rules - Public Notification of Rule Change
    • November 29, 2017: SR-CBOE-2017-057 - Notice of Filing of Amendment No. 1 and Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change, as Amended, to Amend Interpretation and Policy .07 of Exchange Rule 4.11, Position Limits, to Increase the Position Limits for Options on Certain Exchange Traded Products
    • November 27, 2017: NYSE AMERICAN OPTIONS: EXPANSION OF SELF-TRADE PREVENTION FOR MARKET MAKERS
    • November 27, 2017: NYSE OPTIONS: SETTINGS FOR ACTIVITY BASED RISK MITIGATION ON ORDERS
    • November 27, 2017: RG17-172 - Enhancements for AIM Responses from Market-Makers and for AIM / SAM (AIM AON) Contra-Side Match Orders from Market-Makers 
    • November 22, 2017: SR-Phlx-2017-75 - Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change to Amend Rule 1009 to Modify the Criteria for Listing an Option on an Underlying Covered Security
    • November 21, 2017: RG17-165 - Removal of Sub-Cabinet and all Paper Cabinet Trades - Update

  • Next Meeting Date: Tuesday, January 23, 2017 @ 4:00 pm ET.

_________________________________________________________________

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