January 23, 2018 - Front Office Meeting Agenda

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Meeting Details

  • When: Tuesday January 23, 2018 @ 4:00 PM ET

Meeting Agenda

  • FINRA Updates
    • ORF
      • January 4, 2018: Reminder and Schedule Change: Upgrade to TLS 1.1/1.2
      • January 4, 2018: ORF Reference Data File: Schedule Change
    • TRACE
      • January 10, 2018: Reminder: Effective Date for Required Use of TRACE for Treasuries Modifiers
      • January 4, 2018: Reminder and Schedule Change: Upgrade to TLS 1.1/1.2
      • December 21, 2017: Testing of TRACE for Treasuries Reporting Changes
      • December 20, 2017: TRACE for Treasuries Reporting Changes
      • December 13, 2017: Update: FIX Format Changes
    • Additional FINRA Updates
      • January 12, 2018: SR-FINRA-2018-002 - Proposed Rule Change Relating to the New Securities Industry Essentials (SIE) Examination
      • January 11, 2018: Regulatory Notice 18-03 - FINRA Announces Updates of the Interpretations of Financial and Operational Rules.
      • January 8, 2018: FINRA announces 2018 Examination Priorities.
      • January 8, 2018: Regulatory Notice 18-02 - FINRA Requests Comment on Proposed Amendments to FINRA Rule 4521 and New Supplemental Liquidity Schedule
      • January 2, 2018: Regulatory Notice 18-01 - Final Statements for Broker-Dealers, Investment Adviser Firms, Agents and Investment Adviser Representatives, and Branches.
  • NMS Plans
    • January 5, 2018: 34-82451 - Notice of Filing and Immediate Effectiveness of Amendment No. 4 to the National Market System Plan Governing the Consolidated Audit Trail.
    • January 3, 2018: 34-82440 - Notice of Filing and Immediate Effectiveness of the Forty-First Amendment to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis.
    • Tick Size Pilot - Expiration of Trading Portion of Tick Size Pilot (Oct 3, 2018) - Possible Material Changes to the Pilot and SRO/SEC follow up.
  • SEC:
    • January 11, 2018:  Press Release 2018-05 - Robert Jackson and Hester Peirce sworn in as SEC Commissioners.
    • January 8, 2018 - Press Release 2018-01 - SEC held inaugural Fixed Income Market Structure Advisory Committee Meeting.
    • January 5, 2018: S7-09-14 - Security-Based Swap Communications
  • CAT
    • January 30, 2018: Industry Update on CAT - On Tuesday, January 30, 2018 at 4:15, the CAT NMS Plan Operating Committee will be hosting a webcast to address progress on CAT.  FIF will provide the dial-in details when it becomes available.  
    • January 16, 2018: SR-FINRA-2017-011 - Notice of Withdrawal of Proposed Rule Changes, as Modified by Amendments, to Establish Fees for Industry Members to Fund the Consolidated Audit Trail
    • January 9, 2018: NEW Participant Technical Specifications v1.5
    • December 19, 2017: Industry Update on the Consolidated Audit Trail

  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • FIF to form working group to assist with the review of CAT Participant Specs.
      • FIF to form working group to assist Thesys CAT with CAT Reporting to handle Blue Sheet Requirements.
      • January 24, 2018: FIF will hold a CAT Working Group Meeting @2pm est.
      • January 17, 2018: FIF held a CAT meeting discussing our meetings with Thesys and the SEC
      • January 10, 2018:  FIF met with SEC to discuss CAT Implementation and areas of concern.
      • January 9, 2018: FIF met with Thesys CAT to discuss CAT Industry Member Technical Specification
      • January 3, 2018:  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.
      • 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 7, 2017:  Thesys CAT LLC released first draft of Industry Member Technical Specification.
      • CAT NMS Plan Website
    • Mark-Up/Mark-Down WG
        • January 23, 2018: FIF, SIFMA and BDA submitted results of the survey to FINRA, MSRB, and the SEC.
        • January 10, 2018:  FIF, SIFMA, and the BDA distributed survey to assess readiness of firms' MUMD Disclosure Enhancement Requirements.
        • 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
      • January 11, 2018 - Cost Basis Working Group held a meeting focusing on the impacts of the Tax Bill and a 305c update.
    • Cloud Technology Working Group
      • An introductory meeting of this new working group took place on January 11th. If you would like to join the working group, please contact the program office at fifinfo@fif.com.
    • Data and Technology
      • Next Meeting:  January 24 @ 10:30 am ET. Spotlight topic will focus on Cryptocurrencies and will be presented by Cboe Global Markets.
    • Retail Execution Quality
      • FIF expands Charter of Retail Execution Quality Working Group
    • FIF Cybersecurity Working Group
      • FIF held a working group meeting on January 12, 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 Industry Solutions Offering
    • 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
    • January 17, 2018: NYSE AMERICAN/NYSE ARCA: CHANGES TO AUCTION COLLARS, MPL ORDERS AND MTS
    • January 16, 2018: SR-NYSEArca-2018-01 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 7.31-E Relating to Mid-Point Liquidity Orders and the Minimum Trade Size Modifier and Rule 7.36-E to Add a Definition of "Aggressing Order"
    • January 10, 2018: NYSE - HALL 2 FIX AND BINARY GATEWAY DECOMMISSION
    • January 9, 2018: SR-NASDAQ-2018-004 - A proposal to amend Exchange Rule 7047
    • January 8, 2018: Nasdaq to Implement the Midpoint Extended Life Order
    • January 8, 2018: Nasdaq Updates Display-Only Period Length for IPO Process
    • January 3, 2018: SR-NASDAQ-2018-002 - Proposal to add a new Rule 6200 to authorize the Exchange to share Participant-designated risk settings in the Exchange's trading system with the clearing member that clears transactions on behalf of the Participant
    • January 2, 2018: SR-NYSENAT-2018-02 - Proposes rules and rule changes to support the re-launch of the Exchange on the Pillar trading platform
    • January 2, 2018: SR-NASDAQ-2018-001 - Proposal to amend transaction credits at Rule 7018(a)
    • December 29, 2017: LULD TIER 1 ETP UPDATE
    • December 27, 2017: SR-NASDAQ-2017-136 - Proposal to modify the listing requirements contained in Listing Rule 5635(d) to change the definition of market value for purposes of the shareholder approval rules and eliminate the requirement for shareholder approval of issuances at a price less than book value but greater than market value
    • December 26, 2017: SR-NASDAQ-2017-134  - A proposal to amend Exchange Rule 7037
    • December 21, 2017: NYSE ARCA: REMINDER - SUNSET OF NYSE ARCA GATEWAYS
    • December 15, 2017: CHANGES TO HISTORICAL TAQ XDP PRODUCTS FOR TAQ NYSE OPENBOOK AND TAQ NYSE INTEGRATED - EFFECTIVE FEBRUARY 12, 2018
    • December 14, 2017: SR-NYSE-2017-67 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 300
    • December 14, 2017: 34-82332 - Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether to Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 3, to Amend Section 102.01B of the NYSE Listed Company Manual to Provide for the Listing of Companies that List Without a Prior Exchange Act Registration and that Are Not Listing in Connection with an Underwritten Initial Public Offering and Related Changes to Rules 15, 104, and 123D
  • Additional Updates - Options
    • January 16, 2018: SR-NASDAQ-2018-005 - A proposal to amend Chapter IV, Section 3 (Criteria for Underlying Securities) of the rules governing the Nasdaq Options Market ("NOM") to modify the criteria for listing an option on an underlying covered security
    • January 11, 2018: Nasdaq PHLX Changes Minimum Quote Size Requirement in "Y"
    • January 11, 2018: SR-BOX-2018-01 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend BOX Rule 3030 to Establish Rules Related to the Use of Floor Broker Error Accounts
    • January 9, 2018: SR-Phlx-2018-05 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend a Cross-Reference in Rule 1017 (Openings in Options)
    • January 9, 2018: SR-Phlx-2017-75 - Order Granting Approval of a Proposed Rule Change to Amend Rule 1009 to Modify the Criteria for Listing an Option on an Underlying Covered Security
    • January 9, 2018: Nasdaq PHLX To Introduce Configurable Anti-Internalization (AIQ) Functionality
    • January 9, 2018: PHLX, NOM and MRX Update SQF and OTTO Specifications
    • January 8, 2018: SR-CBOE-2017-084 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 6.13, CBOE Hybrid System Automatic Execution Feature
    • January 5, 2018: SR-Phlx-2017-99 - Order Granting Accelerated Approval of a Proposed Rule Change to Amend Rule 1059 to Make Permanent a Program that Allows Cabinet Trade Transactions to Take Place at a Price Below $1 Per Option Contract
    • January 2, 2018: Revised: Nasdaq Announces Changes to the Penny Pilot Program, Effective January 3, 2018
    • December 29, 2017: RG17-191 Cboe and C2 Options Notices  
    • December 22, 2017: RG17-187 Trading Permit Sliding Scale Programs 
    • December 19, 2017: RG17-186 SPX LEAP Expirations for March and September
    • December 19, 2017: SR-BOX-2017-37 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to amend Rule 7260 by extending the Penny Pilot Program through June 30, 2018
    • December 19, 2017: RG17-185 Amendment to the Options Listing Procedures Plan
    • December 18, 2017: SR-CBOE-2017-076 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rule 5.4, Withdrawal of Approval of Underlying Securities
    • December 15, 2017: SR MIAX 2017 49 - Amend Rule 612, Aggregrate Risk Management ("ARM"), and Rule 518, Complex Orders to adopt a Market Maker Single Sided Protection (“SSP”) Feature
    • December 15, 2017: PHLX, NOM, BX, ISE, GEMX and MRX Quarterly Quote Spread Parameter Relief through March 16, 2018
    • December 15, 2017: PHLX, NOM, BX, ISE, GEMX and MRX Bid/Ask Differentials for "MKL", "NDX" and "PCLN" Option Classes through March 16, 2018
    • December 15, 2017: Quoting Obligation Guidance for NASDAQ PHLX, Nasdaq ISE, Nasdaq GEMX and Nasdaq MRX
    • December 15, 2017: RG17-183 AIM and Reserve Orders - Update

  • Next Meeting Date: Tuesday, February 27 @ 4:00 pm ET.

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