April 24, 2018 - Front Office Meeting Agenda

Meeting Details

  • When: Tuesday April 24, 2018 @ 4:00 PM ET

Meeting Agenda

  • FINRA Updates
    • OATS
      • March 23, 2018:  FINRA Guidance on OATS Exchange Route Matching (Updated)
    • TRACE
      • April 3, 2018 - TRACE Price on Client Confirmations Policy
      • March 29, 2018: Test Broadcast IP Multicast Channels
    • Additional FINRA Updates
      • April 20, 2018:  SR-FINRA-2018-017 - Proposed Rule Change to Extend the Implementation Date of Certain Amendments to FINRA Rule 4210 Approved Pursuant to SR-FINRA-2015-036.
      • April 20, 2018:  SR-FINRA-2018-015 - Proposed Rule Change to Amend FINRA Rule 6433 to Adopt the OTC Quotation Tier Pilot as Permanent.  
      • April 16, 2018:  SR-FINRA-2018-014 - Proposed Rule Change to Extend the Temporary Exception to Permit Aggregate Reporting for Certain ATS Transactions in U.S. Treasury Securities.
      • April 10, 2018: SR-FINRA-2018-013 - Proposed Rule Change Relating to the Establishment of a Second Trade Reporting Facility in Conjunction with Nasdaq, Inc.
  • CAT
    • April 18, 2018:  CAT NMS Plan Operation Committee Issues Additional Interpretative FAQs.
    • March 28, 2018:  Industry Update on the CAT - Presentation.
    • March 28, 2018: Industry Update on the CAT – Recording.
  • SEC
    • April 18, 2018:  IA-4889 - Proposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers; Request for Comment on Enhancing Invstment Adviser Regulation.
    • April 18, 2018:  34-83062 - SEC issues proposed rule on Regulation Best Interest.
  • NMS
    • April 12, 2018: 34-83044 - Order Approving the Seventeenth Amendment to the National Market System Plan to Address Extraordinary Market Volatility.
  • FINRA Report Cards
    • Cross-Market Supervision Report Cards
  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • April 25, 2018: FIF will hold its next CAT Working Group meeting
      • April 20, 2018: FIF/SIFMA/STA held a deep dive discussion with the SROs over Options Pricing
      • April 17, 2018:  FIF attended meetings with SEC Division of Trading and Markets to discuss the FIF Alternative Implementation Approach
      • April 13, 2018: FIF/SIFMA/STA held a deep dive discussion with the SROs over Multi-Leg Orders
      • April 11, 2018: FIF held a FIF CAT Working Group meeting
      • March 29, 2018: FIF submitted a comment letter to Thesys CAT on the CAT Industry Member Spec.
      • March 23, 2018: FIF/SIFMA/STA Held a deep dive discussion with the SROs over Riskless Principal
      • March 20, 2018:  FIF meeting with SEC Staff and Commissioners to discuss alternative CAT implementation approach.
      • March 13, 2018: FIF/SIFMA/STA Held a deep dive discussion with the SROs over Manual Quotes
      • March 5, 2018: FIF created Industry Member Tech Spec and Options Pricing subgroups
      • February 21, 2018:  Thesys CAT released the second iteration of the Industry Member Technical Specification
      • February 9, 2018: FIF is holding weekly talks with SIFMA and STA on Riskless Principal, Complex Orders and Manual Quotes.
      • 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 9, 2018:  Thesys CAT releases draft of Participant Technical Specification. 
      • 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 the BDA submitted a survey to the SEC addressing industry concerns regarding the readiness of MUMD rule enhancement requirements.
        • 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.
    • Transaction Fee Pilot Working Group
      • April 6, 2018:  FIF held a Transaction Fee Pilot Working Group Meeting.
      • April 2, 2018:  FIF held an introductory working group session on the recently proposed Transaction Fee Pilot.
      • March 14, 2018: SEC Release No 34-82872 - SEC proposes Transaction Fee Pilot.
    • Cost Basis Working Group
      • May 3, 2018 - Cost Basis Working Group will hold it's monthly meeting
    • Cloud Technology Working Group
      • April 12, 2018: FIF held a Cloud Technology Working Group Meeting
    • Data and Technology
      • Next Meeting:  April 25 @ 10:30 am ET.
    • Retail Execution Quality
      • FIF 605 Subgroup has been meeting to discuss proposed changes to SEC Rule 605 Report
    • FIF Cybersecurity Working Group
      • April 26, 2018: FIF will hold its next FIF Cybersecurity Working Group meeting
      • FIF held a working group meeting on March 29, 2018
      • 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
      • 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
    • April 18, 2018: NYSE TAPES B AND C EQUITIES / NYSE AMERICAN EQUITIES / NYSE ARCA EQUITIES Q2 2018 AUTHORIZED TRADER SUBMISSIONS
    • April 17, 2018: NYSE - REMINDER - TAPES B AND C SECURITIES SYMBOL MIGRATION
    • April 17, 2018: NASDAQ BX - 34-83059 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delete Duplicative Rules Related to the Consolidated Audit Trail from Its Rulebook
    • April 16, 2018: NYSE ARCA: CONTINGENCY CLOSING AUCTION JOINT TEST WITH NASDAQ, MAY 5, 2018
    • April 10, 2018: New Market Identification Code (MIC) for M-ELO Executions
    • April 10, 2018: NASDAQ - 34-83025 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 7018(a)
    • April 9, 2018: Cboe BZX - 34-83018 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 19.3, Criteria for Underlying Securities
    • April 9, 2018: Cboe BZX - 34-83021 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Modify Rule 21.9 of the Exchange's Rules and Related Functionality Applicable to the Routing Options Made Available by the Exchange's Equity Options Platform
    • April 9, 2018: NYSE TRADING OF TAPES B AND C SECURITIES -- UPDATED SYMBOL MIGRATION SCHEDULE
    • April 6, 2018: NASDAQ - 34-83010 - 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
    • April 5, 2018: SR-NASDAQ-2018-027 - A proposal to delete the rules related to the Consolidated Audit Trail. 
    • April 4, 2018: NASDAQ - 34-82994 - Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change 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
    • April 2, 2018: SR-NASDAQ-2018-026 - A proposal that shares of the Validea Market Legends ETF will change from passively-managed to actively managed
    • March 30, 2018: NASDAQ - 34-82976 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify the Disclosure Services Offered to Certain New Listings
    • March 30, 2018: NASDAQ - 34-82969 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Clarify the Requirements for Delivery of a Contrary Exercise Advice
    • March 29, 2018: NASDAQ - 34-82964 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Exchange Rule 7034
    • March 28, 2018: NYSE Rule 15, 104, and 123D Rule Changes Relating to NYSE Direct Listings
  • Additional Updates - Options
    • April 13, 2018: SR PEARL 2018 11 - Amend Rule 602, Continuing Market Maker Registration, to modify the Market Maker series registration process utilized by the Exchange
    • April 12, 2018: Cboe - 34-83041 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Select Customer Options Reduction Program
    • April 12, 2018: Bid-Ask Differential, Initial Quote Size, and Continuous Quoting Requirements for SPX Options Trading on the Hybrid Trading Platform CORRECTION TO RG18-012 CHART 1 
    • April 11, 2018: Phlx - 34-83033 - Order Approving a Proposed Rule Change, as Modified by Amendment Nos. 1, 2, and 3, to Adopt Protections for Butterfly Spreads and Box Spreads
    • April 10, 2018: RG18-012 Bid-Ask Differential, Initial Quote Size, and Continuous Quoting Requirements for SPX Options Trading on the Hybrid
    • April 10, 2018: RG18-013 Quarterly Rebalance of Option Class Tiers and Online Appointment System Reminder
    • April 6, 2018: Phlx - 34-83005 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Exchange Rule 1101A
    • April 6, 2018: SR PEARL 2018 10 - Amend Rule 503, Openings on the Exchange, to add additional clarity and detail regarding the Exchange's Opening Process
    • April 6, 2018: Nasdaq ISE to Launch NDXP - PM-settled “End of Week Options” on the Nasdaq-100® Index on April 19, 2018
    • April 5, 2018: Nasdaq PHLX Intra-day Electronic Quoting Requirements
    • April 2, 2018: ISE Notifies Participants of Stock Tied Facilitation Order Entry Check Inconsistencies
    • April 2, 2018: PHLX Designates NDX and NDXP Options as Eligible for "Tied Hedge" Transactions
    • March 30, 2018: Phlx - 34-82968 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Exchange's Provisions for Excluding a Day From Its Volume Calculations for Purposes of Determining Volume Based Pricing
    • March 30, 2018: Phlx - 34-82975 - Notice of Filing of Proposed Rule Change to Create a New Rule 1081, to Amend Electronic Market Maker Obligations and Quoting Requirements for Electronic ROTs, Which Will Be Defined to Include SQTs, RSQTs, Directed SQTs, Directed RSQTs, Specialists, and Remote Specialists
    • March 30, 2018: Cboe - 34-82974 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending Rules Regarding Market-Maker Quoting Obligations
    • March 28, 2018: Launch of NDX 2020 LEAP Expiration
    • March 28, 2018: BOX 34-82959 - Order Approving a Proposed Rule Change to Adopt IM-8040-3 to Exchange Rule 8040 to Permit Directed Orders to Be Submitted with an Auction Only Designation

  • Next Meeting Date: Tuesday, May 22 @ 4:00 pm ET.

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Financial Information Forum
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