August 28, 2018 - Front Office Meeting Agenda

Meeting Details

  • When: Tuesday August 28, 2018 @ 4:00 PM ET

Meeting Agenda

  • Spotlight Topic: FINRA to provide update on Tick Size Pilot Termination Provisions.
  • FINRA Updates
    • TRACE
      • August 17, 2018: Reminder - FINRA Changes to FIX Trade Reporting Related to Processing of Execution Time
      • August 15, 2018: SR-FINRA-2018-030 - FINRA Planned Termination of Support of CTCI Protocol for Reporting Trades to TRACE AND ORF
      • August 9, 2018: 34-83815 - Order Approving a Proposed Rule Change Relating to ATS Reporting to TRACE of Transactions in U.S. Treasury Securities
    • Additional FINRA Updates
      • August 13, 2018: Regulatory Notice 18-25 - FINRA Reminds Alternative Trading Systems of Their Obligations to Supervise Activity on Their Platforms
      • August 10, 2018: Regulatory Notice 18-24 - Update to Security Futures Risk Disclosure Statement and Supplement
      • July 31, 2018: 34-83753 - Order Granting Approval of a Proposed Rule Change to Amend FINRA Rule 6433 to Adopt the OTC Quotation Tier Pilot as Permanent
      • July 30, 2018: Special Notice – 7/30/18 - FINRA Requests Comment on Financial Technology Innovation in the Broker-Dealer Industry.
      • July 5, 2018: Reminder - FINRA / Nasdaq TRF –Interface Specification Updates.
  • SEC
    • August 10, 2018: SR-NYSE-2018-34 - Notice of Filing of Proposed Rule Change to Amend NYSE Rule 104 Governing Transactions by Designated Market Makers
    • July 31, 2018: SR-NYSE-2018-28 - Notice of Designation of a Longer Period on Commission Action of Proposed Rule Change to Make Permanent the Retail Liquidity Program Pilot, NYSE Rule 107C, Which is Set to Expire on December 31, 2018
    • July 30, 2018: SR-NYSE-2018-33 - Notice of Filing of Proposed Rule Change to Amend Rule 2 to Remove Requirement that a Registered Broker-Dealer be a Member of the Financial Industry Regulatory Authority, Inc. or Another National Securities Exchange
  • Tick Size Pilot
    • August 2, 2018:  Tick Size Pilot Plan Participants release assessment results on the impact of the Tick Size Pilot Plan.
  • Exchange Update
    • August 22, 2018: NASDAQ Equity Trader Alert #2018 - 61 - REVISED: Nasdaq to Update the Closing Cross Cutoff Times and NOII Dissemination Frequency
    • August 13, 2018: NYSE -  MEMBER OBLIGATIONS REGARDING CREDIT LIMITS UNDER THE MARKET ACCESS RULE
  • CAT
    • August 16, 2018:  The CAT NMS Plan published additional interpretative FAQs issuing guidance of Firm Designated ID (FAQs 19-26).
    • August 15, 2018:  The CAT NMS Plan Operating Committee releases mapping of OATS FAQs to CAT.
    • August 14, 2018: The CAT NMS Plan Operating Committee publicizes revised CAT Implementation Plan.
    • August 2, 2018: Participant Technical Specifications v1.7

  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • August 15, 2018: FIF held a CAT Working Group Meeting
      • August 13, 2018: FIF CAT Web API/interface Subgroup held it's first meeting where they reviewed OATS Web functionality, current CAT IM Tech Spec web functionality, the CAT public web site and FIF recommendations on Authentication
      • August 7, 2018: FIF/STA/SIFMA Error Correction Subgroup Meeting - Covered the recommendations and questions to be posed to the SROs/Plan Processor on the File Submission and Error Correction process pursuant to CAT reporting requirements.  FIF will engage in a Deep Dive Discussion with the SROs on Tuesday, August 14.
      • August 7, 2018: Matching Criteria Subgroup Meeting - FIF held a meeting as a follow up to the Deep Dive Discussion with the SROs to discuss remaining issues and questions
      • August 6, 2018: Reviewed the SROs’ proposed suggestion of requesting exemptive relief from the CAT NMS Plan to prohibit account number as an option to report FDID.  FIF submitted to our comments to the SROs on Friday, August 10.
      • August 3, 2018:  FIF submitted a comment letter to ThesysCAT on the cybersecurity features of CAT.
      • July 16, 2018:  FIF submitted a comment letter to ThesysCAT raising questions and concerns with V0.3.1 of the Industry Member Tech Spec
      • May 10, 2018:  FIF/STA/SIFA completed analysis of OTC Equity Reporting
      • May 8, 2018: FIF Releases a Statement on the CAT Go Live Date
      • May 4, 2018:  FIF submits a letter to SEC Division of Trading and Markets on projected Technical Specification date.
      • April 17, 2018:  FIF attended meetings with SEC Division of Trading and Markets to discuss the FIF Alternative Implementation Approach
      • March 29, 2018: FIF submitted a comment letter to Thesys CAT on the CAT Industry Member Spec.
      • September 7, 2017:  Thesys CAT LLC released first draft of Industry Member Technical Specification.
      • CAT NMS Plan Website
    • Tick Size Pilot
      • August 28, 2018:  FIF submits a comment letter to the SEC opining on the proposed September 28 Tick Size Pilot Termination Date.
      • July 31, 2018:  FIF submitted a comment letter to the Commission on the request for guidance on the anticipated sunset of the Tick Size Pilot Program.
    • LTR Phase 3 Retirement 
      • August 16, 2018:  FIF met with SEC Commissioners to discuss LTR Phase 3 compliance extension. 
      • May 31, 2018:  FIF met with SEC Staff to discuss LTR Phase 3 Implementation milestones.
    • Transaction Fee Pilot Working Group
      • May 25, 2018:  FIF submitted a comment letter on the Transaction Fee Pilot
      • March 14, 2018: SEC Release No 34-82872 - SEC proposes Transaction Fee Pilot.
    • Cost Basis Working Group
      • August 9, 2018 - Covered the Trump Administration's recently proposed indexing capital gains to inflation.
    • Cloud Technology Working Group
      • August 23, 2018: Held our Cloud Technology meeting featuring a spotlight presentation from Saman Michael Far from Finra
    • Data and Technology
      • Next Meeting:  August 29 @ 10:00 am ET.
    • Retail Execution Quality
      • FIF 605 Subgroup has been meeting to discuss proposed changes to SEC Rule 605 Report
    • FIF Cybersecurity Working Group
      • August 30, 2018: FIF will hold its next FIF Cybersecurity Working Group meeting
      • FIF held a working group meeting on July 26, 2018
    • 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)

  • FIF will be holding a Quarterly Event on Thursday, September 13 at Fidessa.  This event will focus on the current status of the Consolidated Audit Trail.  To register, please click here.

  • Additional Updates - Equities
    • August 17, 2018: BX - 34-83869 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Codify the Definitions of the Protocols to Enter Quotes and Orders
    • August 16, 2018: NASDAQ - 34-83865 - Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove 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 Rule and Eliminate the Requirement for Shareholder Approval of Issuances at a Price Less Than Book Value but Greater Than Market Value
    • August 15, 2018: SR-NASDAQ-2018-068 - Proposed rule change to extend the cutoff times for accepting on close orders entered for participation in the Nasdaq Closing Cross
    • August 14, 2018: Arca - 34-83837 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rules 6.4-O and 6.4A-O
    • August 13, 2018: NASDAQ - 34-83834 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delete and Replace the Current Rules on Arbitration
    • August 9, 2018: NYSE National - Proposal to amend Rule 7.31 relating to Reserve Orders and re-name two order types
    • August 7, 2018: SR-NASDAQ-2018-065 - Proposal to amend and reorganize the Exchange's membership, registration and qualification rules
    • August 3, 2018: NYSE - 34-83768 - Order Granting Approval of a Proposed Rule Change, as Modified by Amendment No. 1, Amending the Exchange's Rules Relating to Reserve Orders, Primary Pegged Orders, and Setter Priority for UTP Securities Trading on the Exchange's Pillar Platform
    • August 1, 2018: Arca - 34-83759 - Notice of Filing of Proposed Rule Change to Amend Commentary .01 to NYSE Arca Rule 8.600-E Relating to Certain Generic Listing Standards for Managed Fund Shares
    • July 26, 2018: 34-83717 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Its Price List Related to Co-location Services in Connection with a Proposed Transaction with the Chicago Stock Exchange, Inc. Exchange and Its Parent, CHX Holdings, Inc.
    • July 24, 2018: BX - 34-83700 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt a Rule Concerning Handling of No Bid Options and to Clarify the Operation of Chapter V, Section 3, Entitled "Trading Halts"
  • Additional Updates - Options
    • August 17, 2018: Cboe - 34-83870 - Notice of Filing of a Proposed Rule Change to Adopt Exchange Rule 6.57, Risk-Weighted Assets ("RWA") Transactions
    • August 17, 2018: Cboe - 34-83872 - Notice of Filing of a Proposed Rule Change Relating to Amend Rule 6.21., Give Up of a Clearing Trading Permit Holder
    • August 16, 2018: NASDAQ Options - NOM Introduces a New Order Entry Protocol
    • August 14, 2018: Cboe - RG18-027 FLEX Conversion
    • August 13, 2018: CboeBYX - 34-83831 - Notice of Filing of a Proposed Rule Change to Make Permanent Rule 11.24, Which Sets Forth the Exchange's Pilot Retail Price Improvement Program
    • August 10, 2018: Phlx - 34-83826 - Notice of Filing of Proposed Rule Change Relating to Anticipatory Hedging
    • August 10, 2018: NYSE OPTIONS: CGW AND DROP COPY GATEWAY HARDWARE UPGRADES - REMINDER
    • August 9, 2018: CboeBZX - 34-83809 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rule 1.5, Definitions, Exchange Rule 14.6, Obligations for Companies Listed on the Exchange, and Exchange Rule 14.11, Other Securities
    • August 8, 2018: CbeBYX - 34-83798 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rule 1.5 Definitions and Exchange Rule 14.1 Unlisted Trading Privileges
    • August 7, 2018: ISE, GEMX and MRX Disciplinary Rules - Public Notification of Rule Changes
    • August 1, 2018: SR PEARL 2018 15 - Amend Rule 514, Priority on the Exchange, to expand the scope of self-trade protection available to Members
    • August 1, 2018: CboeBYX - 34-83758 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Pilot Period for the Exchange's Retail Price Improvement Program
    • July 30, 2018: 34-83738 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Exchange Rule 11.13, Order Execution and Routing, to Amend the Operation of the Super Aggressive Order Instruction
    • July 30, 2018: Nasdaq announces changes to the FTP Surveillance Reports location
  • Next Meeting Date: Tuesday, September 25 @ 4:00 pm ET.

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Financial Information Forum
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