September 25, 2018: Front Office Meeting Agenda

Meeting Details

  • When: Tuesday September 25, 2018 @ 4:00 PM ET

Meeting Agenda

  • FINRA Updates
    • Additional FINRA Updates
      • September 24, 2018:  Regulatory Notice 18-32 - FINRA is reminding members of legal obligations that apply when initiating a quote in an OTC security in addition to filing a Form 211.
      • September 14, 2018: Regulatory Notice 18-31 - SEC Staff Issues Guidance on Third-Party Recordkeeping Services
      • September 12, 2018: Regulatory Notice 18-29 - FINRA Reminds Firms of Their Obligations When Effecting OTC Trades in Equity Securities on a Net Basis
      • September 11, 2018: Regulatory Notice 18-28 - FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA’s Website
      • August 31, 2018: SR-FINRA-2018-034 - Immediate Effectiveness of a Proposed Rule Change to Amend Rule 2360 (Options) to Increase Position Limits on Options on Certain Exchange-Traded Funds
      • August 30, 2018: FINRA/Nasdaq TRF to Expand Carryover of Match/Compare Trade Reports and Application of Reversal Logic for Match/Compare Trade Reports
  • ORF
    • September 17, 2018: Reminder - TDDS 2.0 Bandwidth Modification
    • September 4, 2018: New OTC Equity Short Interest and OTC Threshold Data Download and API Guidelines (Effective November 5, 2018)
  • SEC
    • September 10, 2018:  The SEC issues a statement on the expiration of the Tick Size Pilot Program
    • September 5, 2018:  The SEC grants FIF's Exemptive Relief Request exempting broker-dealers from the requirement to report issuing trade-by-trade confirmations under SEC Rule 10b-10 for certain transactions in fractional share liquidations
    • September 4, 2018: BHCA-4 - Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds (Original notice)
  • Exchange Update
    • September 4, 2018: NYSE GROUP: PILLAR UPDATES
  • CAT
    • October 5, 2018: An Industry Member Technical Specification is expected to be released.
    • September 5, 2018: Industry Member Technical Specifications v0.6
    • September 5, 2018: CAT Alert 2018-001 - highlighting resolution of issues between the V0.3 and V0.6 of the industry member technical specification. 
    • September 5, 2018: OATS to CAT Event Field Level Mapping
    • August 15, 2018:  OATS FAQ to CAT Mapping Exercise

  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • September 26, 2018:  FIF to complete review of the V0.6 of the industry member technical specification
      • September 21, 2018: FIF had a deep dive discussion with the SROs on FDID
      • September 19, 2018: FIF held a CAT Working Group Meeting
      • September 17, 2018:  FIF met with the SROs to discuss the challenges related to reporting representative order linkages
      • September 14, 2018:  FIF attended an in-person Industry Member Tech Spec Working Group 
      • September 13, 2018: FIF held a CAT-focused Quarterly Event at Fidessa focusing on the implications of the CAT implementation plan and milestones, and provided insight on what you should be doing now to support the CAT implementation effort at your firm.
      • September 7, 2018: FIF began reviewing the Industry Member Tech Spec v0.6 with it's subgroup members
      • September 6, 2018: FIF CAT Web API/interface Subgroup held a deep dive discussion with the SROs where they reviewed OATS Web functionality, current CAT IM Tech Spec web functionality, the CAT public web site and FIF recommendations on Authentication
      • August 30, 2018:  FIF participated in a Connectivity Focus Group Meeting sponsored by the SROs
      • August 20, 2018:  FIF submitted a comment letter on the August 1 SRO CAT Implementation Approach
      • March 29, 2018: FIF submitted a comment letter to Thesys CAT on the CAT Industry Member Spec.
      • CAT NMS Plan Website
    • Tick Size Pilot
      • August 28, 2018: FIF submitted a comment letter to the SEC on the Tick Size Pilot Termination Date
      • July 31, 2018:  FIF submitted a comment letter to SEC on the request for guidance on the anticipated sunset of the Tick Size Pilot Program 
    • LTR Phase 3 Retirement 
      • September 8, 2018: FIF submitted a comment letter to the SEC on the LTR Phase 3 Compliance Date
      • 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.
    • Cost Basis Working Group
      • We will hold our next meeting on October 11th 
    • Cloud Technology Working Group
      • Held our last meeting on Thursday September 20th where we focused on successes and struggles members were having in implementation/conversion
    • Data and Technology
      • Next Meeting:  September 26 @ 10:00 am ET. Spotlight topic will be on CAT implementation timeline and how CAT might be an opportunity to manage and consolidate market data infrastructure at their firms
    • Retail Execution Quality
      • FIF 605 Subgroup has been meeting to discuss proposed changes to SEC Rule 605 Report.  Please click here to view the draft recommendations.  
    • FIF Cybersecurity Working Group
      • September 27, 2018: FIF will hold its next FIF Cybersecurity Working Group meeting
    • 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
    • September 18, 2018: NASDAQ - 34-84179 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Eliminate the Market Quality Program (Rule 5950)
    • September 18, 2018: NYSE ARCA - SUNSET OF UGW ON SEPTEMBER 28, 2018
    • September 18, 2018: FINAL NOTICE: NYSE AMERICAN PROPRIETARY MARKET DATA FEED UPGRADES
    • September 12, 2018: 34-84100 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend its Price List to Amend the Threshold Levels and Rebate Amounts Payable under the Liquidity Provider Incentive Program, and to Amend the Rebate Amount Payable under the Agency Order Incentive Program
    • September 11, 2018: NYSEArca - 34-84079 - Notice of Filing of Proposed Rule Change to Amend NYSE Arca Rule 1.1 Official Closing Price to Exclude from the TWAP Calculation a Midpoint That Is Based on an NBBO That Is Not Reflective of the Security's True and Current Value
    • September 7, 2018: SR-NASDAQ-2018-074 - A proposal to eliminate the Market Quality Program at Rule 5950
    • September 7, 2018: 2018 REGULATION SCI BCP/DR PRE-TESTING OPPORTUNITIES
    • September 6, 2018: SR-NASDAQ-2018-073 - A proposal to amend Rule 7021 to address the transition of reports available on Report Center to a new underlying platform, and to make technical and clarifying changes
    • August 31, 2018: NASDAQ BX - 34-84012 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Provide New Optional Functionality to Minimum Quantity Orders
    • August 31, 2018: NASDAQ BX - 34-84013 - Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change to Make Permanent the Exchange's Retail Price Improvement Program, Which is Set to Expire on December 31, 2018
    • August 29, 2018: NASDAQ - 34-83988 - Notice of Filing of Proposed Rule Change to Extend the Cutoff Times for Accepting On Close Orders Entered for Participation in the Nasdaq Closing Cross
    • August 28, 2018: NYSEArca - 34-83967 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 7.31-E relating to Reserve Orders, to Re-Name Two Order Types, and to Delete Inoperative Rule Text
  • Additional Updates - Options
    • September 18, 2018: Phlx - 34-84180 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 1080(A)(I)(C) Relating to Options Floor Based Management System
    • September 17, 2018: NASDAQ -  Nasdaq Market Regulation announces changes to Post-Trade Reporting Specialist/PMM Opening Quote Performance
    • September 14, 2018: NYSE OPTIONS: NYSE FANG+(TM) INDEX QUARTERLY REBALANCING
    • September 14, 2018: NYSE OPTIONS: **DR UPDATE** CGW (FIX) AND DROP COPY GATEWAY DR IPS
    • September 12, 2018: NASDAQ - Reminder: Nasdaq Announces Regulation SCI BC/DR Test Details
    • September 6, 2018: Cboe - 34-84045 - Notice of Filing of a Proposed Rule Change to Amend Rule 6.2, Interpretation and Policy .01 Concerning Strategy Orders
    • September 5, 2018: Cboe - RG18-029 Qualified Contingent Cross Reporting to the Regulatory Division
    • September 5, 2018: 34-84031 - Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Adopt Rules Governing the Trading of Complex Qualified Contingent Cross Orders and Complex Customer Cross Orders
    • September 4, 2018: Nasdaq Introduces an Open Orders Combo Report
    • August 31, 2018: CboeEDGX - 34-84011 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Expand the Types of Messages that Users May Submit into Bulk Order Ports
    • August 30, 2018: MIAX - SR MIAX 2018 24 - Amend Rule 404A, Select Provisions of Options Listing Procedure Plan, Rule 406, Long-Term Option Contracts, and Rule 1809, Terms of Index Options Contracts
    • August 30, 2018: SR PEARL 2018 18 - Amend Rule 404A, Select Provisions of Options Listing Procedures Plan, and Rule 406, Long-Term Option Contracts
    • August 28, 2018: Cboe - 34-83968 - Notice of Filing of a Proposed Rule Change to Amend Exchange Rule 6.49A, Transfer of Positions
  • Next Meeting Date: Tuesday, October 23, 2018 @ 4:00 pm ET.

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