October 23, 2018: Front Office Meeting Agenda

Meeting Details

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

Meeting Agenda

  • FINRA Updates
    • Additional FINRA Updates
      • October 9, 2018:  MBS Margining - delay in implementation 
      • October 4, 2018: Regulatory Notice 18-34 - Effective April 1, 2019, large alternative trading systems (ATSs) will be required to identify non-FINRA member subscriber counterparties in TRACE reports for transactions in U.S. Treasury securities using FINRA-assigned market participant identifiers (MPIDs). This information will be used for regulatory purposes, and will not be made public.
      • September 25, 2018: MSRB Facilitates Requests for Interpretive Guidance
  • SEC
    • October 25, 2018: Press Release -  SEC to host a two-day roundable on market data and market access
    • October 4, 2018: 34-84356 - Fixed Income Market Structure Advisory Committee Meeting
    • September 25, 2018: RG 18-035 - SEC Staff Issues Guidance on Third-Party Recordkeeping Services
  • Exchange Update
    • October 18, 2018: A proposal to amend various rules to reflect changes to The Nasdaq Options Market LLC protocols
    • Ocotber 8, 2018: Cboe RG18-036 - Pending Changes to Modified Opening Procedure for Series Used to Calculate the Exercise or Final Settlement Value of Expiring Volatility Index Derivatives
    • October 1, 2018: NYSE - 34-84330 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 67 to Specify that D-Quote Functionality under Rule 67(f)(5) will Continue To Be in Effect Until Six Months After the End of the Pilot Period
    • September 14, 2018: CAT ClientOrderID Requirement for BOX Participants
  • CAT
    • October 17, 2018: The CAT NMS Plan Operating Committee hosted an industry outreach session to cover the current status of the CAT implementation plan.  To view the meeting materials, please click here.
    • October 5, 2018: CAT NMS Plan Operating Committee Publishes a supplemenatal Technical Specification which includes additional information on the CAT File Submission process.  To view the updated spec, please click here.
    • September 25, 2018:  The SROs submitted a proposed rule chage to exempt Industry Members from submitting CAT Data to the central repository until November 15, 2019 for small broker-dealers and November 15, 2020 for large broker-dealers.
  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • October 23, 2018:  FIF participated in an in-person working session with the SROs/ThesysCAT to discuss Manual Route Events
      • October 18, 2018:  FIF met with the FIF FDID subgroup to discuss the draft materials on the industry's FDID recommendations.
      • October 15, 2018:  FIF convened their CAT options subgroup to discuss phase 2b options scope
      • October 9, 2018:  FIF provided detailed recommendations on CAT Error Correction/File Submission Expectations
      • October 8, 2018:  FIF engaged in a deep dive discussion with the SROs on Manual Route Events
      • October 1, 2018:  FIF submitted detailed spec review summaries and commentsto the SROs, SEC, and ThesysCAT on V0.6 of the industry member tech spec
      • 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
      • The Tick Size Pilot Program was decomissioned on September 28, 2018.  The Post-Pilot Data Collection Period will continue for 6 months following the Pilot termination date.
    • OTC Equity Trading - FIF formed an ad hoc working group to solicit feedback in preparation to submit comments on a proposal to expand the summary firm data relating to OTC equity trading.
    • 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 representatives will meet with SEC Staff on Tuesday, October 30th to discuss the subgroup's recommendations of rule 605 reform.  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
      • 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
    • October 4, 2018: Nasdaq ISE to Decommission Complex Reserve Orders 
    • October 3, 2018: NYSE - 34-84349 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 7.14, Clearance and Settlement
    • October 3, 2018: NYSE - 34-84351 - Order Approving a Proposed Rule Change to Provide for the Listing of Exchange Traded Products with No Component NMS Stock Listed on the Exchange, Delete Obsolete Listing Rules for Exchange Traded Products and Amend Rules Regarding Unlisted Trading Privileges
    • October 3, 2018: NYSE National - Notice of Filing and Immediate Effectiveness of Amendments to Rules Regarding Qualification, Registration and Continuing Education Applicable to Equity Trading Permit Holders
    • October 2, 2018: CHX - 34-84337 - Order Setting Aside the Order by Delegated Authority Approving SR-CHX-2017-04
    • October 1, 2018: NASDAQ - 34-84328 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to the Minimum Quantity Order Attribute
    • September 28, 2018: SR-NASDAQ-2018-079 - A proposal to amend Nasdaq Rules 5705 and 5710 to adopt a disclosure requirement for certain securities
  • Additional Updates - Options
    • October 11, 2018: BZX - 34-84406 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Introduce Equities Purge Ports to (1) Establish Purge Ports for Equities Trading and Amend the Interpretations and Policies to Rule 11.10, Order Execution, to Reflect the Proposed Purge Ports, and (2) Modify the Fee Schedule Applicable to the Exchange's Equities Platform ("BZX Equities") to Identify and to Set Fees for Purge Ports
    • October 10, 2018: EDGX - 34-84393 - Notice of Filing of a Proposed Rule Change to Amend the Exchange's Rulebook to Allow the Post Only Order Instruction on Complex Orders that Route to its Electronic Book for Trading Options
    • October 5, 2018: BZX - 34-84377 - Notice of Filing of Amendment Nos. 2 and 4 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment Nos. 2 and 4, to Amend BZX Rule 14.8, General Listings Requirements - Tier I, to Adopt Listing Standards for Closed-End Funds
    • October 2, 2018: Cboe - 34-84344 - Order Approving a Proposed Rule Change to Adopt Rule 6.57, Risk-Weighted Asset ("RWA") Packages
    • October 2, 2018: BOX - 34-84340 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend BOX Rule 7600(a)(4) (Qualified Open Outcry Orders - Floor Crossing)
    • October 1, 2018: EDGX - 34-84327 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Adopt a New Order Type Called the MidPoint Discretionary Order ("MDO") Under Paragraph (g) of Exchange Rule 11.8 and to Amend the Definition of the Super Aggressive Instruction Under Paragraph (n)(2) of Exchange Rule 11.6
    • October 1, 2018: Nasdaq PHLX Lowers Minimum Size for Anticipatory Hedging for NDX and NDXP
    • September 28, 2018: NASDAQ - Amendment, Reorganization and Enhancement of Registration Rules
    • September 28, 2018: Phlx - 34-84311 - Order Approving a Proposed Rule Change Relating to Anticipatory Hedging
    • September 27, 2018: BZX - 34-84298 - Order Approving a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, to Permit the Listing and Trading of Options that Overlie the Mini-SPX Index and the Russell 2000 Index
    • September 27, 2018: BYX - 34-84297 - Notice of Designation of Longer Period for Commission Action on Proposed Rule Change to Make Permanent Rule 11.24, Which Sets Forth the Exchange's Pilot Retail Price Improvement Program
    • September 27, 2018: SR MIAX 2018 26 - Amend Rule 203, Qualification and Registration of Members and Associated Persons, Rule 1301, Registration of Options Principals, and Rule 1302, Registration of Representatives relating to the Securities Industry Essentials ("SIE") Examination
    • September 6, 2018: Phlx - 34-84290 - Notice of Filing of Proposed Rule Change to Amend Rules 1000, 1064, and 1069 to Allow for the Snapshot Functionality of the Floor Based Management System to be Used for All Orders
    • September 25, 2018: NASDAQ - NOM Introduces a New Order Entry Protocol
  • Next Meeting Date: Tuesday, November 27, 2018 @ 4:00 pm ET.

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