November 27, 2018 - Front Office Committee Agenda

Meeting Details

  • When: Tuesday November 27, 2018 @ 4:00 PM ET

Meeting Agenda

  • FINRA Updates
    • ORF
      • October 31, 2018: OTC Equity Short Interest and OTC Threshold Data Download and API Guidelines, Due to go Live November 5 2018, has been Extended—A New Release Date will be Announced Soon
    • Additional FINRA Updates
      • November 5, 2018: Regulatory Notice 18-38 - Amendments to the SEC’s Financial Reporting Requirements—eFOCUS System Updates and Annual Audit Requirements
      • October 24, 2018: SR-FINRA-2018-037 - Proposed Rule Change to Adopt FINRA Rule 9910 (Post-Employment Conflict of Interest Restrictions; Nonpublic Information)
      • September 11, 2018:  Update on FINRA Regulatory Notice 18-28
        • November 9, 2018:  FIF issues comments specifically related to the definition of "Single-Dealer Platform" and FINRA's proposed mandate of requiring firms to obtain a MPID to derive and report Single-Dealer Platform activity. 
  • SEC
    • November 5, 2018: Regulatory Notice 18-38 - Amendments to the SEC’s Financial Reporting Requirements—eFOCUS System Updates and Annual Audit Requirements
    • November 2, 2018: The SEC issued the final rule on enhancements to SEC Rule 606 -  Disclosure of Order Handling Information.  This rule was published in the Federal Register on November 19, 2018.
    • November 15, 2018:  Large Trader Rule - The SEC did not materially extend the compliance date for LTR Phase 3.  FIF is currently working with SIFMA and SEC Staff to formulate a LTR Phase 3 contingency plan.
  • Exchange Updates
    • November 21, 2018: Subject to rule approvals, NYSE will complete the migration to the NYSE Pillar technology platform in mid-2019. The migration will include the transition of NYSE primary listed symbols (Tape A) to the NYSE Pillar platform and the introduction of NYSE Pillar Gateways for NYSE. Please click here for details
    • November 5, 2018: Cboe - 34-84534 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Renew the Nonstandard Expirations Pilot Program
    • November 5, 2018: Cboe - 34-84535 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Operation of its SPXPM Pilot Program
    • November 5, 2018: Cboe - 34-84537 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Operation of its Flexible Exchange Options Pilot Program Regarding Permissible Exercise Settlement Values for Flexible Exchange Index Options
  • CAT
    • November 15, 2018 - CAT Plan Participants began reporting to the CAT
    • Industry Updates on the CAT - Recordings Uploaded to the News Section of https://www.catnmsplan.com/
    • October 30, 2018: ThesysCAT publishes the CAT Reporting Technical Specifications for Industry Members
    • October 30, 2018: ThesysCAT publishes CAT Industry Member Reporting Scenarios
  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • November 28, 2018:  FIF will attend an in-person discussion with the SROs on Industry Testing and Error Correction
      • November 27, 2018:  Held a CAT Tech Specs Requirements Working Group Meeting
      • November 14, 2018:  Held an in-person deep dive with the SROs on FDID
      • November 7, 2018: Held an in-person deep dive with SROs on Phase 2c Rep Order Linkage
      • November 6, 2018: Launched the FIF CAT Tech Spec Requirements Working Group to review the final spec that came out on 10/30
      • 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 completed 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 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 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
    • 606 Working Group - FIF launced a 606-focused working group to assist firms with the implementation requirements of SEC Rule 606.  If you would like to join this working group, please email the program office at fifinfo@fif.com
      • November 28, 2018 - FIF to hold a SEC Rule 606 working group meeting
    • OTC Equity Trading (FINRA Reg Notice 18-28)
      • November 9, 2018 - FIF submitted comments on FINRA Reg Notice 18-28, focusing on the Rule Proposal's requirement of mandating firms that operate an SDP obtain an MPID to report SDP activity.  To view the comment letter, please click here.
    • LTR Phase 3
      • November 16, 2018 - FIF held an update call with members on the status of LTR Phase 3
    • Cost Basis Working Group
      • We will hold our next meeting on December 6 
    • Cloud Technology Working Group
      • We will hold our next meeting on November 30th 
    • Data and Technology
      • Next Meeting:  November 28, 2018
    • Retail Execution Quality
      • FIF 605 Subgroup representatives met 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
      • November 29, 2018 we will hold our next 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)
  • FIF Year-End Event
    • Save The Date - FIF will be holding a year-end event on Wednesday, December 19th at Bloomberg's Offices at 731 Lexington Avenue 
  • Additional Updates - Equities
    • November 13, 2018: NYSE Arca - 34-84576 - Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change to Amend NYSE Arca Rule 5.2-E(j)(6) Relating to Equity Index-Linked Securities Listing Standards Set Forth in NYSE Arca Rule 5.2-E(j)(6)(B)(I)
    • November 13, 2018: NASDAQ - 34-84575 - Notice of Filing of Amendment Nos. 1, 2, and 3 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment Nos. 1, 2, and 3, to List and Trade Corporate Non-Convertible Bonds on Nasdaq
    • November 9, 2018: NASDAQ - 34-84571 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend General 8 of the Exchange's Rules
    • November 9, 2018: NYSE - 34-84566 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Listed Company Manual to Clarify the Application of the Initial Listing Requirements to Common Equity Securities Issued in Exchange for a Listed Equity Investment Tracking Stock
    • November 9, 2018: NASDAQ - 34-84559 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Various Rules to Reflect Changes to The Nasdaq Options Market LLC ("NOM") Protocols
    • November 8, 2018: SR-NASDAQ-2018-090 - Proposal to amend Rule 4702 (Order Types) and Rule 4703 (Order Attributes) to introduce a new Midpoint Trade Now functionality
    • November 7, 2018: BX - 34-84546 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Derivative Securities Traded Under Unlisted Trading Privileges
    • November 7, 2018: NYSE Arca - 34-84547 - Notice of Filing of Proposed Rule Change to Amend Rule 7.44-E
    • November 6, 2018: NYSE - 34-84544 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Section 303A.00 of the Manual to Change the Threshold for Qualifying as a Smaller Reporting Company to Qualify for Certain Exemptions from the Compensation Committee Requirements
    • November 2, 2018: Nasdaq, BX and PSX to Update the Display of Best Priced Orders to the SIPs
    • November 1, 2018: 34-84515 - Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Amend NYSE Rule 104 Governing Transactions by Designated Market Makers
    • October 29, 2018: 34-84497 - Order Lifting the Automatic Stay of the Order Denying Applications by New York Stock Exchange LLC, NYSE MKT LLC, NYSE Arca, Inc., and NYSE National, Inc., Respectively, for Confidential Treatment Pursuant to Rule 24b-2 under the Exchange Act for Material Filed Pursuant to Rule 6a-2 under the Exchange Act
    • October 29, 2018: SR-NASDAQ-2018-086 - A proposal to clarify General 8 of the Exchange's Rules
    • October 25, 2018: NASDAQ - 34-84488 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Derivative Securities Traded Under Unlisted Trading Privileges
    • October 24, 2018: Q4 2018 AUTHORIZED TRADER SUBMISSIONS FOR NYSE TAPES B AND C / NYSE AMERICAN EQUITIES / NYSE ARCA EQUITIES / NYSE NATIONAL
    • October 24, 2018: BX - 34-84476 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delete the Current Rules on Arbitration
    • October 23, 2018: BX - 34-84472 - Notice of Filing of Amendment No. 1 and Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, to Make Permanent the Retail Price Improvement Program Pilot, Which is Set to Expire on December 31, 2018
  • Additional Updates - Options
    • November 12, 2018: Nasdaq - Reminder: Nasdaq announces changes to the FTP Surveillance Reports location
    • November 9, 2018: SR MIAX 2018 36 - Amend Rule 518, Complex Orders
    • November 9, 2018: SR MIAX 2018 34 - Amend Rule 517, Quote Types Defined, Rule 519, MIAX Order Monitor, and Rule 519A, Risk Protection Monitor
    • November 9, 2018: SR MIAX 2018 35 - Amend Rule 100, Definitions, Rule 503, Openings on the Exchange, and Rule 515, Execution of Orders and Quotes
    • November 9, 2018: SR MIAX 2018 32 - Amend Rule 503, Openings on the Exchange, to adopt Interpretations and Policies .02 and .03
    • November 8, 2018: SR MIAX 2018 28 - Amend Rule 406, Long-Term Option Contracts, relating to SPY  LEAPS Expiration
    • November 7, 2018: Nasdaq - NOM Delays Introduction of New Order Entry Protocol
    • November 7, 2018: SR-NASDAQ-2018-088 - A proposal to amend Chapter IV, Securities Traded on NOM, Section 8, Long-Term Options Contracts
    • November 6, 2018: Phlx - 34-84542 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to New Derivative Securities Products
    • November 6, 2018: Phlx - 34-84545 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Rule 3400 Series
    • November 5, 2018: Phlx - 34-84536 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 1101A, Terms of Option Contracts
    • November 2, 2018: RG18-043 New Report Cards Hosted on FINRA Report Center
    • October 26, 2018: RG18-040 On-Floor and Off-Floor Position Transfers - Effective Date of Recently Approved Changes to Rule 6.49A Delayed Pending SEC Review
    • October 25, 2018: Cboe - 34-84490 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to List and Trade Options that Overlie the S&P Communication Services Select Sector Index
    • October 24, 2018: SR MIAX 2018 27 - Amend  Rule 515A, MIAX Price Improvement Mechanism ("PRIME") and PRIME Solicitation Mechanism  and  Rule 518, Complex Orders
    • October 24, 2018: CboeBZX - 34-84480 - Notice of Filing of a Proposed Rule Change to Permit the Listing and Trading of P.M.-Settled Series on Certain Broad-Based Index Options on a Pilot Basis
  • Next Meeting Date: Tuesday, December 18, 2018 @ 4:00 pm ET.

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