February 26, 2019 - Front Office Committee Meeting

Meeting Details

  • When: Tuesday February 26, 2019 @ 4:00 PM ET

Meeting Agenda

  • FINRA Updates
    • ATS
      • January 25, 2019: Regulatory Notice 19-03 - FINRA Reminds ATS Subscribers and ATSs of the April 13, 2019, Effective Date for Disaggregated Transaction Reporting
    • Tick Size Pilot
      • February 4, 2019: Tick Size Pilot Market Maker Transaction Reporting to End on April 2, 2019.
      • January 16, 2019: FINRA Re-publishes Appendix C.II. Data for October 2018.
      • January 16, 2019: Tick Size Pilot Data Collection to End on April 2, 2019.
    • OATS
      • January 22, 2019: Updates to OATS Reporting Technical Specifications
    • Additional FINRA Updates
      • February 25, 2019 - Regulatory Notice 19-06 - FINRA requests comment on the effectiveness on its rule concerning Business Continuity Planning. 
      • February 13, 2019 - Information Notice 2/13/19 - FINRA warns of fraudulent phishing emails targeting member firms.
      • January 29, 2019: SR-FINRA-2019-005 - Proposed Rule Change to Extend the Implementation Date of Certain Amendments to FINRA Rule 4210 Approved Pursuant to SR-FINRA-2015-036.
  • Exchange Updates
    • February 12, 2019: MIAX Emerald Exchange’s Participant ID is “D.”  MIAX Emerald will follow all OPRA/SIAC formats. The MIAX EMERALD launch date is scheduled for March 1, 2019. Member Firm and Industry Testing will take place on Saturday, February 23, 2019. The OPRA specifications have been revised to include MIAX Emerald as a new Participant in OPRA.  Please reference the latest specifications, which may be obtained at: Update: MIAX Emerald Test and Activation Date
    • January 29, 2019: NYSE Rule 103A - FLOOR MEMBER CONTINUING EDUCATION
  • CAT
    • February 22, 2019:  The CAT NMS Plan Operating Committee published an updated version of the tech spec, reflecting the CAT transition period.  Note that no material changes have been incorporated into the February 22nd version of the spec.  To view the updated spec, please click here.
    • February 20, 2019:  The CAT NMS Plan Operating Committee hosted an industry-wide meeting on the CAT transition period.  To view a copy of the discussion materials, please click here and the recording here
    • February 20, 2019:  The CAT NMS Plan Operating Committee reminds industry members that they must attest to their clock sync certification requirements on or before March 15, 2019.  For a copy of the certification form, please click here.
    • February 13, 2019:  The CAT NMS Plan Operating Committee distributed a notice providing the contact details for the transitional CAT Help Desk.
    • February 8, 2019:  The CAT NMS Plan Operating Committee announced that it will be holding an industry-wide webinar addressing the CAT Transition plan for Wednesday, February 20 at 4:15 pm et.  For dial in details, please click here
    • February 1, 2019: CAT NMS, LLC confirms that it is transitioning the Consolidated Audit Trail ("CAT") project to a new Plan Processor

 

  • FIF Working Group Updates: Please click here to Join Working Groups.
    • Consolidated Audit Trail (CAT)
      • February 25, 2019:  FIF held a CAT Tech Spec Requirements Working Group meeting.
      • February 22, 2019:  FIF held a CAT Working Group meeting discussing the implications of the revised CAT implementation plan.
      • February 14, 2019:  FIF held a CAT Working Group Meeting.
      • February 13, 2019:  FIF held a CAT Tech Spec Requirements Working Group meeting.
      • February 4, 2019: FIF submitted a comment letter on the CAT transitional period to the CAT Leadership Committee.
      • February 4, 2019: FIF held a CAT Working Group meeting on the news of the plan processor being replaced.
      • January, 2019:  FIF participated in a working session with the SROs on FDID.
      • FIF submitted a list of issues to the SROs/ThesysCAT pertaining to the final CAT Technical Specification.
      • January 8, 2019:  FIF held a CAT Working Group meeting discussing the SRO Proposed Option Origin Code and did an overview of spec issues raised with the SROs and next steps .
      • December 21, 2018:  The SROs presented revised Options Origin Codes to be incorported in the next iteration of the CAT tech spec.
      • December 11, 2018:  FIF submited comments to the Commission on the current status of CAT.
      • November 28, 2018:  FIF attended an in-person discussion with the SROs on Industry Testing and Error Correction.
      • 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.
      • CAT NMS Plan Website
    • 606 Working Group
      • February 20, 2019 - FIF submitted a comment letter to the SEC discussing Rule 606 challenges
      • February 5, 2019 - FIF met with the SEC Trading and Markets staff to discuss challenges and recommendations attributed to the Amended Rule 606.
      • February 4, 2019 - FIF presented the final version of the SEC meeting materials with the FIF 606 Working Group.  
      • January 30, 2019 - FIF submitted a comment letter to the SEC raising significant Rule 606 implementation challenges.
      • December 11, 2018 - FIF participated in an open call hosted by the Security Traders Association highlighting the recent amendments to SEC Rule 606.
    • LTR Phase 3
      • February 21, 2019 - FIF and SIFMA held a meeting with the delegates who will be attending the meeting with Commission Staff in March.
      • February 14, 2019 - FIF and SIFMA held a meeting to continue the discussion of possible LTID Phase 3 solutions.
    • Cost Basis Working Group
      • We will hold our next meeting on March 7th .
      • We discussed tax reporting of cryptocurrency and 305c at our last meeting.
    • Cloud Technology Working Group
      • We will hold our next meeting on Friday, March 1 @ 2:00 pm et. 
    • Data and Technology
      • Next Meeting: February 27th.
    • Retail Execution Quality
      • FIF will hold a subsequent working group meeting on Friday, March 1 @ 11:00 am et.
      • FIF submitted comments to the SEC requesting that the Commission review and issue a formal request for comment pertaining to FIF's Rule 605 Modernization Recommendations.  
      • 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
      • Our next meeting will be on February 28th.
      • FIF held a meeting on January 31st, focusing on Finra's 2018 year-in-review report.
    • 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
    • February 11, 2019: NYSE - 34-85096 - Notice of Designation of Longer Period for Commission Action on Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Amend NYSE Rule 104 Governing Transactions by Designated Market Makers
    • February 8, 2019: NYSE - Market on Close/Limit on Close Cutoff Time Change - Weekend Test Dates
    • February 6, 2019: NYSE - Proposal to amend Rule 7.31 relating to the Minimum Trade Size Modifier
    • February 6, 2019: NYSEArca - 34-85064 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 7.31-E Relating to the Minimum Trade Size Modifier
    • February 5, 2019: SR-NASDAQ-2019-007 - Proposal to assume operational responsibility for certain investigation and enforcement functions currently performed by the Financial Industry Regulatory Authority under the Exchange's authority and supervision
    • February 1, 2019: NASDAQ - 34-85039 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Equity 7, Section 118(a) of the Rules
    • February 1, 2019: SR-NASDAQ-2019-005 - Proposal to amend certain rules of the Rule 7000A Series concerning the Order Audit Trail System to make conforming and technical changes
    • January 31, 2019: 34-85019 - NYSE - Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change to Amend Rule 7.31 Relating to Discretionary Orders, Auction-Only Orders, Discretionary Modifier, and Yielding Modifier and Related Amendments to Rules 7.16, 7.34, 7.36, and 7.37
    • January 31, 2019: 34-85021 - Order Approving a Proposed Rule Change to Amend Rule 123C to Extend the Cut-Off Times for Order Entry and Cancellation for Participation in the Closing Auction and When the Exchange Will Begin Disseminating Order Imbalance Information for the Closing Auction
    • January 31, 2019: SR-NASDAQ-2019-003 - Proposed rule change to amend the Exchange's provisions for excluding a day from its volume calculations for purposes of determining tiered pricing
    • January 31, 2019: SR-NASDAQ-2019-004 - Proposal to adopt a new MIDP routing option under Rule 4758 and make a conforming change to Rule 4703(e)
    • January 29, 2019: NASDAQ - 34-85000 - Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Amend Nasdaq Rules 5705 and 5710 to Adopt a Disclosure Requirement for Certain Securities
    • January 29, 2019: NYSE Rule 103A - FLOOR MEMBER CONTINUING EDUCATION
  • Additional Updates - Options
    • February 8, 2019: SR MIAX 2019 03 - Amend Rule 507, Must Give Up Clearing Member, and Rule 513, Submission of Orders and Clearance of Transactions
    • February 5, 2019: 34-85052 - BOX - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Clarify That Multi-leg Qualified Open Outcry Orders are Permitted on the BOX Trading Floor
    • February 1, 2019: SR EMLD 2019 01 - Adopt the Options Regulatory Fee ("ORF")  for  Emerald.  This fee will become operative on March 1, 2019
    • February 1, 2019: 34-85026 - Notice of Designation of Longer Period for Commission Action on Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Amend Commentary .01 to NYSE Arca Rule 8.600-E Relating to Certain Generic Listing Standards for Managed Fund Shares
    • January 30, 2019: Update on Delayed Functional Features of ISE 
  • Next Meeting Date: Tuesday, March 26, 2019 @ 4:00 pm ET.

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