March 26, 2019: Front Office Committee Meeting Agenda

Meeting Details

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

Meeting Agenda

  • FINRA Updates
    • BCP
      • February 25, 2019: Regulatory Notice 19-06 - FINRA Requests Comment on the Effectiveness and Efficiency of Its Rule on Business Continuity Plans and Emergency Contact Information
    • Tick Size
      • April 2, 2019: Tick Size Pilot Market Maker Transaction Reporting to End on April 2, 2019
    • OATS
      • March 11, 2019: OATS Reporting Technical Specifications  - Changes include: 1) the ending of the Tick Size Pilot Program, effective April 2, 2019; 2) renaming of the NYSE Chicago Exchange for Exchange Route Matching, effective May 27, 2019.
    • ORF
      • March 15, 2019: FINRA is publishing its quarterly OTCBB/OTC Equities High Price Dissemination List for the fourth quarter of 2018.
    • TRF
      • March 1, 2019: FINRA/Nasdaq TRF to Change Trade Modifier Logic for Non-Tape Reports
  • SEC
    • March 20, 2019: SEC Adopts Rules to Implement FAST Act Mandate to Modernize and Simplify Disclosure
    • March 15, 2019: SEC Staff to Hold Fintech Forum to Discuss Distributed Ledger Technology and Digital Assets
    • March 12, 2019: Release No. 33-10615 - The SEC is adopting revisions to EDGAR Filer Manual and related rules (Filer Manual will be revised to provide clarifying information for filers regarding the processing of Form ATS-N submissions).
    • March 8, 2019: Release No. 33-10611 - Investor Advisory Committee Meeting
  • Exchange Updates
    • March 7, 2019: NYSE National - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rules 7.16, 7.18, 7.31, 7.34, and 7.38
  • CAT
    • March 12, 2019: Industry Update on Consolidated Audit Trail Registration
    • March 7, 2019: FINRA CAT Helpdesk Becomes Operational
    • March 1, 2019: MIAX Emerald - 34-85230- Notice of Filing and Immediate Effectiveness of Amendment to the Plan Governing the Consolidated Audit Trail to Add MIAX Emerald LLC, as a Participant
    • February 28, 2019: CAT NMS, LLC. Appoints New Member to the Advisory Committee
    • February 28, 2019: Industry Member Technical Specifications and Scenerios v1.1
    • February 27, 2019: CAT NMS Selects FINRA as Consolidated Audit Trail Plan Processor
  • FIF Working Group Updates: Please click here to Join Working Groups.

  • Consolidated Audit Trail (CAT)
    • FIF is currently focused on 1) working with the SROs to finalize ATS Order Flow requirements, 2) Phase 2a Representative Order Flags, 3) revision of Trade as a Result of a Quote Reporting Requirements; 4) response to the current CAT Implementation Schedule.
    • March 21, 2019:  FIF held a CAT Working Group Meeting. 
    • March 20, 2019:  FIF held a CAT Tech Spec Requirements Working Group meeting.
    • March 14, 2019: FIF attended an in-person Error Feedback and Correction Working Session with the CAT NMS team.
    • March 12, 2019:  FIF held a CAT 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.
    • December 11, 2018:  FIF submited comments to the Commission on the current status of CAT.
    • 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
    • March 25, 2019 - FIF held a FIF SEC Rule 606 Working Group meeting.
    • March 22, 2019 - FIF held a FIF SEC Rule 606 Working Group Meeting.
    • 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.
  • FIF FINRA Rule 4370 (BCP) Working Group
    • March 13, 2019 - FIF held our first working group meeting focusing on a response to FINRA's request for comment on Rule 4370.
  • Cost Basis Working Group
    • We will hold our next meeting on April 4th.
    • We discussed complex debt issued in foreign currency and subject to OID accrual at our last meeting.
  • Cloud Technology Working Group
    • We will hold our next meeting on Thursday, March 28 @ 2:00 pm et. 
    • At our last meeting we discussed cloud contracts, data portability, encrypted data and goals for 2019. 
  • Data and Technology
    • Next Meeting: March 27th.
    • On our last call the spotlight topic was CATs current transitional period, and it was presented by Jeff Wells from the CAT Operating Committee.
  • Retail Execution Quality
    • FIF held a meeting on March 1. 
    • 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 April 25th.
    • FIF held a meeting on March 21st, focusing on a memo from the Department of Homeland Security and on a GCA Cybersecurity Toolkit for small to medium sized businesses.
  • 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
    • March 13, 2019: NYSE - 34-85300 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Exchange's Price List Related to Co-location Services
    • March 12, 2019: NYSE Options - *Go Live Update* UGW Binary and MMD Gateway Hardware Upgrades
    • March 12, 2019: NASDAQ - 34-85292 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Disseminate Abbreviated Order Imbalance Information Prior to Dissemination of the Order Imbalance Indicator
    • March 11, 2019: NYSE - MEMBER POST-TRADE REVIEW OBLIGATIONS UNDER THE MARKET ACCESS RULE & EXCHANGE SUPERVISORY RULES
    • March 8, 2019: NYSE - 34-85274 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rules 7.16, 7.18, 7.31, 7.34, 7.37, and 7.38
    • March 7, 2019: NASDAQ Proposal to revise the Exchange's initial listing standards related to liquidity Resubmission
    • March 7, 2019: NYSEArca - 34-85265 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rules 7.16-E, 7.18-E, 7.31-E, 7.34-E, 7.35-E, and 7.38-E
    • March 6, 2019: SR-NASDAQ-2019-013 - A proposal to adopt a new SCAR routing option under Rule 4758
    • March 6, 2019: SR-NASDAQ-2019-014 - A proposal to amend Rule 4703 (Order Attributes) to make clarifying changes to the Midpoint Trade Now and Trade Now Order Attributes
    • March 5, 2019: Nasdaq to Disseminate Early Closing Auction Imbalance Information
    • March 5, 2019: Reminder: NYSE Integrated Feed - New Multicast Channels to support NYSE Pillar
    • March 1, 2019: Nasdaq Report Center Reports to be Migrated to Nasdaq Report HQ
    • February 28, 2019: NYSEArca - 34-85220 - Notice of Filing of Proposed Rule Change to Amend Commentary .01 to NYSE Arca Rule 8.600-E Relating to Generic Listing Standards for Managed Fund Shares Applicable to Holdings in Fixed Income Securities
    • February 27, 2019: SR-NASDAQ-2019-010 - A proposal to disseminate abbreviated order imbalance information prior to the dissemination of the Order Imbalance Indicator
  • Additional Updates - Options
    • March 7, 2019: CboeEDGX - 34-85267 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Bats Auction Mechanism ("BAM")
    • March 7, 2019: SR MIAX 2019 12 - Amend Rule 503, Openings on the Exchange
    • March 7, 2019: Phlx - 34-85262 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Option Floor Procedure Advice A-9 and Phlx Rules 1000 and 1066 and to Adopt a New Phlx Rule 1078
    • March 6, 2019: CboeEDGX - 34-85253 - Notice of Filing of a Proposed Rule Change to Adopt Rule 21.21 (Solicitation Auction Mechanism)
    • March 6, 2019: SR EMERALD 2019 13 - Amend Rule 518, Complex Orders, to adopt rules pertaining to stock-option orders
    • March 6, 2019: SR EMERALD 2019 14 - Amend Rule 518, Complex Orders, to adopt a Complex Liquidity Exposure Process ("cLEP")
    • March 6, 2019: SR EMERALD 2019 12 - Amend Rule 515A, MIAX Emerald Price Improvement Mechanism ("PRIME") and PRIME Solicitation Mechanism
    • March 1, 2019: Cboe - RG19-013 Consolidated Audit Trail Clock Synchronization Notice to Industry Member 
    • March 1, 2019: MIAX Emerald - Release No. 34-85230 - Notice of Filing and Immediate Effectiveness of Amendment to the Plan Governing the Consolidated Audit Trail to Add MIAX Emerald LLC, as a Participant
    • March 1, 2019: MIAX Emerald - 34-85228 - Notice of Filing and Immediate Effectiveness of Amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed to Facilitate the Listing and Trading of Standardized Options to Add MIAX Emerald, LLC as a Plan Sponsor
    • March 1, 2019: MIAX Emerald - 34-85229 - Notice of Filing and Immediate Effectiveness of Amendment to the Options Order Protection and Locked/Crossed Market Plan to Add MIAX Emerald, LLC, as a Participant
    • February 28, 2019: SR EMERALD 2019 09 - To adopt the following Market Data Products for Emerald: MIAX Emerald Top of Market ("ToM"); MIAX Emerald Complex Top of Market ("cToM");
      MIAX Emerald Administrative Information Subscriber ("AIS"); and MIAX Emerald Order Feed ("MOR")
    • February 28, 2019: SR MIAX 2019 05 - Amend Rule 507, Must Give Up Clearing Member, and Rule 513, Submission of Orders and Clearance of Transactions
    • February 28, 2019: CboeBZX - 34-85218 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Allow the Addition of New Series of Options on an Individual Stock Until the Close of Trading on the Business Day Prior to Expiration in Unusual Market Conditions
    • February 26, 2019: CboeEDGX - 34-85200 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 20.6 to Apply the Obvious Error Rule to Stock-Option Orders, and to Amend Rules 21.1(d) and 21.20 to Add Qualified Contingent Cross with Stock Order Functionality
  • Next Meeting Date: Tuesday, April 23, 2019 @ 4:00 pm ET.

_________________________________________________________________

Financial Information Forum
fifinfo@fif.com
Phone: +1 212 422 8568
Fax: +1 212 422 8570
FIF URL: www.fif.com

Note: The information contained in this agenda is for FIF member use only. You are hereby notified that any dissemination, distribution or copying of this communication to individuals outside the FIF membership, is strictly prohibited. If you have received this communication in error, please notify the fifinfo@fif.com immediately, and please delete it from your system.