April 23, 2019 - Front Office Committee Meeting Agenda

Meeting Details

  • When: Tuesday April 23, 2019 @ 4:00 PM ET

Meeting Agenda

  • FINRA Updates
    • TRACE
      • March 26, 2019: 34-85420 - Order Approving Proposed Rule Change to Allow the Publication or Distribution of Aggregated Transaction Information and Statistics on Certain Non-Disseminated TRACE-Eligible Securities
    • Additional FINRA Updates
      • April 12, 2019: Regulatory Notice 19-12 - FINRA Requests Comment on a Proposed Pilot Program to Study Recommended Changes to Corporate Bond Block Trade Dissemination
      • April 5, 2019: SR-FINRA-2019-010 - Proposed Rule Change to Extend the Pilot Period Related to FINRA Rule 6121.02 (Market-wide Circuit Breakers in NMS Stocks)
      • March 27, 2019: SR-FINRA-2019-008 - Proposed Rule Change to Establish a Corporate Bond New Issue Reference Data Service
  • SEC
    • April 16, 2019:  Press Release 2019-57 - SEC/FINRA to hold national compliance outreach program for Broker-Dealers on June 27, 2019.
    • April 15, 2019:  SEC held a meeting with the Fixed Income Market Structure Advisory Committee.  
    • March 28, 2019: 34-85447 - Order Issuing Stay (In the Matter of Rule 610T of Regulation NMS)(Transaction Fee Pilot)
  • Exchange Updates
    • April 10, 2019: 34-85589 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Adopt Remaining Legacy NASD and Incorporated NYSE Rules as FINRA rules
  • CAT
    • April 10, 2019: Industry Update on the Consolidated Audit Trail Focusing on the Firm Designated Identifier (“FDID”)
    • April 3, 2019: Industry Update on CAT Reporting Technical Specifications - Recording and Presentation
    • March 29, 2019: CAT NMS LLC Posts New Draft Version of CAT Reporting Technical Specifications for Industry Members
    • March 26, 2019: CAT Alert 2019-01 – Alternative Trading System (“ATS”) Order Type Identifier Registration
    • March 25, 2019: Participant Technical Specifications v1.7.2
    • March 19, 2019: Industry Update on Consolidated Audit Trail Registration - Recording and Presentation
    • March 18, 2019: Consolidated Audit Trail Registration Now Open
  • FIF Working Group Updates: Please click here to Join Working Groups
    • Consolidated Audit Trail (CAT)
      • April 17, 2019:  FIF held a CAT working group meeting to discuss follow-up items from the April 16 in-person meeting with the SROs.
      • April 16, 2019:  FIF joined industry members/SROs in an in-person meeting on CAT encryption, connectivity, and submission.
      • April 15, 2019:  FIF submitted a list of issues/recommendations to the SROs/FINRACAT identifed in the 3/29 Draft Tech Spec
      • April 5, 2019:  FIF held a CAT Tech Specs Requirements Working Group Meeting
      • April 5, 2019:  FIF held an options focused CAT Tech Spec Requirements Working Group meeting
      • April 3, 2019: FIF held a CAT Tech Spec Requirements Working Group meeting.
      • April 2, 2019:  FIF submitted a Comment Letter to the SROs on the current CAT implementation schedule and remaining risks.  
      • February 4, 2019: FIF submitted a comment letter on the CAT transitional period to the CAT Leadership Committee.
      • December 11, 2018:  FIF submitted comments to the Commission on the current status of CAT.
      • October 1, 2018:  FIF submitted detailed spec review summaries and comments to the SROs, SEC, and ThesysCAT on V0.6 of the industry member tech spec.
      • CAT NMS Plan Website
    • 606 Working Group
      • April 16, 2019 - FIF held a FIF SEC Rule 606 Working Group meeting.
      • April 11, 2019 - FIF met with SEC Trading and Markets staff to discuss remaining SEC Rule 606 challenges
      • 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
      • FIF submitted the final draft of the comment letter to working group members for approval.
    • Cost Basis Working Group
      • We will hold our next meeting on May 2nd.
      • We discussed complex debt issued in foreign currency and subject to OID at our last meeting.
    • Cloud Technology Working Group
      • We will hold our next meeting on Friday, May 3rd @ 2:00 pm et. 
      • At our last meeting we were treated to a spotlight topic by Ed Featherston from HPE who ran us through use cases and lessons learned from his many cloud migration consultations. 
    • Data and Technology
      • Next Meeting: April 24th.
      • On our last call the spotlight topic was focused on updates to the OPRA Trade Message Codes and Testing Opportunities with SIAC.
    • 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
    • April 10, 2019: NYSE Market Data - End of Day Time Change and NYSE Trades Feed - Testing Opportunity for FINRA/NYSE TRF data
    • April 10, 2019: NYSE - 34-85597 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Its Price List to Modify the Supplemental Liquidity Provider Provide Tier 1 Credit for Securities Traded Pursuant to Unlisted Trading Privileges
    • April 9, 2019: SR-NASDAQ-2019-028 - Proposal to extend the current pilot program related to Nasdaq Rule 11890, Clearly Erroneous Transactions, to the close of business on October 18, 2019
    • April 9, 2019: NYSE National - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Related to Rule 7.12, Trading Halts Due to Extraordinary Market Volatility
    • April 9, 2019: NYSE Arca - 34-85573 - Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to Amend NYSE Arca Rule 5.2-E(j)(3) to Adopt Generic Listing Standards for Investment Company Units Based on an Index of Municipal Bond Securities
    • April 8, 2019: 2019 Regulation SCI BCP/DR Testing - October 26, 2019
    • April 8, 2019: Nasdaq, BX and PSX to Introduce New Routing Strategy: Nasdaq Local Sweep
    • April 8, 2019: SR-NASDAQ-2019-027 - Proposal to extend the pilot related to Rule 4121 Trading Halts Due to Extraordinary Market Volatility to the close of business on October 18, 2019
    • April 5, 2019: NYSE Chicago - SR-NYSECHX-2019-05 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Related to Article 20, Rule 2, Trading Halts Due to Extraordinary Market Volatility 
    • April 4, 2019: NASDAQ - 34-85513 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend and Restate the Exchange's Membership Rules
    • April 3, 2019: Update on NYSE Pillar Migration - Release for Other NYSE Markets
    • April 3, 2019: NASDAQ - 34-85503 - Notice of Filing of Proposed Rule Change to Revise the Exchange's Initial Listing Standards Related to Liquidity
    • April 3, 2019: NYSEArca - 34-85494 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 6.40-O to Reduce the Minimum Allowable Parameter for the Percentage-Based Risk Limitation Mechanism
    • April 3, 2019: NYSE National - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Current Pilot Program Related to Rule 7.10, Clearly Erroneous Executions
    • March 29, 2019: NADAQ BX - 34-85454 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Chapter VI, Section 5, "Minimum Increments"
    • March 29, 2019: NASDAQ - 34-85452 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change The Nasdaq Options Market LLC Rules at Chapter VI, Section 5
    • March 29, 2019: NYSE - 34-85456 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Exchange's Price List Related to Co-location Services
    • March 29, 2019: Update: Nasdaq to Delay the Implementation of an Early NOII
    • March 20, 2019: New Timing: Nasdaq to Introduce Midpoint Trade Now Functionality
    • March 27, 2019: SR-NASDAQ-2019-022 - A proposal to amend and restate the Exchange's membership rules
    • March 26, 2019: NYSE - Market on Close/Limit on Close Cutoff Time Change - April 1, 2019
    • March 25, 2019: NASDAQ - Reminder for FINRA/Nasdaq TRF Carteret Fix Service Testing
    • March 25, 2019: SR-FINRA-2019-007 - Proposed Rule Change to Adopt FINRA Rule 7640B (Data Products Offered By NYSE)
    • March 20, 2019: NASDAQ BX - 34-85368 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt a New SCAR Routing Option Under Rule 4758
  • Additional Updates - Options
    • April 10, 2019: Cboe BYX - 34-85586 - Notice of Withdrawal of Proposed Rule Change to Make Permanent Exchange Rule 11.24, Which Sets Forth the Exchange's Pilot Retail Price Improvement Program
    • April 10, 2019: Cboe - 34-85592 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amend the Select Customer Options Reduction Program
    • April 9, 2019: Phlx - 34-85577 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delay the Implementation of the FBMS FIX Interface to Submit Orders to a Particular Floor Broker on the Options Floor
    • April 9, 2019: NASDAQ - Amendment, Reorganization and Enhancement of Registration Rules
    • April 8, 2019: CboeBZX - 34-85543 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Current Pilot Program Related to BZX Rule 11.17, Clearly Erroneous Executions
    • April 5, 2019: SR-NASDAQ-2019-026 - Proposal to extend the pilot to the close of business on October 18, 2019, for certain options market rules that are linked to the equity market Plan to Address Extraordinary Market Volatility
    • April 5, 2019: SR MIAX 2019 19 - Amend Rule 530, Limit Up-Limit Down, and Rule 521, Nullification and Adjustment of Options Transactions Including Obvious Errors, to extend the pilot to the close of business on October 18, 2019, for certain options market rules that are linked to the equity market Plan to Address Extraordinary Market Volatility
    • April 5, 2019: Phlx - 34-85519 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend and Relocate the Qualified Contingent Cross Orders Rules
    • April 5, 2019: Cboe EDGA - 34-85521 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Clarify the Handling of Orders that Contain Both a Post Only Instruction and Certain Other Order Handling Instructions Maintained to Facilitate Compliance with Rule 610(d) of Regulation NMS
    • April 4, 2019: Cboe EDGX - 34-85515 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend EDGX Rules to Clarify the Handling of Orders that Contain Both a Post Only Instruction and Certain Other Order Handling Instructions Maintained to Facilitate Compliance with Rule 610(d) of Regulation NMS
    • April 2, 2019: Cboe EDGX - 34-85482 - Notice of Filing of a Proposed Rule Change to Introduce Retail Priority
    • April 1, 2019: NASDAQ - UPDATE: Nasdaq Announces Changes to the Penny Pilot Program, Effective April 2, 2019
    • March 29, 2019: NYSE Options: *UPDATE and REMINDER* Penny Pilot Replacement Issues
    • March 29, 2019: BOX - 34-85453 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Allow for Replacement Issues to be Added to the Penny Pilot Program ("Pilot Program") on a Quarterly Basis
    • March 29, 2019: Cboe BZX - 34-85465 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amend Rule 21.5, Interpretation and Policy .01 to Specify that Replacement Issues may be Added to the Penny Pilot Program ("Pilot") on a Quarterly Basis, without Altering the Expiration Date of the Pilot, which is June 30, 2019
    • March 28, 2019: NYSE - Activation of Repricing Functionality on Orders and Quotes for Options
    • March 26, 2019: Cboe - 34-85419 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Cboe Options Rule 6.2
    • March 26, 2019: Cboe EDGX - 34-85414 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Rules Related to the Designated Primary Market-Maker ("DPM") Participation Entitlements
    • March 22, 2019: BOX - 34-85399 - Order Granting BOX Exchange LLC’s Petition for Review of Division of Trading and Markets Order by Delegated Authority Temporarily Suspending and Instituting Proceedings on SR-BOX-2019-04; Affirming the Division’s Order; and Lifting the Automatic Stay
  • Next Meeting Date: Tuesday, May 21, 2019 @ 4:00 pm ET.

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