May 21, 2019: Front Office Committee Meeting Agenda

Meeting Details

  • When: Tuesday May 21, 2019 @ 4:00 PM ET

Meeting Agenda

  • FINRA Updates
    • ORF
      • April 15, 2019: FINRA Termination of Support of CTCI Protocol for Reporting Trades to TRACE AND ORF
    • Additional FINRA Updates
      • May 14, 2019: News Release - FINRA Launches an Initiative to Simplify Firms' Digital Experience with FINRA, Facilitating More Efficient and Effective Compliance Programs;
      • May 6, 2019: Regulatory Notice 19-18 - FINRA Provides Guidance to Firms Regarding Suspicious Activity Monitoring and Reporting Obligations;
      • May 6, 2019: FINRA/Nasdaq TRF to Enhance Reject Message Text;
      • April 29, 2019: Information Notice – 4/29/19 - Imposter Websites Impacting Member Firms;
      • April 16, 2019: SR-FINRA-2019-014 - Proposed Rule Change to Amend FINRA Rule 6730 (Transaction Reporting).
  • SEC
    • May 10, 2019: Proposed Rule Amendments and Guidance Addressing Cross-Border Application of Certain Security-Based Swap Requirements;
    • May 10, 2019: Long Term Stock Exchange registers as a National Securities Exchange;
    • April 24, 2019: The SEC extends the implementation date of Amended SEC Rule 606 from May 20, 2019 until October 1, 2019.
  • OATS
    • Reminder: Onboarding of the NYSE Chicago Exchange for Exchange Route Matching is effective May 27, 2019;
    • May 7, 2019: NYSE - OATS Testing for NYSE Pillar - NYSE and FINRA will support coordinated OATS industry testing on the following dates: May 18, 2019, June 15, 2019, and July 20, 2019.
  • Exchange Updates
    • April 25, 2019: NYSE Market Data - NYSE XDP Feeds Adoption of Pillar Technology
  • CAT
    • June 4, 2019:  In-person CAT Options Deep Dive to be held June 4th at NYSE;
    • May 10, 2019:  Industry Member Technical Specifications V2.1;
    • May 10, 2019:  Updated Industry Member CAT Reporting Scenarios (V2.0);
    • April 29, 2019: Industry Member Technical Specifications v2.0;
    • April 29, 2019: CAT Alert 2019-02 – CAT Reporting Technical Specifications & Rollout Schedule for Industry Members - Final;
    • April 16, 2019: Industry Update on the Consolidated Audit Trail Focusing on the Firm Designated Identifier (“FDID”) – Recording and Presentation 
  • FIF Working Group Updates: Please click here to Join Working Groups
    • Consolidated Audit Trail (CAT)
      • May 15, 2019:  FIF participated in a focus-group session with FINRA CAT on CAT connectivity options.  
      • May 13/20, 2019:  FIF formed a CAT Web Portal Review subgroup with the intent of providing recommendations to FINRA CAT on the CAT Web Portal functionality.
      • April 16, 2019:  FIF joined industry members/SROs in an in-person meeting on CAT encryption, connectivity, and submission.
      • April 2, 2019:  FIF submitted a Comment Letter to the SROs on the current CAT implementation schedule and remaining risks.  
      • March 14, 2019: FIF attended an in-person Error Feedback and Correction Working Session with the CAT NMS team.
      • 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 submitted 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
      • May 2, 2019 - FIF submitted a follow-up request for guidance to the Commission. 
      • April 24, 2019 - The SEC granted FIF's request for an extension in the Rule 606 implementation date.  FIF is currently working with the Commission on the development of guidance.
      • 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.
    • FIF FINRA Rule 4370 (BCP) Working Group
      • FIF submitted comments to FINRA on Rule 4370 recommendations on April 25, 2019
    • FIF Block Trade Dissemination (TRACE) Working Group
      • FIF formed a working group with the intention of responding to FINRA's proposed Pilot to test recommended changes to Corporate Bond Block Trade Dissemination.
    • Tax Information Working Group
      • FIF formed a working group to discuss, inter alia, industry best practices, increasing tax reporting efficiencies, and leveraging new and evolving technology to revise tax reporting processes.  If you would like to join this working group, please update your profile here. 
      • FIF will hold our next working group meeting on Thursday, May 30 @ 11:00 am et. 
    • Cost Basis Working Group
      • We will hold our next meeting on June 6th.
      • We discussed complex debt issued in foreign currency and subject to OID at our last meeting.
    • Cloud Technology Working Group
      • We have pushed back our next meeting to accomodate FINRA so FINRA and AWS can jointly speak to CAT to AWS Connectivity. 
      • 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: May 29th.
      • On our last call the spotlight topic was focused on artificial intelligence in the banking industry and was presented by Don Tait from IHS Markit.
    • Retail Execution Quality
      • FIF held a meeting on May 3. 
      • 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 May 30th.
      • FIF held a meeting on April 25th focusing on the nature of artificial intelligence in the cybersecurity world today and how it is both a threat and a solution.
    • 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
    • May 9, 2019: NYSE - 34-85812 - Notice of Filing of Proposed Rule Change to Amend Section 703.18 of the Listed Company Manual to Permit the Listing of Event-Based Contingent Value Rights and Make Other Changes to the Listing Standards for Contingent Value Rights
    • May 9, 2019: BX - 34-85811 - Notice of Filing of Proposed Rule Change to Make Permanent the Pilot Program for the Exchange's Retail Price Improvement Program, which is Set to Expire on June 30, 2019
    • May 8, 2019: NASDAQ - 34-85806 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Remove the Exchange's Current Primary Contingency Procedure from the Exchange's Rule Book
    • May 3, 2019: NYSE - 34-85772 - Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, to Amend Rule 7.31 to Add a New Order Type, Capital Commitment Order, and Make Related Changes to Rules 7.16, 7.34, 7.36, and 7.37
    • May 2, 2019: NYSE Arca: Poposal to modify Rule 6.15-O regarding the Give Up of a Clearing Member by OTP Holders and OTP Firms and proposes conforming changes to Rule 6.46-O
    • April 29, 2019: NASDAQ - 34-85743 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 5702 Concerning an Issuer's Obligation to Disclose Material Information about the Issuer's Listed Non-Convertible Bonds
    • April 29, 2019: NASDAQ - FAQs on short sale requirements for securities in an IPO and obligations related to shares subject to "Lock up" agreements and other contractual transfer restrictions
    • April 29, 2019: NASDAQ - 34-85745 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delay Implementation of the Early Order Imbalance Information Functionality
    • April 26, 2019: BX - 34-85726 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delete the Exchange's Current Registration, Qualification and Continuing Education Rules
    • April 25, 2019: NYSE Arca: 84 FR 17439 (4/25/19)
    • April 25, 2019: NYSE Arca: 84 FR 17438 (4/25/19)
    • April 25, 2019: NYSE - 34-85722 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rules 7.11 and 80C, Limit Up-Limit Down Plan and Trading Pauses in Individual Securities Due to Extraordinary Market Volatility
    • April 23, 2019: Nasdaq, BX and PSX Market-Wide Circuit Breaker Testing Opportunity on Saturday, June 8, 2019
    • April 23, 2019: Market-Wide Circuit Breaker Testing - June 8, 2019
    • April 19, 2019: NYSE Arca: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 7.11-E, Limit Up-Limit Down Plan and Trading Pauses in Individual Securities Due to Extraordinary Market Volatility
    • April 18, 2019: Q2 2019 Authorized Trader Submissions for NYSE Tapes B and C / NYSE American Equities / NYSE Arca Equities / NYSE National Equities
    • April 17, 2019: NYSE Arca: 84 FR 16066 (4/17/19)
    • April 16, 2019: NYSE Equities Markets - New Functionality Update and Additional Testing Opportunities
    • April 15, 2019: NYSE Arca: 84 FR 15262 (4/15/19)
  • Additional Updates - Options
    • May 8, 2019: BOX - 34-85803 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Adopt BOX Rule 7620 (Accommodation Transactions) Establishing Cabinet Trading on the Exchange's Trading Floor
    • May 7, 2019: Cboe EDGX - 34-85797 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Amend the Exchange's Opening Process and add a Global Trading Hours Session for XSP Options
    • May 7, 2019: BOX - 34-85798 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Modify the Criteria for Listing an Option on an Underlying Covered Security
    • May 3, 2019: Miami International Holdings Reports April 2019 Trading Results And New Market Share Records for MIAX Exchange Group; MIAX Emerald Reaches 1% Market Share
    • April 29, 2019: SR EMERALD 2019 19 - Amend Exchange Rule 515A to allow Post-Only Orders and Post-Only Quotes to participate in PRIME Auctions
    • April 29, 2019: Phlx - 34-85740 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Relocate the Floor Trading Rules to Options 8
    • April 26, 2019: Cboe - 34-85727 - Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Chapter 17 of the Cboe Options Rules
    • April 26, 2019: Cboe - 34-85732 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 6.49A to Eliminate the Exchange's On-Floor Position Transfer Procedure
    • April 26, 2019: Cboe EDGX - 34-85734 - Notice of Designation of Longer Period for Commission Action on Proposed Rule Change, as Modified by Amendment No. 1, to Adopt Rule 21.21 (Solicitation Auction Mechanism)
    • April 24, 2019: SR MIAX 2019 21 - Proposal to make technical, non-substantive changes to various exchange rules.
    • April 23, 2019: Cboe - 34-85707 - 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
    • April 23, 2019: Nasdaq PHLX Directed Market Makers
    • April 17, 2019: SR EMERALD 2019 18 - Amend Rule 100, Definitions, to make a minor non-substantive edit
    • April 17, 2019: UPDATE: MRX to Introduce Complex Order Handling
    • April 16, 2019: Relocation of Nasdaq PHLX Floor Trading Rules
    • April 15, 2019: PHLX Updates QCC Handling
    • April 15, 2019: UPDATE: PHLX Decommissions Professional Customer AON Orders
  • Next Meeting Date: Tuesday, June 28, 2019 @ 4:00 pm ET.

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