21 September, 2026
Working Group Updates 9/21/2026
21 September, 2026
- TRACE Working Group. The TRACE Working Group discussed FINRA Regulatory Notice 26-16 on expansion of the TRACE Affiliate – Principal Transaction Indicator. The Working Group discussed reporting of the Affiliate – Principal Transaction Indicator by Covered Depository Institutions, reporting where a back-to-back trade is canceled or not executed, and reporting for scenarios where a FINRA member executes back-to-back trades with a FINRA member affiliate and a non-member affiliate. The Working Group discussed the recent TRACE amendment relating to reporting by an entity that is jointly registered as a broker-dealer and investment advisor.
- Rule 605 Working Group. The Rule 605 Working Group discussed reporting of internal-only orders, post-only orders and not held orders. The Working Group discussed a draft FIF letter to the Commission relating to Rule 605 reporting of orders with counterparty restrictions.
- FINRA Best Execution Regulatory Notice. FIF hosted a call for the Equity Market Regulations Working Group to discuss a revised draft FIF comment letter in response to FINRA Regulatory Notice 26-15 on modernizing FINRA’s best execution guidance.
- Regulatory Implementations Calendar. FIF hosted a joint call for the SEC FINRA Regulations Working Group and the Compliance and Surveillance Working Group. The Workings Groups reviewed an updated Regulatory Implementations Presentation and Calendar, including updates on the following topics: expanded exchange trading hours; TRF extended hours; OTC Reporting Facility transition to Native FIX; Short Interest Reporting; CAT; extended options trading hours; Cboe Binary KPI Options; MEMX Securities Event Contracts; and Nasdaq Phlx Bitcoin Index Options.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter was Sheila Zak of the Options Clearing Corporation, who discussed Ovation Updates and Upcoming Testing.
- CAT Transaction Reporting and CAT Reference Database Working Groups. FIF hosted a joint call for the CAT Transaction Reporting and CAT Reference Database Working Groups. The Working Groups discussed a draft FIF letter to the SEC, CAT LLC, FINRA and FINRA CAT relating to validation of CAT symbols for expanded exchange trading hours, representative order linkage, timestamp granularity and clock synchronization. The Working Groups reviewed updates to CAT FAQs relating to the accountHolderType field and payment of CAT invoices. The Working Groups discussed recent requests from CAT LLC and FINRA. The Working Group discussed documentation updates from FINRA CAT.
Eduard Kotlyar