03 August, 2026
Working Group Updates 8/3/2026
03 August, 2026
- FIF Webinar on Trade Surveillance. This past week FIF hosted a webinar on Trade Surveillance for the Compliance and Surveillance Working Group. The panel discussed evolving uses of AI in trade surveillance and other recent developments in trade surveillance. FIF would like to thank the moderator, Scott Trilling of Fidelity. FIF would also like to thank the panelists: Ben Calev of BXS; Mark Davies of S3; Chris Montagnino of Jordan & Jordan; and Ted Karn of The Karn Group.
- Order Protection Rule. This past week FIF hosted four calls for the Equity Market Regulations Working Group to continue discussion of the SEC rule proposal to rescind SEC Rules 611 (Order protection rule) and 610(e) (Locking or crossing quotations). The Working Group discussed a revised draft comment letter, including sections on the following topics: best execution; the NBBO; automated and manual quotations; access fee caps; the vendor display rule; and the Reg SHO short sale circuit breaker price test.
- Rule 605 Working Group. The Rule 605 Working Group discussed issues and questions from FIF members relating to the Rule 605 amendments that are scheduled to take effect on August 1, including the reporting of price improvement relative to the best available displayed price, reporting by a firm with multiple MPIDs under a single CRD, reporting for midpoint orders, the impact of the expansion of exchange trading hours on Rule 605 reporting, reporting for orders received or executed during the overnight trading session, reporting for IOC orders that are marked as not-held, and reporting when ATS segmentation is applied.
- Short Interest Reporting. FIF hosted a call for the Short Sales / Reg SHO / Short Reporting Working Group to provide an update on FIF member discussions with FINRA relating to the rule filing by FINRA to amend short interest reporting.
- Data & Technology Committee. The Data & Technology Committee reviewed capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. The spotlight presenters were Sun Kim and Dana Rutherford of Nasdaq MRX, who discussed the recent SEC approval of Nasdaq MRX’s rule filing for extended trading hours for eligible equity and 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.
- 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 proposal from FINRA CAT for changes to the tradingSession field in connection with the planned expansion of exchange trading hours.
Eduard Kotlyar