27 July, 2026
Working Group Updates 7/27/2026
27 July, 2026
- 24x7 Trading Working Group. An FIF member provided an update on short sale locates for overnight trading. The Working Group discussed exchange, SIP and TRF operations and price bands and overnight trading halts for days when the exchanges have an early close. The Working Group discussed a draft FIF comment letter on the FINRA rule filing to expand TRF operating hours to 23x5. The Working Group discussed issues and questions from Working Group members relating to ATS trading between 8 and 9 pm, weekend trading, tokenized securities for extended hours, exchange trading sessions, EBS reporting, NAV trades, and Rule 605 reporting. The Working Group reviewed updates to the CTA, UTP and NYSE TRF documentation.
- Order Protection Rule. This past week FIF hosted two 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 best execution, access fee caps and LULD.
- Regulatory Implementations Calendar. FIF hosted a joint call for the SEC FINRA Regulations Working Group and the Compliance and Surveillance Working Group to review an updated Regulatory Implementations Presentation and Calendar, including updates on the following topics: SIP testing and implementation schedule for expanded operating hours; overnight regulatory halts for corporate actions; FINRA rule filing to extend the TRF operating hours to 23x5 and associated notices from FINRA, Nasdaq and the NYSE; Options Regulatory Fee; Treasury clearing; TRACE allocations; tokenized equities; Financial Data Transparency Act; and Trump accounts.
- Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges.
- 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 continued their discussion of CAT reporting of the tradingSession field.
Eduard Kotlyar