20 July, 2026
Working Group Updates 7/20/2026
20 July, 2026
- 24x7 Trading Working Group. The 24x7 Trading Working Group discussed licensing for overnight trading. The Working Group discussed the FINRA rule filing to extend the TRF operating hours to 23x5 and associated notices and documentation updates by FINRA, the FINRA/Nasdaq TRF and the FINRA/NYSE TRF.
- 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). During the first call, the Working Group discussed expected changes to TRF trade modifiers and SIP sales condition codes. During the second call, the Working Group discussed the first draft of an FIF comment letter, including the potential impact on the short sale circuit breaker and best execution obligations. There were more than 40 firms represented on both calls, if you would like to get your firm involved, update your profile or email
This email address is being protected from spambots. You need JavaScript enabled to view it. . - SEC Approval of CT Plan Fee Schedule. FIF hosted a joint call for the Data & Technology and Front Office Committees to discuss the SEC’s approval of the CT Plan Fee Schedule.
- 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 potential next steps for FIF relating to CAT billing, potential changes to CAT reporting in connection with the planned expansion of exchange trading hours, and CAT reporting of the tradingSession field.
Eduard Kotlyar