11 May, 2026
Working Group Updates 5/11/2026
11 May, 2026
- TRACE / RTRS Working Group. The TRACE/RTRS Working Group discussed a recent rule filing by FINRA to expand the TRACE affiliate indicator to cover transactions with affiliated broker-dealers. The Working Group discussed reporting of the Series (.S) modifier to TRACE. The Working Group discussed a recent call with the MSRB relating to direct reporting of munis.
- Rule 605 Working Group. The Rule 605 Working Group discussed Rule 605 reporting for not held IOC orders. The Working Group discussed Rule 605 reporting for various customer facilitation and internal execution scenarios. The Working Group discussed FINRA’s assignment of unique reporter identification codes for reporting firms with multiple Rule 605 reports.
- 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: Reg NMS minimum quote increments and access fee caps; expansion of exchange trading hours; TRF extended hours; Section 31 fees; FINRA margin rule amendments; and Consolidated Audit Trail.
- CAT Monthly Update Working Group Call. The CAT Monthly Update Working Group reviewed guidance and updates from CAT LLC and FINRA CAT during the prior month. The Working Group reviewed the current areas of focus for FIF members and the current open issues relating to CAT reporting.
- CAT Transaction Reporting and CAT Reference Database Working Groups. This past week, FIF hosted two joint calls for the CAT Transaction Reporting and CAT Reference Database Working Groups. During the first call, the Working Groups discussed the sections of the SEC Concept Release relating to CAT design and scope. During the second call, the Working Groups discussed the sections of the SEC Concept Release relating to the replacement of EBS with a request response system.
Eduard Kotlyar