09 March, 2026
Working Group Updates 3/9/2026
09 March, 2026
- 24x7 Trading Working Group. The 247x Trading Working Group discussed a revised issues list relating to the expansion of exchange trading hours, including the following topics: corporate actions; registration of personnel; regulatory reporting; market making obligations; and volatility controls.
- Rule 605 Working Group. The Rule 605 Working Group continued its discussion of reporting by a firm with multiple reports for a single MPID. The Working Group continued its discussion of Rule 605 reporting for various order types, including ALO orders, DNR orders and orders with counter-party restrictions.
- SIP Odd Lots. FIF hosted a call for the Data and Technology Committee to continue the discussion of the upcoming dissemination of odd lot quotes by the SIPs, which is scheduled for production on April 27, 2026. The Committee discussed the aggregation of odd lots quotes by the exchanges, best execution obligations and the potential impact of changes to SEC Rule 611 (the order protection rule).
- SLATE Working Group. FIF members and FIF participated on a call with SEC representatives to discuss implementation issues relating to securities loan reporting.
- Digital Asset Securities Working Group. The Digital Asset Securities Working Group discussed issues and questions from FIF members relating to the DTCC Tokenization Services and the SEC no-action letter to DTC.
- TRF Extended Hours. FIF hosted a call for the TRF/ORF Working Group to discuss the recent rule filing by FINRA to provide a temporary exemption from real-time reporting for “qualified overnight transactions”. This exemption applies for overnight batch processing of fractional share transactions and ETF transactions where the reference price is determined after 8 pm ET.
- CAT Monthly Update Working Group Call. The CAT Monthly Update Working Group reviewed guidance and updates from the CAT Plan Participants 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 CAIS Working Groups. This past week, FIF hosted two joint calls for the CAT Transaction Reporting and CAIS Working Groups. The Working Groups discussed recent inquiries from FINRA on reporting the exchOriginCode for options. The Working Groups discussed FINRA CAT removing the fields in the Technical Specifications relating to RFQ responses that are not immediately actionable. The Working Groups discussed a request for FINRA CAT to provide through FTP the daily exportable tabs that are currently available through the CAT portal. FIF updated the Working Group members on a call with FINRA relating to the establishment of a request-response system as a replacement for EBS. FIF members updated the Working Group members on a call with FINRA CAT relating to the implementation of the removal of PII from CAIS and the expansion of exchange trading hours. The Working Groups discussed a revised draft letter to CAT LLC with member recommendations.
Eduard Kotlyar