02 March, 2026
Working Group Updates 3/2/2026
02 March, 2026
- Rule 605 Working Group. The Rule 605 Working Group discussed reporting by a firm with multiple reports for a single MPID, reporting the best available displayed price, and reporting the designated participant. The Working Group continued its discussion of Rule 605 reporting for various order types.
- TRF Fractional Shares. FIF hosted a call for the TRF/ORF Working Group to review a draft request for no-action relief that FIF submitted to the SEC relating to the dissemination of fractional shares by the SIPs and the obligations of broker-dealers under the vendor display rule.
- Trump Accounts Working Group. FIF hosted a call for the new Trump Accounts Working Group. The Working Group discussed the December Notice issued by the Treasury Department and the IRS. The Working Group discussed issues relating to the establishment and maintenance of Trump accounts, including the account transfer process and the required account information to be tracked and validated.
- Data and Technology Committee. The Data and Technology Committee reviewed capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. The spotlight presenter was Joe Gostomski of SIAC, who provided an update on OPRA Dynamic Rebalancing.
- 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 CAIS Working Groups. This past week, FIF hosted two joint calls for the CAT Transaction Reporting and CAIS Working Groups. The Working Groups discussed reporting for a NAV trade executed on an RFQ platform, CAT symbol validations for overnight exchange trading, and a request for FINRA CAT to provide through FTP the daily exportable tabs that are currently available through the CAT portal. The Working Groups reviewed a diagram prepared by an FIF member of the fields containing PII that will be removed from the CAIS file. The Working Groups discussed a draft supplemental FIF comment letter relating to CAT storage costs. The Working Groups discussed a revised draft FIF letter to CAT LLC with FIF member recommendations.
Eduard Kotlyar