23 February, 2026
Working Group Updates 2/23/2026
23 February, 2026
- TRF Fractional Shares. FIF hosted two calls this past week for the TRF/ORF Working Group focused on the dissemination of fractional shares by the SIPs. During the first call, the Working Group discussed the survey responses from Working Group members relating to the dissemination of fractional shares on the SIPs and the vendor display rule. During the second call, the Working Group discussed a draft FIF letter to the SEC presenting the results of this survey.
- 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 Working Group continued its discussion of the CQS examples document. The Working Group discussed the changes to the UTP technical specifications. The Working Group discussed the reporting of odd lot quotes by the exchanges to the SIPs as described in the CQS examples document.
- 24x7 Trading Working Group. The 24x7 Trading Working Group discussed issues and questions from FIF members relating to CAT date definitions and broker-dealer activities and licensing. The Working Group discussed a request from the Treasury Department to discuss FIF member views on the planned expansion of exchange trading hours. The Working Group discussed a letter submitted by FIF to FINRA relating to the expansion of TRF operating hours. The Working Group continued its discussion of an issues list relating to the expansion of exchange trading, including the short sale locate requirement, corporate actions and dividends.
- Digital Asset Securities Working Group. The Digital Asset Securities Working Group discussed the amended rule filing by Nasdaq relating to tokenized securities. The Working Group discussed the Statement of the SEC’s Division of Trading and Markets on the Custody of Crypto Asset Securities by Broker-Dealers. The Working Group discussed the recent Statement of the SEC’s Divisions of Corporation Finance, Investment Management and Trading and Markets on Tokenized Securities.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter was Megha Gahlot of DTCC, who discussed extended hours trading.
- CAT Transaction Reporting and CAIS Working Groups. FIF hosted a joint call for the CAT Transaction Reporting and CAIS Working Groups. The Working Groups discussed a recent statement by SEC Chairman Atkins on CAT. The Working Groups discussed self-reporting of CAT issues, PII for Legal Entities, retaining CAT data in less expensive storage, and changes to the CAT documentation to remove references to RFQ responses that are not immediately actionable. The Working Groups discussed recommendations to reduce CAT costs.
Eduard Kotlyar