17 February, 2026
Working Group Updates 2/17/2026
17 February, 2026
- TRF Fractional Shares. TRF/ORF Working Group members provided an update to the full Working Group on a call with SEC staff members relating to SIP fractional shares and the vendor display rule. Working Group members discussed next steps, including an FIF member survey.
- Expansion of TRF Operating Hours. The TRF/ORF Working Group discussed a draft FIF letter to FINRA relating to the planned expansion of TRF operating hours. FIF disseminated a revised draft of the letter to Working Group members for further comment.
- Rule 605 Working Group. The Rule 605 Working Group discussed reporting for held and not-held orders. The Working Group discussed reporting based on the BOLO (best odd lot order to buy or sell). The Working Group discussed the posting of Rule 605 reports prior to the availability of posting by FINRA (FINRA Rule 6152).
- CAT Transaction Reporting and CAIS Working Groups. FIF hosted two joint calls this past week for the CAT Transaction Reporting and CAIS Working Groups. The Working Groups finalized a draft FIF comment letter to the SEC in response to the rule filing by CAT LLC to reduce CAT costs. The Working Groups discussed linkage scenarios relating to symbol changes. The Working Groups discussed CAT reporting for orders with share and notional value limitations. The Working Groups reviewed the recent updates to the CAT Technical Specifications relating to rep order linkage for options and other changes to the Technical Specifications. The Working Groups reviewed the FAQ updates relating to rep order linkage. The Working Groups reviewed the schedule of CAT releases for 2026.
Eduard Kotlyar