09 February, 2026
Working Group Updates 2/9/2026
09 February, 2026
- TRF Fractional Shares. The TRF/ORF Working Group discussed a draft letter to the SEC and FINRA to request guidance that a broker-dealer is permitted to round or truncate fractional share quantities when displaying trade data to customers pursuant to the vendor display rule.
- SIP Odd Lots. FIF hosted a call for the Data and Technology Committee to discuss the upcoming dissemination of odd lot quotes by the SIPs, which is scheduled for production on April 27. The Committee discussed the recent exemption granted by the SEC relating to depth-of-book odd-lot quotes. The Working Group discussed the technical documentation published by the SIPs relating to odd lot quotes.
- 24x7 Trading Working Group. The Working Group discussed issues and questions raised by FIF members relating to extended hours trading, including the short sale locate requirement, the short sale circuit breaker, the ATS order display requirement, the FINRA ADF, dissemination of off-exchange trades executed between 8 and 9 pm, and Reg NMS.
- Digital Asset Securities Working Group. James Dowd, the CEO of North Capital, discussed the recent collaboration between North Capital and tZero to integrate their respective ATSs. Shawn Sloves, the CEO of Fundamental Interactions, discussed the proposed Digital Asset Market Clarity Act. The Working Group discussed recent FAQs relating to ATSs trading crypto asset securities and the recent Statement of the SEC’s Divisions of Corporation Finance, Investment Management and Trading and Markets on Tokenized Securities.
- 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. FIF hosted two joint calls this past week for the CAT Transaction Reporting and CAIS Working Groups. The Working Groups discussed a draft FIF letter to the SEC relating to the rule filing by CAT LLC to reduce CAT costs. The Working Groups discussed recommendations for enhancing the current request-response process as a replacement for EBS.
Eduard Kotlyar