02 February, 2026
Working Group Updates 2/2/2026
02 February, 2026
- 24x7 Trading Working Group. The 24x7 Trading Working Group discussed the recent Nasdaq rule filing for extended trading hours. The Working Group agreed that FIF would prepare a list of issues and questions raised by FIF members relating to extended hours trading for discussion during the next Working Group call.
- TRF Extended Hours. The TRF/ORF Working Group discussed feedback from a recent call with FINRA in response to questions previously raised by FIF relating to the expansion of TRF operating hours. The Working Group discussed current challenges with the FINRA price out of range process and concerns that these challenges will increase with the expansion of TRF operating hours. The Working Group discussed licensing issues with supporting reporting for the expansion of TRF operating hours. The Working Group discussed challenges with supporting corporate actions for 24x7 Trading. The Working Group agreed that FIF would draft a letter to FINRA for review by the Working Group to initiate a discussion of these issues.
- Rule 605 Working Group. The Rule 605 Working Group discussed a draft FIF letter to the SEC relating to Rule 605 reporting for different order types and orders with specific handling instructions, including Add Liquidity Only orders, Do Not Route orders, and hidden and reserve orders.
- FINRA RTF Reconciliation Subgroup. The FINRA RTF Reconciliation subgroup continued its discussion of obtaining additional data from FINRA to address current challenges with reconciling the FINRA RTF fee and associated pass-through fees. The subgroup discussed concerns from FINRA that certain fields could be considered confidential. The subgroup agreed that FIF should draft a letter to FINRA relating to this issue.
- Reg NMS Compliance Subgroup. The Reg NMS Compliance subgroup discussed potential changes to order handling processes in response to stocks being quoted in half-penny increments.
- 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 presenters were Gerard Faulkner and Mark Bastian of CUSIP Global Services, who discussed CUSIP Issuance Trends and tokenized securities.
- 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 Working Group. FIF hosted a call for the CAT Transaction Reporting Working Group to discuss FINRA CAT’s proposal to retire Error Code 2247 and FINRA CAT’s proposed modifications to FAQ D10. FIF submitted comments to FINRA CAT relating to this topic.
- 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 the exemptive orders granted by the SEC on January 23 relating to rep order linkage, RFQ responses that are not immediately actionable, and port settings. The Working Groups discussed a revised draft FIF letter in response to the recent Order by the SEC approving the rule filing by CAT LLC to remove PII from CAT. The Working Groups discussed unlinked scenarios resulting from symbol changes. The Working Groups discussed a draft FIF letter to the SEC relating to the rule filing by CAT LLC to reduce CAT costs.
Eduard Kotlyar