26 January, 2026
Working Group Updates 1/26/26
26 January, 2026
- FIF Webinar on Trading Risk Controls and Reg SCI. FIF hosted a webinar for the Compliance and Surveillance Working Group on Trading Risk Controls and Reg SCI. The moderator was Erin Clemens of StoneX. The panelists were Chris Boldt of Interactive Brokers, Doug Craig of Fidessa, Jim Dolan of LeveL Markets, and Charles Sommers of the Sidley Austin law firm. FIF would like to thank the moderator and panelists for their informative discussion of this topic.
- SIP and TRF Fractional Shares. FIF hosted a call for the TRF/ORF Working Group to discuss the upcoming change to require the reporting of fractional shares to the TRFs and the dissemination of fractional shares by the SIPs. The Working Group discussed the data to be reported to the TRFs and disseminated by the SIPs, FINRA Trade Reporting Notice 26-01, and the impact of this change on the obligations of broker-dealers under the Vendor Display Rule. The Working Group discussed how these changes will impact the high, low and last sale prices and aggregate trading volume.
- Reconciliation of FINRA RTF Fees. FIF hosted a call for the FINRA RTF Reconciliation subgroup. Subgroup members provided an update to the full subgroup on recent discussions with FINRA to enhance the reconciliation process for the FINRA RTF fee.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month.
- 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 draft FAQ D10 from FINRA CAT relating to the proposed retirement of Error Code 2247. The Working Groups discussed options linkage error scenarios. The Working Groups discussed a draft FIF comment 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 questions from an FIF member relating to the PII exemptive Order and a proposed request-response system.
Eduard Kotlyar