20 January, 2026
Working Group Updates 1/20/2026
20 January, 2026
- Extension of TRF Operating Hours and Real-Time Reporting. FIF hosted a call for the TRF/ORF Working Group to provide an update to the full Working Group on a call with FINRA on January 9 relating to the planned extension of TRF operating hours and real-time reporting to start at 4 a.m. The Working Group discussed additional issues and questions to raise with FINRA, including creating a new modifier to identify orphaned fractional transactions executed through a batch process and obtaining clarification from FiNRA on whether the operating hours for MarketWatch will also be expanded.
- Rule 605 Working Group. The Rule 605 Working Group discussed a draft FIF letter to the SEC requesting written interpretive guidance from the SEC relating to the Rule 605 amendments scheduled for implementation during August 2026. The Working Group discussed Rule 605 reporting for contingent and conditional orders, orders with a counterparty restriction, pegged orders, do-not-route orders, reserve and hidden orders, trailing stop orders and ISO orders.
- Treasury Clearing: FICC Rule Filings and Approvals. FIF hosted a joint call for the Back Office Committee and the Fixed Income Regulations Working Group to discuss recent FICC rule filings and approvals relating to Treasury clearing. The rule filings and approvals are focused on transactions involving FICC’s Sponsored and Agent Clearing Services.
- FINRA Rule Filing to Replace Day Trading Margin Rules. FIF hosted a joint call for the Short Sales / Reg SHO / Short Reporting Working Group and the Compliance and Surveillance Working Group to discuss the recent rule filing by FINRA to replace the current day trading margin provisions with intraday margin standards.
- CT Plan Fee Filing. FIF hosted a call for the Data & Technology Committee to discuss a draft comment letter in response to the rule filing by the CT Plan relating to CT Plan fees.
- Tax Information Reporting Working Group. FIF hosted a call for the Tax Information Reporting Working Group. Representatives from Wolters Kluwer discussed IRS FAQs about digital asset broker 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 continued the discussion of a draft FIF comment letter in response to the proposed 2025 Cost Savings Amendment to the CAT NMS Plan filed by CAT LLC with the SEC. The Working Groups discussed the recent Order by the SEC approving the rule filing by CAT LLC to remove PII from CAT. The Working Groups discussed a cross-border options scenario, a manual order scenario, and a crossing scenario raised by FIF members.
Eduard Kotlyar