12 January, 2026
Working Group Updates 1/12/2026
12 January, 2026
- DTCC Tokenization Services. FIF hosted a joint call for the Back Office Committee and the Digital Asset Securities Working Group to continue the discussion of the no-action letter recently granted by the SEC to DTC relating to the DTCC Tokenization Services.
- SLATE Working Group. The SLATE Working Group reviewed a draft letter to FINRA relating to the SLATE securities list and reporting for evergreen term loans. The Working Group discussed an issues list relating to SLATE reporting to present to the SEC.
- 24x7 Trading Working Group. The 24x7 Trading Working Group discussed recent rule filings by the CTA and CQ Plans and the UTP Plan to expand to 23x5 hours of operation. The Working Group discussed registration challenges with supporting overnight activity with overseas personnel and potential ways to address these challenges.
- SIP Fractional Shares. FIF hosted a joint call for the Compliance and Surveillance Working Group and the TRF / ORF Working Group to discuss whether the SIP dissemination of fractional share execution quantities (to be implemented on February 23, 2026) will impact broker-dealer obligations under the vendor display rule.
- Rule 605 Working Group. The Rule 605 Working Group discussed reporting unexecuted shares for IOC and other orders. The Working Group discussed Rule 605 reporting for Add Liquidity Only (ALO), auction, and minimum size orders. FIF updated the Working Group on a response from FINRA relating to the implementation of Rule 6152 (centralized reporting of Rule 605 reports through FINRA).
- CAT Monthly Update Working Group. The CAT Monthly Update Working Group reviewed guidance and updates from the CAT Plan Participants and FINRA CAT on CAT Transaction Reporting, CAT CAIS and CAT billing during the prior month. The Working Group reviewed the current areas of focus for FIF members and the current open issues for CAT Transaction Reporting, CAT CAIS and CAT billing.
- CAT Transaction Reporting and CAIS. FIF hosted a joint call for the CAT Transaction Reporting and CAIS Working Groups. The Working Groups discussed the first draft of an 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 Group discussed a proposal from FINRA CAT to remove Error Code 2247, which prohibits the reporting of a share quantity for a notional value order.
Eduard Kotlyar