10 November, 2025
Working Group Updates 11/10/2025
10 November, 2025
- Rule 605 Working Group. The Rule 605 Working Group discussed reporting for orders with specific handling instructions and characteristics, including add liquidity only orders, auction orders, orders with counterparty restrictions, discretionary peg orders, and do not route orders.
- Reg NMS: Minimum Pricing Increments and Access Fee Caps. FIF hosted a joint call for the Data and Technology Committee and the Equity Market Regulations Working Group. The Committee and Working Group discussed the SEC’s October 30 exemptive order to extend to November 2, 2026 the compliance dates for the Reg NMS amendments relating to minimum pricing increments and access fee caps. The Working Group discussed the implementation schedule for upcoming SIP initiatives.
- SLATE Working Group. FIF hosted two calls this past week for the SLATE Working Group. The Working Group continued its discussion of a draft FIF letter to FINRA on reporting to SLATE based on the end-of-day status of a loan, including how new loans, modifications, cancels, corrections and deletions should be reported. The Working Group discussed recommendations to FINRA on cut-off times and filing and response timelines. The Working Group discussed recommendations to FINRA relating to loans entered into prior to the SLATE compliance date that are modified after the compliance date.
- Short Position Reporting. FIF provided an update on a discussion with another industry association relating to the implementation of short position reporting. FIF conducted a Zoom survey of FIF members relating to their current implementation plans for short position reporting. The Working Group discussed a draft FIF letter to the SEC requesting written confirmation that the compliance date for short position reporting will not be January 2, 2026.
- 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 also reviewed the current areas of focus for FIF members and the current open issues for CAT Transaction Reporting, CAT CAIS and CAT billing.
Eduard Kotlyar