03 November, 2025
Working Group Updates 11/3/2025
03 November, 2025
- Rule 605 Working Group. The Rule 605 Working Group discussed whether GTC orders received prior to the compliance date that are still open as of the compliance date should be reportable. FIF conducted a Zoom survey of Working Group participants on this issue. The Working Group discussed next steps to address open interpretive questions with the SEC. The Working Group discussed reporting for orders sent to ATSs and single dealer platforms. The Working Group discussed reporting for orders with specific handling instructions.
- Compliance and Surveillance Working Group: Best Execution Webinar. FIF hosted a webinar on Best Execution for the Compliance and Surveillance Working Group. FIF would like to thank the moderator (Scott Trilling of Fidelity) and the panelists (Mark Davies of S3, Derek Lacarrubba of the KL Gates law firm, and Ted Karn of The Karn Group) for their participation in the webinar.
- 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 a draft FIF letter to the SEC on implementation of the SEC’s Reg NMS amendments relating to minimum pricing increments and access fee caps. FIF submitted this letter to the SEC.
- 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.
- T+1 Subgroup. The T+1 subgroup discussed firm policies in response to requests for non-standard settlement, including various scenarios where these requests arise.
- Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges.
- Data & 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.
- CAT Transaction Reporting and CAIS Working Groups. FIF hosted a joint call for the CAT Transaction Reporting and CAIS Working Groups. The Working Groups discussed whether firms are adjusting their CAIS reporting in response to the PII exemptive relief previously granted by the SEC and the currently-filed CAT plan amendment relating to PII. The Working Groups discussed the purging of CAT transaction data after a period of time. The Working Groups discussed orders with notional value and share limitations, reporting historical corrections to CAT, and CAT reporting for early close scenarios. The Working Groups discussed a recommendation from an FIF member for CAT costs to be included in the SEC budget.
Eduard Kotlyar