27 October, 2025
Working Group Updates 10/27/2025
27 October, 2025
- Rule 605 Working Group. The Rule 605 Working Group discussed the requirement for a retail broker that executes fractional share trades as principal to prepare a separate Rule 605 report for the fractional share trading activity. The Working Group discussed whether GTC orders received prior to the compliance date that are still open as of the compliance date should be reportable.
- 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 to discuss the recent DC Circuit court decision upholding the SEC’s Reg NMS amendments relating to minimum pricing increments and access fee caps. The Working Group agreed as a next step that FIF would draft a letter to the SEC to request an extension of the compliance date for these changes.
- SLATE Working Group. The Working Group discussed how reporting based on the end-of-day status of a loan should be implemented, including how new loans, modifications, cancels and corrections should be reported. The Working Group discussed using a single event-type to report new loans, modifications, cancels and corrections and a separate event type for deletions.
- Short Position Reporting. FIF hosted a call for the Short Sales / Reg SHO / Short Reporting Working Group to discuss a draft FIF letter to the SEC requesting a stay of the current implementation date for short position reporting.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month.
- TRF Extended Hours. FIF hosted a call for the TRF/ORF Working Group to provide an update on a recent discussion with FINRA representatives and FIF members relating to the planned expansion of TRF operating hours.
Eduard Kotlyar