29 September, 2025
Working Group Updates 9/29/2025
29 September, 2025
- SLATE Working Group. FIF hosted two calls for the SLATE Working Group this past week. During the first call, the Working Group continued the discussion of the September 15 FIF member call with FINRA. During the second call, the Working Group reviewed a draft FIF letter to the SEC and FINRA relating to SLATE implementation. The draft letter discusses end-of-day reporting on a cumulative basis. The Working Group discussed whether firms should report all events or only a cumulative end-of-day basis.
- Rule 605 Working Group. FIF members provided an update on a September 17 meeting with SEC representatives relating to the implementation of the Rule 605 amendments. The Working Group discussed the reporting of stop orders, GTC orders, held and not held orders, pegged orders and orders that are not marketable at the time of order receipt.
- SIP Odd Lots. FIF hosted a joint call for the Data and Technology Committee and the Equity Market Regulations Working Group to continue the discussion of the implementation of the SIP odd lot changes. The Committee and Working Group continued the discussion of the reporting examples presented in the SIP technical documentation.
- Data and 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. The spotlight presenter was Phil Mackintosh of Nasdaq, who discussed extended-hours trading.
- Regulatory Implementations Calendar. FIF hosted a joint call for the Compliance and Surveillance Working Group and the SEC FINRA Regulations Working Group to review and discuss an updated regulatory implementations calendar for 2025 and beyond prepared by FIF.
- SEC Six-Month Rulemaking Agenda. FIF hosted a joint call for the Compliance and Surveillance Working Group and the SEC FINRA Regulations Working Group. Ignacio Sandoval of the Orrick law firm reviewed the six-month rulemaking agenda recently published by the SEC.
- Section 31 Fees Subgroup. The Section 31 Fees subgroup continued its discussion of enhancing the process for reconciliation of the FINRA Regulatory Transaction Fee (RTF). The Working Group discussed a draft FIF letter to FINRA to relating to reconciliation of Section 31 fees.
- CAT Transaction Reporting and CAIS Working Groups. FIF hosted a joint call for the CAT Transaction Reporting and CAIS Working Groups. FIF provided an update on a September 19 call with the SEC relating to rep order linkage, port settings, NIA RFQ responses and a proposed request and response system to replace EBS. The Working Group discussed an EBS reporting scenario from an FIF member. The Working Group discussed recent developments relating to CAT billing.
Eduard Kotlyar