05 May, 2025
Working Group Updates 5/5/2025
05 May, 2025
- FIF Webinar on Current Developments in Electronic Communications Surveillance. On April 28 FIF hosted a webinar for the Compliance and Surveillance Working Group on Current Developments in Electronic Communications Surveillance. The moderator for the panel was Holly Dito of Daiwa. The panelists were Rajni Chidambaram of Interactive Brokers, Erin Clemens of StoneX, Donald McElligott of Global Relay, and Craig Warkol of the Schulte Roth law firm. FIF would like to thank the moderator and panelists for the informative discussion of these issues.
- TRACE / RTRS Working Group. The TRACE / RTRS Working Group discussed current challenges with reporting factors to TRACE and a proposal from an FIF member to address this issue. The Working Group discussed current challenges with reporting reversals to TRACE. The Working Group discussed other TRACE reporting challenges, including the reporting of clean and dirty prices.
- Direct Reporting for Muni Trades. FIF has created a subgroup to discuss direct reporting of muni trades to the MSRB. The subgroup reviewed the first draft of an FIF letter to the MSRB to recommend that firms have the option to report trades directly to the MSRB RTRS system as opposed to reporting trades through the RTTM trade-matching system operated by FICC.
- Short Interest Reporting. FIF hosted a call for the Short Sales / Reg SHO / Short Reporting Working Group to review a revised draft comment letter to recommend changes to short interest reporting. The comment letter is in response to FINRA Regulatory Notice 25-04 (FINRA Launches Broad Review to Modernize Rules Regarding Member Firms and Associated Persons).
- Joint Call for Rule 605 and Rule 606 Working Groups. FIF hosted a joint call for the Rule 605 and Rule 606 Working Groups. The Working Groups discussed issues and questions from FIF members relating to Rules 605 and 606. The Working Group discussed a draft FIF comment letter on proposed Rule 6152 filed by FINRA with the SEC to provide for centralized reporting of Rule 605 reports to FINRA. The Working Group discussed draft Rule 606(a) FAQs to submit to the SEC.
- New CFTC 24/7 Trading Working Group. At the request of an FIF member, FIF has created a new CFTC 24/7 Trading Working Group. The Working Group discussed a recent request for comment by the CFTC on 24/7 trading.
- 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 Maggie White of Cboe, who discussed recent developments in options trading. Please find the spotlight presentation here and the full capacity statistics report here.
- 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 reporting and CAT billing.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed the scheduled unavailability of the CAT system from 8 pm on Friday May 16 to 8 pm on Sunday May 18. The Working Group discussed the letter submitted by Nasdaq and Cboe to the SEC with recommendations to reduce CAT costs.
Eduard Kotlyar