On December 15, FIF submitted a letter to FINRA on CAT billing. In the letter, FIF members request that FINRA publish a Regulatory Notice to allow for industry comment on any proposal by FINRA to pass-through FINRA’s CAT fees to its members.

The Back Office Committee will have its next call on Monday December 18 at 10 am ET to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. During the call, FIF will review the recent rule changes adopted by FINRA to conform to T+1 and the requirement for same-day allocations. The Working Group will also discuss how members plan to handle the scenario where a customer does not provide allocations by end-of-day.

The Front Office Committee will have its next call on Tuesday December 19 at 11 am ET to review applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. The spotlight presenter will be Padma Kadiyala, Finance Professor at the Pace University Lubin School of Business, who will discuss and provide a demo of a trading transparency app.

On December 5, FIF held its largest event to date at the offices of Société Générale. After opening remarks from Greg Zielinski, Chief Operating Officer of Société Générale Americas, there were two panels, with the first one focusing on implementation challenges of new regulations in 2024 and beyond. The regulatory panel featured Mark Davies of S3, Michael Lurie of UBS, Judy McDonald of SIG and Ignacio Sandoval of Morgan, Lewis & Bockius. The second panel focused on trading and market data in the cloud and hybrid environments. The technology panel featured Anand Pradhan of NYSE, Prerak Sanghvi of Clear Street and Shawn Sloves of Fundamental Interactions. After the two panels, Rob Wallos of Kyndryl provided an update on the FIF Data & Technology Committee. FIF would like to thank all speakers, panelists, attendees and of course Société Générale for a record-breaking evening. You can find photos from the event on our Linkedin page here.

FIF has scheduled a call for Monday December 11 at 2 pm ET to review the SEC’s recent approval of a rule change by The Options Clearing Corporation titled “Cybersecurity Obligations”. FIF has invited the members of the FIF SEC Cyber, Reg SCI and Reg S-P Working Group to participate on this call. If you would like to participate on this call and are not a member of this Working Group, please update your FIF profile or send a note to fifiinfo@fif.com.