FIF Webinar on Trade Surveillance. This past week FIF hosted a webinar on Trade Surveillance for the Compliance and Surveillance Working Group. The panel discussed evolving uses of AI in trade surveillance and other recent developments in trade surveillance. FIF would like to thank the moderator, Scott Trilling of Fidelity. FIF would also like to thank the panelists: Ben Calev of BXS; Mark Davies of S3; Chris Montagnino of Jordan & Jordan; and Ted Karn of The Karn Group. Order Protection Rule. This past week FIF hosted four calls for the Equity Market Regulations Working Group to...

24x7 Trading Working Group. An FIF member provided an update on short sale locates for overnight trading. The Working Group discussed exchange, SIP and TRF operations and price bands and overnight trading halts for days when the exchanges have an early close. The Working Group discussed a draft FIF comment letter on the FINRA rule filing to expand TRF operating hours to 23x5. The Working Group discussed issues and questions from Working Group members relating to ATS trading between 8 and 9 pm, weekend trading, tokenized securities for extended hours, exchange trading sessions, EBS...

24x7 Trading Working Group. The 24x7 Trading Working Group discussed licensing for overnight trading. The Working Group discussed the FINRA rule filing to extend the TRF operating hours to 23x5 and associated notices and documentation updates by FINRA, the FINRA/Nasdaq TRF and the FINRA/NYSE TRF.  Order Protection Rule. This past week FIF hosted two calls for the Equity Market Regulations Working Group to continue discussion of the SEC rule proposal to rescind SEC Rules 611 (Order protection rule) and 610(e) (Locking or crossing quotations). During the first call, the Working Group...

Regulatory Implementations Calendar. FIF hosted a joint call for the SEC FINRA Regulations Working Group and the Compliance and Surveillance Working Group to review an updated Regulatory Implementations Presentation, including updates on the following topics: extension for implementation of Reg NMS tick size and access fee changes; SIP Plan updates for overnight trading; price bands for overnight trading; overnight regulatory halts for corporate actions; CT Plan fee filing; CT Plan proposed cap on quoting to trading revenue; Order Protection Rule; CAT; Rule 605; new exchanges and exchange...

24x7 Trading Working Group. The 24x7 Trading Working Group discussed the recent rule filings by NYSE Arca and Nasdaq relating to overnight regulatory halts for corporate actions and associated FAQs published by the NYSE and Nasdaq. The Working Group continued its discussion of registration requirements for overnight trading and requesting interpretive guidance from FINRA. Order Protection Rule. FIF hosted a call for the Equity Market Regulations Working Group to discuss the SEC rule proposal to rescind SEC Rules 611 (Order protection rule) and 610(e) (Locking or crossing quotations),...

Rule 605 Working Group. The Rule 605 Working Group discussed the Rule 605 Designated Participants Authorization Form introduced by FINRA on June 17. The Working Group discussed issues and questions from FIF members relating to iceberg orders, validation of Rule 605 reports, and IOC orders transmitted to an ATS. The Working Group reviewed the Rule 605 Fact Sheet prepared by FIF members. Residential Supervisory Locations (RSLs) Subgroup. FIF hosted a call for the Residual Supervisory Locations subgroup to discuss the FINRA requirements for RSLs and registration and inspection requirements...

24x7 Trading Working Group. The 24x7 Trading Working Group continued its discussion of a draft FIF letter to the SEC and FINRA relating to the implementation of 24x7 Trading, including a discussion of the short sale locate requirement, Rule 10b-10 confirmations, Electronic Blue Sheets, TRF and CAT reporting, the Reg SHO close-out requirement and the customer protection rule. Digital Asset Securities Working Group. The Digital Asset Securities Working Group reviewed the SEC’s approval of Paxos as a clearing agency. Back Office Committee. The Back Office Committee reviewed applicable...

24x7 Trading Working Group. The 24x7 Trading Working Group continued its discussion of a draft FIF letter to the SEC and FINRA relating to the implementation of 24x7 Trading, including a discussion of the short sale locate requirement, Rule 10b-10 confirmations, Electronic Blue Sheets, and TRF and CAT reporting. CAT Transaction Reporting and CAT Reference Database Working Groups. This past week FIF hosted three joint calls for the CAT Transaction Reporting and CAT Reference Database Working Groups. The Working Groups discussed a response from FINRA CAT to a request submitted by FIF...

24x7 Trading Working Group. FIF hosted two calls this past week for the 24x7 Trading Working Group. The Working Group discussed FAQs and updates to technical documentation published by the CTA Plan relating to extended trading hours. The Working Group discussed the rule filing by the Plan to Address Extraordinary Market Volatility relating to price bands for extended trading hours. The Working Group discussed the short sale locate process for extended trading hours. Working Group members updated the full Working Group regarding a call with FINRA on EBS reporting for extended exchange...