Next Bridge S-1 Filing. FIF hosted a call for the FIF Next Bridge sub-group to discuss next steps after the October 10 FIF member call with SEC representatives. The Form S-1 registration statement filed by Next Bridge Hydrocarbons proposes to distribute subscription rights only to holders who register their Next Bridge common stock directly with the company's transfer agent. The Next Bridge proposal, if approved by the SEC, would prohibit holders who want to participate in the offering from holding their shares through a broker or other intermediary. FIF Back Office Committee. The Back...

FIF TRACE Working Group.  The TRACE Working Group reviewed a draft letter to FINRA requesting written confirmation that the TRACE ATS exemption does not impact the FINRA Trading Activity Fee (TAF). The Working Group discussed a question from an FIF member on TRACE reporting for GNMA construction loans. The Working Group discussed the implementation of the TRACE reporting changes scheduled to take effect on November 6, including TRACE reporting for sovereign bonds and the requirement to report electronically executed transactions in Treasury securities in the increment captured by the...

FIF CAT Monthly Update Working Group Call. The CAT Monthly Update Working Group reviewed guidance and updates from the CAT Plan Participants and FINRA CAT on CAT Transaction Reporting and CAT CAIS reporting during the prior month. The Working Group also reviewed the current areas of focus for FIF members and the current open issues for CAT Transaction Reporting and CAT CAIS reporting. FIF CAT CAIS Working Group. The CAIS Working Group discussed prior guidance from FINRA CAT relating to the compliance date for validation of FDIDs submitted to the CAT Transaction Reporting systems against...

FIF 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 Grant Leinberger of Exegy, who discussed Exegy’s recently-introduced next generation ticker plant for processing options market data. Please find the meetings materials here and the full capacity deck here.  FIF Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option...

FIF Cybersecurity Working Group. On September 21 FIF hosted a call for the FIF Cybersecurity Working Group. The spotlight presenter was Matt Weinberg of CISA, who discussed Current Threats to the Financial Industry and CISA’s 2023 Strategic Plan. CISA is an agency of the US Department of Homeland Security.  FIF Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, FINRA, MSRB, OCC and IRS updates during the past month. Please find the September Agenda here. FIF Call on CAT Executed Share Model. FIF hosted two calls this week for the CAT...

FIF Emerging Technologies Working Group. On September 14 FIF hosted a call for the FIF Emerging Technologies Working Group. The spotlight presenter was Vinu Viswasadhas of Kyndryl, who discussed Mainframe Data Modernization. Recent SEC Regulatory Actions. On September 12 FIF hosted a call to review the details of the following recent SEC regulatory actions: (i) a rule change adopted by the SEC on August 23 that will require certain proprietary trading firms that are currently exempt from FINRA membership to become FINRA members; (ii) the August 24 approval of IntelligentCross ATS as a...

FIF Rule 606 Working Group. The Rule 606 Working Group continued the review and discussion of the SEC’s recent approval of the FINRA rule filing to require Rule 606(a)-type reporting for OTC equities. The Working Group discussed issues and questions from FIF members relating to the new rule. The Working Group reviewed and made final edits to a draft FIF member letter to FINRA with comments and questions relating to the new rule. FIF submitted the letter to FINRA on September 7. FIF CAT Monthly Update Working Group Call. The Working Group reviewed guidance and updates from the CAT Plan...

FIF 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 Vincent Poil of Cboe Global, who discussed recent developments in the Canadian Markets relating to trading, market data and listings. Please find the meeting materials here and the full capacity statistics here.  FIF CAT Transaction Reporting Working Group (non-executable RFQ responses). FIF hosted two calls this week for the CAT Transaction Reporting Working...

FIF Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. Please find the Agenda here.  Next Bridge Hydrocarbons Form S-1 Filing. FIF hosted a call for FIF members to discuss the recent Form S-1 registration statement filed by Next Bridge Hydrocarbons with the SEC to distribute non-transferable subscription rights only to holders who register their Next Bridge common stock directly with the company's transfer agent. FIF CAIS Working Group. The CAIS Working Group continued its...