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 Roger Burkhardt from Broadridge, who discussed Broadridge LTX migrating corporate bond trading capabilities to AWS. Please find the meeting materials here and the full capacity report here.  FIF Rule 606 Working Group. The Rule 606 Working Group reviewed a draft supplemental FIF comment letter to the SEC on the FINRA rule proposal to require reporting for routes in...

FIF Webinar on Fixed Income Trade Surveillance. FIF hosted a webinar on Fixed Income Trade Surveillance. The moderator for the webinar was Tom Jordan, Chair of the FIF Advisory Committee. The panelists were Ted Karn of The Karn Group, Alex Sedgwick of Abel Noser, and John Standerfer of S3. FIF would like to thank the moderator, panelists and attendees for their participation in the webinar and their insights on this topic. FIF Rule 606 Working Group. The Rule 606 Working Group discussed recent guidance from SEC staff to FIF members on Rule 606(a) reporting when a reporting firm routes a...

FIF Rule 606 Working Group. The Rule 606 Working Group discussed recent guidance from SEC staff to FIF members on Rule 606(a) reporting when a reporting firm routes a single parent order to multiple child execution venues. FIF Rule 605 Working Group. FIF members participated on a call with SEC staff members to discuss FIF’s comments on the SEC’s rule proposal on Disclosure of Order Execution Information. The call was requested by SEC staff. SEC Cyber, Reg SCI and Reg S-P Rule Proposals. FIF hosted a call to review and discuss the first draft of an FIF comment letter on the SEC’s recent...

FIF Webinar on Potential US Government Debt Default. FIF hosted a webinar on the potential operational and system impacts of a US government debt default. Tom Jordan, Chair of the FIF Advisory Committee, moderated the webinar. The panelists were Ted Karn of The Karn Group and Jim Wisniewski of FIS. At the request of SEC staff, FIF members also participated on a call with SEC staff on this topic.   SEC Rule 3b-16 (Definition of an “Exchange”). FIF hosted a call for the ATS, Compliance and Surveillance, and TRACE/Fixed Income Working Groups to discuss the SEC’s recent reopening...

FIF CAT Monthly Update Working Group Call. The 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 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 reviewed the questions submitted by FIF to FINRA CAT on FINRA CAT’s recent announcement about the Full CAIS compliance date. Based on Working Group discussions, FIF submitted...

Options Clearing Corporation Cybersecurity Rule Proposal. FIF hosted two calls for the Cybersecurity Working Group and the Compliance and Surveillance Working Group to review and edit a draft FIF comment letter to the SEC on a rule filing submitted by The Options Clearing Corporation to the SEC that would require immediate notification of security incidents to the OCC and various follow-up notification requirements. FIF submitted this comment letter to the SEC. FIF SEC Cyber, Reg SCI and Reg S-P Proposals Working Group. The Working Group continued its review and discussion of the SEC’s...

Options Clearing Corporation Cybersecurity Rule Proposal. FIF hosted a call for the Cybersecurity Working Group and the Compliance and Surveillance Working Group to discuss a rule filing submitted by The Options Clearing Corporation to the SEC that would require immediate notification of security incidents to the OCC and various follow-up notification requirements. FIF SEC Cyber, Reg SCI and Reg S-P Proposals Working Group. The Working Group continued its review and discussion of the SEC’s recent cybersecurity rule proposal and also discussed the SEC’s recent rule proposal for amendments...

FIF SEC Cyber, Reg SCI and Reg S-P Proposals Working Group. The Working Group reviewed and discussed the SEC’s recent cybersecurity rule proposal. FIF Cybersecurity Working Group. Greg Markovich, Senior Director in the FINRA Cyber Enabled Fraud (CEF) Group, presented to the FIF Cybersecurity Working Group, the FIF Compliance and Surveillance Working Group, and the newly-formed FIF SEC Cyber, Reg SCI and Reg S-P Working Group on FINRA’s 2023 cyber-related priorities and the results of prior FINRA cyber audits. FIF would like to thank Jim Dolan, the Chair of the FIF Cybersecurity Working...

FIF Rule 606 Working Group. The Rule 606 Working Group discussed Rule 606(a) reporting for multi-leg orders. The Working Group reviewed and discussed the March 27 response letter by FINRA relating to the FINRA rule filing on disclosure of order routing information for OTC equity securities and NMS securities. FIF CAT CAIS Working Group. The CAT CAIS Working Group discussed full data replacement. The Working Group continued its discussion of acquisition scenarios where the clearing firm for the acquired firm maintains the account. The Working Group continued its discussion of CAIS...