24x7 Trading Working Group. The 247x Trading Working Group discussed a draft FIF letter to FINRA to request interpretive guidance and exemptive relief relating to registration of personnel based outside the US who support overnight low-touch trading. The Working Group discussed the recent exemptive request submitted by 24X Exchange to permit 24X Exchange to commence trading overnight prior to the SIPs disseminating quote and trade data for overnight trading. Rule 605 Working Group. The Rule 605 Working Group continued its discussion of Rule 605 reporting for various order types,...

24x7 Trading Working Group. The 247x Trading Working Group discussed a revised issues list relating to the expansion of exchange trading hours, including the following topics: corporate actions; registration of personnel; regulatory reporting; market making obligations; and volatility controls. Rule 605 Working Group. The Rule 605 Working Group continued its discussion of reporting by a firm with multiple reports for a single MPID. The Working Group continued its discussion of Rule 605 reporting for various order types, including ALO orders, DNR orders and orders with counter-party...

Rule 605 Working Group. The Rule 605 Working Group discussed reporting by a firm with multiple reports for a single MPID, reporting the best available displayed price, and reporting the designated participant. The Working Group continued its discussion of Rule 605 reporting for various order types. TRF Fractional Shares. FIF hosted a call for the TRF/ORF Working Group to review a draft request for no-action relief that FIF submitted to the SEC relating to the dissemination of fractional shares by the SIPs and the obligations of broker-dealers under the vendor display rule. Trump...

TRF Fractional Shares. FIF hosted two calls this past week for the TRF/ORF Working Group focused on the dissemination of fractional shares by the SIPs. During the first call, the Working Group discussed the survey responses from Working Group members relating to the dissemination of fractional shares on the SIPs and the vendor display rule. During the second call, the Working Group discussed a draft FIF letter to the SEC presenting the results of this survey. SIP Odd Lots. FIF hosted a call for the Data and Technology Committee to continue the discussion of the upcoming dissemination of...

TRF Fractional Shares. TRF/ORF Working Group members provided an update to the full Working Group on a call with SEC staff members relating to SIP fractional shares and the vendor display rule. Working Group members discussed next steps, including an FIF member survey. Expansion of TRF Operating Hours. The TRF/ORF Working Group discussed a draft FIF letter to FINRA relating to the planned expansion of TRF operating hours. FIF disseminated a revised draft of the letter to Working Group members for further comment. Rule 605 Working Group. The Rule 605 Working Group discussed reporting for...

TRF Fractional Shares. The TRF/ORF Working Group discussed a draft letter to the SEC and FINRA to request guidance that a broker-dealer is permitted to round or truncate fractional share quantities when displaying trade data to customers pursuant to the vendor display rule. SIP Odd Lots. FIF hosted a call for the Data and Technology Committee to discuss the upcoming dissemination of odd lot quotes by the SIPs, which is scheduled for production on April 27. The Committee discussed the recent exemption granted by the SEC relating to depth-of-book odd-lot quotes. The Working Group discussed...

24x7 Trading Working Group. The 24x7 Trading Working Group discussed the recent Nasdaq rule filing for extended trading hours. The Working Group agreed that FIF would prepare a list of issues and questions raised by FIF members relating to extended hours trading for discussion during the next Working Group call. TRF Extended Hours. The TRF/ORF Working Group discussed feedback from a recent call with FINRA in response to questions previously raised by FIF relating to the expansion of TRF operating hours. The Working Group discussed current challenges with the FINRA price out of range...

FIF Webinar on Trading Risk Controls and Reg SCI. FIF hosted a webinar for the Compliance and Surveillance Working Group on Trading Risk Controls and Reg SCI. The moderator was Erin Clemens of StoneX. The panelists were Chris Boldt of Interactive Brokers, Doug Craig of Fidessa, Jim Dolan of LeveL Markets, and Charles Sommers of the Sidley Austin law firm. FIF would like to thank the moderator and panelists for their informative discussion of this topic. SIP and TRF Fractional Shares. FIF hosted a call for the TRF/ORF Working Group to discuss the upcoming change to require the reporting...

Extension of TRF Operating Hours and Real-Time Reporting. FIF hosted a call for the TRF/ORF Working Group to provide an update to the full Working Group on a call with FINRA on January 9 relating to the planned extension of TRF operating hours and real-time reporting to start at 4 a.m. The Working Group discussed additional issues and questions to raise with FINRA, including creating a new modifier to identify orphaned fractional transactions executed through a batch process and obtaining clarification from FiNRA on whether the operating hours for MarketWatch will also be expanded. Rule...