There were no working group meetings the week of 12/29

CT Plan Fee Filing. FIF hosted a joint call for the Data & Technology Committee and the Front Office Committee to discuss the recent CT Plan amendment relating to market data fees. CAT Transaction Reporting and CAIS Working Groups. FIF hosted a joint call for the CAT Transaction Reporting and CAIS Working Groups. The Working Groups discussed reporting for ATS day orders that are not fully executed. The Working Groups discussed reporting for OTC ADR orders. The Working Groups discussed the 2025 Cost Savings Amendment filed by CAT LLC with the SEC.

SLATE Working Group. The SLATE Working Group continued its discussion of issues to raise with the SEC. The Working Group discussed including ISLA representatives on an upcoming SLATE Working Group call. The Working Group discussed a draft FIF letter to FINRA relating to the SLATE securities list and reporting for evergreen term loans. The Working Group discussed references to Eastern Time and UTC for SLATE reporting. Rule 605 Working Group. The Rule 605 Working Group continued its discussion of reporting for different order types and orders with different characteristics, including Add...

TRF/ORF Reporting Working Group. FIF hosted two calls this past week for the TRF/ORF Working Group. The Working Group discussed a draft FIF comment letter to FINRA on the expansion of TRF operating hours. The comment letter discussed reporting for ETF NAV trades and trades with the .RX modifier executed after 8 p.m. The Working Group discussed a recent change to the FINRA / NYSE TRF fee schedule. The Working Group discussed the requirements for capping the FINRA / Nasdaq TRF fees. Regulatory Implementations Calendar. FIF hosted a joint call for the Compliance and Surveillance Working...

SLATE Working Group. The SLATE Working Group discussed prioritization of issues to raise with the SEC, including the need for an extension of the current compliance date, reporting based on end-of-day positions, requesting an exemption for reporting by non-US lenders, rehypothecation, corporate actions, removing the requirements to report the loan close-out FTD flag, the source of loan and the borrower type values, allowing firms to report based on MPID or LEI, reporting for loans novated to the OCC, arranged financing, and the SLATE securities list. Rule 605 Working Group. The Rule 605...

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 Committee also reviewed exchange and SIP technical notices and recent and upcoming regulations that impact market data. The spotlight presenter was Dennis O'Callahan of Cboe, who discussed the Cboe Futures Exchange launch of Continuous Futures on Bitcoin and Ethereum.

Rule 605 Working Group. The Rule 605 Working Group discussed whether the definition of Single Dealer Platform includes a platform that trades as riskless principal. The Working Group continued its discussion of reporting for orders with specific handling instructions and characteristics, including orders with instructions relating to locked markets, not held orders, and reserve orders.     SLATE Working Group. The SLATE Working Group discussed reporting for a change in the spread on a variable rate loan. The Working Group continued its discussion of a draft FIF letter to...

Rule 605 Working Group. The Rule 605 Working Group continued its discussion of reporting for orders with specific handling instructions and characteristics, including retail-attested orders, peg orders, orders directed to a floor broker, guaranteed price orders, and market to limit orders.     SLATE Working Group. The SLATE Working Group discussed reporting for arranged financing scenarios. The Working Group continued its discussion of a draft FIF letter to FINRA on reporting to SLATE based on the end-of-day status of a loan, including how new loans, modifications,...

Rule 605 Working Group. The Rule 605 Working Group discussed reporting for orders with specific handling instructions and characteristics, including add liquidity only orders, auction orders, orders with counterparty restrictions, discretionary peg orders, and do not route orders.  Reg NMS: Minimum Pricing Increments and Access Fee Caps. FIF hosted a joint call for the Data and Technology Committee and the Equity Market Regulations Working Group. The Committee and Working Group discussed the SEC’s October 30 exemptive order to extend to November 2, 2026 the compliance dates for the...