Digital Asset Securities Working Group. Shawn Sloves of Fundamental Interactions presented to the Digital Asset Securities Working Group on the recent exemption from exchange and dealer registration granted by the SEC for Tokenized Securities Venues and Liquidity Providers in an AMM Liquidity Pool. The Working Group discussed the regulations that would be applicable to broker-dealers that route orders and provide quotes to these venues. 24x7 Trading Working Group. The Working Group discussed recent testing updates from SIAC, UTP and the NYSE, rule changes by MEMX, the Cboe exchanges and...

TRACE Working Group. The TRACE Working Group discussed the first draft of an FIF letter to FINRA and the Federal Reserve Board relating to implementation of the amendments to the affiliate - principal transaction indicator, including reporting by Covered Depository Institutions. The Working Group discussed various reporting scenarios, including scenarios where the quantities of the two legs are not equal. Rule 605 Working Group. The Rule 605 Working Group discussed whether a firm that does not have any reportable activity for a month is required to generate a Rule 605 summary report for...

TRACE Working Group. The TRACE Working Group discussed FINRA Regulatory Notice 26-16 on expansion of the TRACE Affiliate – Principal Transaction Indicator. The Working Group discussed reporting of the Affiliate – Principal Transaction Indicator by Covered Depository Institutions, reporting where a back-to-back trade is canceled or not executed, and reporting for scenarios where a FINRA member executes back-to-back trades with a FINRA member affiliate and a non-member affiliate. The Working Group discussed the recent TRACE amendment relating to reporting by an entity that is jointly...

Rule 605 Working Group. The Rule 605 Working Group discussed reporting of GTC orders received prior to August 1, 2026, reporting for locked markets, timestamp differences between servers, reporting for Cboe KPI options, reporting for directed orders, data sources for the Order Size Benchmark Quantity, and reporting ATS order instructions. 24x7 Trading Working Group. The 24x7 Trading Working Group discussed an open issues list for expanded exchange trading hours, including Trade Date and Business Day definitions, the Reg SHO short sale circuit breaker, short sale locates, Rule 10b-10...

Rule 605 and 606 Working Groups. FIF hosted a joint call for the Rule 605 and 606 Working Groups. The Working Groups discussed the impact of Rule 605 changes on Rule 606 reporting. The Working Groups discussed whether an asset manager submitting orders through a single top-level account represents one or multiple accounts for purposes of the Rule 605 reporting threshold for broker-dealers. The Working Groups discuss ATS reporting scenarios. FINRA Best Execution Regulatory Notice. FIF hosted a call for the Equity Market Regulations Working Group to continue the discussion of FINRA...

24x7 Trading Working Group. The 24x7 Trading Working Group discussed recent updates from the exchanges relating to order entry, testing and data feeds. The Working Group discussed the SEC approval of price band protections, expanded TRF operating hours, tracking open issues, and key  challenges faced by market participants for the December 6 live date. Best Execution. FIF hosted a call for the Equity Market Regulations Working Group to continue the discussion of FINRA Regulatory Notice 26-15 on modernizing FINRA’s best execution guidance. The Working Group discussed the first draft...

Trade Through Rule. FIF hosted a call for the Equity Market Regulations Working Group to discuss final changes to the FIF comment letter on the SEC rule proposal to rescind the trade through rule and the Reg NMS provisions relating to locking and crossing of quotations. Best Execution. FIF hosted a call for the Equity Market Regulations Working Group to discuss FINRA Regulatory Notice 26-15 on modernizing FINRA’s best execution guidance. Counterparty Onboarding and Periodic Refresh; Supervisory Controls for Single Stock Futures. FIF hosted a call for the Compliance and Surveillance...

Order Protection Rule. This past week FIF hosted three 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). The Working Group discussed a revised draft comment letter, including sections on the following topics: automated and manual quotations; impact on the NBBO;  TRF trade modifiers; SIP sale condition codes; LULD; Rule 605; and implementation requirements. Short Interest Reporting. FIF hosted a call for the Short Sales / Reg SHO / Short...