FIF has scheduled a joint call for the CAT Transaction Reporting and CAT Reference Database Working Groups for Wednesday July 29 at 2 pm ET. The Working Groups will discuss a proposal from FINRA CAT for changes to the tradingSession field in connection with the expansion of exchange trading hours to 23x5.

FIF has scheduled a webinar on Trade Surveillance for Thursday July 30 at 4 pm ET. The moderator for the webinar is Scott Trilling of Fidelity. The panelists are Ben Calev of BXS, Mark Davies of S3, Chris Montagnino of Jordan & Jordan, and Ted Karn of The Karn Group. The panel will discuss evolving uses of AI in trade surveillance and other recent developments in trade surveillance. FIF has invited the members of the Compliance and Surveillance Working Group for this webinar. If you would like to submit any questions for the webinar to be raised anonymously, please send them to This...

24x7 Trading Working Group. An FIF member provided an update on short sale locates for overnight trading. The Working Group discussed exchange, SIP and TRF operations and price bands and overnight trading halts for days when the exchanges have an early close. The Working Group discussed a draft FIF comment letter on the FINRA rule filing to expand TRF operating hours to 23x5. The Working Group discussed issues and questions from Working Group members relating to ATS trading between 8 and 9 pm, weekend trading, tokenized securities for extended hours, exchange trading sessions, EBS...

According to the Financial Times, the London Stock Exchange has unveiled plans to allow round-the-clock trading, in the latest sign that traditional exchanges are trying to win back retail investors whose attention has been captured by 24-hour crypto platforms. The LSE said it would launch a night-time trading venue in the first half of 2027. The new exchange will operate separately from the LSE’s main market, and initially offer access to exchange-traded products such as funds tracking the UK or US stock market. 

According to The TRADE News, Arif Merali has joined Bloomberg as global head of rates electronic trading after more than five years at the Bank of England. Merali will be based in London in his new role, where he will support the expansion of Bloomberg’s global electronic trading offering. During his time at the Bank of England, he served as a senior advisor, where he provided technical advice and policy support to the bank’s executive director of markets, as well as the wider markets directorate.  

The Front Office Committee will have its next call on Monday July 20 at 11 am ET to review applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges.

FIF has scheduled two calls for this week for the 24x7 Trading Working Group. The first call will be on Monday July 20 at 2 pm ET; the second call will be on Thursday July 23 at 11 am ET. During the Monday call, the Working Group will discuss a draft FIF comment letter on the FINRA rule filing to extend the TRF hours of operation. During the Thursday call, the Working Group will discuss issues and questions from FIF members, rule filing updates, and technical updates relating to the planned expansion of exchange trading hours.

FIF has scheduled two calls for this week for the Equity Market Regulations Working Group to continue discussion of a draft FIF comment letter in response to the SEC rule proposal to rescind Rules 611 (the order protection rule) and 610(e) (locking or crossing quotations). The first call is scheduled for Tuesday July 21 at 2 pm ET; the second call is scheduled for Thursday July 23 at 1 pm ET.

FIF has scheduled a joint call for the SEC FINRA Regulations Working Group and the Compliance and Surveillance Working Group for Wednesday July 22 at 11 am ET. The Workings Groups will review an updated Regulatory Implementations Presentation and Calendar, including updates on the following topics: overnight regulatory halts for corporate actions; FINRA rule filing to extend the TRF operating hours to 23x5; Options Regulatory Fee; Treasury clearing; tokenized equities; Financial Data Transparency Act; and Trump accounts.