The next call for the TRACE Working Group will be on Thursday October 17 at 2 pm ET. The Working Group will continue its discussion of the recent approvals by the SEC of the FINRA and MSRB rule filings that provide for one-minute reporting to TRACE and RTRS, subject to exceptions for manual activity and firms with limited trading activity.

The next call for the Tax Information Reporting Working Group will be on Wednesday October 30 at 3 pm ET. Stevie Conlon, Anna Vayser and Robert Schwaba from Wolters Kluwer will discuss key differences between digital asset and securities broker tax reporting.

TRACE Working Group. The TRACE Working Group discussed the SEC’s recent approvals of the FINRA and MSRB rule filings to reduce the reporting timeframe for trades reported to TRACE and RTRS, subject to exceptions for certain manual activity and firms with limited trading activity. The Working Group discussed the implementation timetable. The Working Group discussed the scenario where a firm has a system issue that prevents automated reporting, and the firm automatically reports after resolving the system issue. The Working Group discussed RTRS providing test symbols.  OFR Repo...

MEMX, a technology-driven exchange operator founded by members to benefit all investors, reached over 3% total options market share and 6.1% regular electronic options market share in September 2024, coinciding with the one-year anniversary of the exchange. Underscoring the strength of the offering, MEMX Option’s market share more than doubled since May of 2024 in the continuous trading single-leg equity and ETF options category in which the exchange operates. “Since its launch, MEMX Options has redefined trading dynamics, offering unprecedented opportunities and efficiencies for...

BNP Paribas Asset Management (‘BNPP AM’) listed, for the first time, four ESG equity ETFs on the London Stock Exchange, showcasing BNPP AM’s range of ETF capabilities across the ESG and thematic spectrum. These ETFs are the sub-funds of BNPP AM’s ICAV, which was created at the start of 2023. This ICAV comes in addition to the existing French and Luxemburg SICAVs. This step will allow access to a broader range of international clients while leveraging the benefits of the UK’s deep ETF market pool and contribute to growing our global footprint according to a company statement in MarketsMedia...

Miami International Holdings, Inc. announced the renaming of Minneapolis Grain Exchange, LLC (MGEX), a wholly owned subsidiary of MIH, to MIAX Futures Exchange, LLC (MIAX Futures). MIAX Futures provides MIH with a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) to list and trade futures and options on futures products. MGEX’s flagship Hard Red Spring Wheat (HRSW) futures and options will be rebranded as Minneapolis Hard Red Spring Wheat futures and options concurrent with the name change to MIAX Futures. “MIH’s acquisition of MGEX in 2020 marked our entry into...

Taurus SA, a Swiss fintech, is collaborating with State Street to add tokenization and digital custody services to the US financial services group as institutional interest in digital assets continues to accelerate. In August this year State Street said in a statement that the agreement with Taurus will further enhance State Street Digital which seeks to provide an integrated business and operating model that supports the digital investment lifecycle. State Street already offers fund administration and accounting offerings for digital assets. Lamine Brahimi, co-founder and managing partner...

TradeStation Securities, an award-winning, self-clearing online brokerage firm for trading stocks, options, futures, and futures options, announced its collaboration with QuantConnect, an open-source algorithmic trading platform, offering powerful solutions for quant investors. TradeStation Securities, a multi-asset class broker-dealer and futures commission merchant with institutional-grade tools and personalized services, offers connectivity for trading in equities, equity options, and futures via the QuantConnect platform. This integration allows mutual customers to create and...

In comments to Bloomberg, SEC Chair Gary Gensler discussed BNY Mellon’s crypto custody structure. He suggested that the model used for Bitcoin and Ether ETFs could be applied to other digital assets. While the current approval applies only to Bitcoin and Ether ETFs, Gensler noted that the custody structure is not limited to specific crypto assets. BNY Mellon now has the flexibility to extend its custody services to other digital assets if it chooses. Gensler emphasized that the “non-objection” is based on the structure itself, not the type of crypto asset, allowing other...