The Back Office Committee will have its next call on Tuesday August 15 at 11 am ET to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. There will be two spotlight presentations for this call. First, Robert Cavallo of DTCC will provide an update on T+1 testing. Second, Nikki Brinkerhoff of TradeStation will discuss a recent S-1 filing by Next Bridge that would distribute non-transferable subscription rights only to holders who register their Next Bridge common stock directly with the company's transfer agent.

FIF has scheduled the next call for the FIF Rule 606 Working Group for Tuesday August 15 at 2 pm ET. The agenda for the call will be to review and discuss the SEC’s recent approval of the FINRA rule filing to require Rule 606(a)-type reporting for OTC equities. The Working Group will also discuss issues and questions from FIF members relating to Rule 606 reporting.

FIF has scheduled a call for Thursday August 17 at 11 am ET to continue the FIF member discussion of enhancing the reconciliation process for Section 31 fees. During the call, the group will review a draft proposal to FINRA requesting that FINRA provide clearing and executing firms with a monthly report of trade executions and the amount charged for each trade execution. If you would like to participate on this call and have not previously notified FIF of your interest in this topic, please send a note to This email address is being protected from spambots. You need JavaScript enabled to...

Next Bridge Hydrocarbons recently filed a Form S-1 registration statement with the SEC to distribute non-transferable subscription rights only to holders who register their Next Bridge common stock directly with the company's transfer agent. This is a press release issued by Next Bridge. If you are interested in discussing this issue with other FIF members, please send a note to This email address is being protected from spambots. You need JavaScript enabled to view it..

Customer Account Statements. FIF members continued their discussion on implementing recent amendments to FINRA Rule 2231 (Customer Account Statements), including scenarios where an agent under a power of attorney provides an address change for the account holder, how firms should respond to a potential challenge from an agent under a power of attorney who challenges a firm’s refusal to stop delivery to an incapacitated account holder, and whether firms intend to apply to FINRA for exemption requests.   Retiring TRF Reporting Requirements that are Duplicative of CAT. FIF hosted...

Crossover Markets Group, an institution-focused digital assets firm, has announced a collaboration with the U.S.-regulated crypto exchange Cboe Digital. The collaboration between Crossover and the digital arm of the Chicago Board Options Exchange gives the latter clearing solutions for spot and futures trades across multiple digital asset execution platforms according to a story in The Block news. Crossover's flagship product is CROSSx, an electronic communication network for institutional clients. CROSSx will be used with Cboe Digital Exchange’s clearing arm, Cboe Clear...

According to a story in The Trade news, Virtu’s network of retail broker-dealers will gain access to the primary markets and to secondary market liquidity via an integration with InvestorLink’s primary market order management and artificial intelligence based matching platform. The news follows several other initiatives announced throughout this year as the retail segment continues to cement itself as a liquidity contributor in the markets.

Kyndryl, a technology infrastructure services provider, and Microsoft announced a joint effort to enable the adoption of enterprise-grade generative AI solutions for businesses on The Microsoft Cloud. Leveraging the partnership’s Joint Innovation Centers, Kyndryl’s growing patent portfolio in data and AI, and its access to Microsoft 365 Copilot, Azure OpenAI Service and Microsoft Fabric, the two companies will design, develop and drive new generative AI innovations and solutions across their enterprises. To further the advancement of new AI capabilities, Kyndryl is also committing to...

FIF was featured recently in two articles. An article by Howard Meyerson can be found on the TabbForum here: Recent CAT Developments: Here’s What’s New After 11 Years and an article on FIFs recent letter to the SEC could be found on the publication Regulatory Intelligence here: SIFMA and FIF Ask SEC to Reconsider the Costs of Funding the NMS CAT.