StoneX Group announced it has introduced new capabilities for its OTC trading clients to facilitate the transition to SOFR from LIBOR.  According to a story in MarketsMedia news, the new capabilities include SOFR caps and floors and are available in StoneX Pro, StoneX’s flagship FX institutional trading platform. In December 2022, the U.S. Federal Reserve Board, via its Alternative Reference Rates Committee, adopted a rule that requires financial institutions to implement SOFR as the primary benchmark for overnight rates. StoneX Pro is a suite of institutional FX and CFD services...

Cboe has introduced new periodic auction book (PAB) to lit sweep order types, which will allow participants to sweep the local Cboe PAB or dark book, before sweeping the local Cboe lit book – in an effort to improve liquidity targeting for users. The new order types are available in the Cboe UK and Cboe NL PABs according to a story in The Trade news. The new sweep order types will allow participants to access the dark, PAB and lit order books without the need to submit multiple orders, alongside the benefit of potential latency saving by eliminating the need to have separate orders. For...

FIF has scheduled a call for the CAT Transaction Reporting Working Group for Monday July 17 at 2 pm ET. This call will be focused on CAT reporting for RFQ responses, including the review of a draft supplemental letter to the CAT Plan Participants and FINRA CAT. This call will be in addition to the regularly-scheduled CAT Transaction Reporting call on Wednesday July 19 at 2 pm ET.

FIF has scheduled a call for Tuesday July 18 at 2 pm ET to discuss retiring TRF reporting requirements that are duplicative of CAT (for example, regulatory reports to the TRF). If you would like to participate in this discussion 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 view it..

The Back Office Committee will have its next call on Thursday July 20 at 11 am ET to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight topic will be a presentation on a recent FINRA rule change relating to the FINRA Trading Activity Fee.

FIF has scheduled the next call for the Rule 606 Working Group for Tuesday July 25 at 2 pm ET. An FIF member will update the Working Group on guidance that the member received from SEC representatives on Rule 606(a) reporting (i) when a parent order is routed to multiple venues, and (ii) for orders received outside of regular market hours. The Working Group will also discuss other issues and questions raised by FIF members.

On Thursday July 27 at 3 pm ET, Steven Lofchie and Nihal Patel of Fried Frank will present on the following recent SEC and FINRA financial risk rulemaking initiatives: (i) FINRA Regulatory Notice 23-11, FINRA Seeks Comment on Concept Proposal for a Liquidity Risk Management Rule (FINRA Regulatory Notice 23-11); (ii) Proposed Rule Change to Provide Relief Relating to Specified Option Transactions under FINRA Rule 4210 (Margin Requirements) (SR-FINRA-2023-010); and (iii) the SEC rule proposal on Daily Computation of Customer and Broker-Dealer Reserve Requirements under the Broker-Dealer...

An FIF member would like to discuss with other FIF members processing and reporting for a scenario where a customer receives a fractional share or fractional bond as a result of a corporate action, and the fractional share or fractional bond allocation is subsequently liquidated as an account maintenance function. If you would like to participate in this discussion, please send a note to This email address is being protected from spambots. You need JavaScript enabled to view it..

Compliance and Surveillance Working Group. The Compliance and Surveillance Working Group discussed expanded surveillance by FINRA based on CAT data (including cross-product, cross-symbol and cross-broker surveillance) and potential steps industry members could take to enhance their internal surveillance in response to FINRA’s enhanced surveillance. Customer Account Statements. FIF members discussed the use of “combined statement groups” (sending a single statement to separate account holders for multiple accounts) when the recent FINRA amendments to Rule 2231 (Customer Account...