FIF held a great event on Thursday at the offices of OTC Markets Group and we would like to thank all of those who came out. The first panel of the evening was “SEC Exchange Act Rule 3b-16- New Exchange Definition, Revised ATS Regulation, & Reg SCI”. The panelists were Robert Laorno of ICE, Thomas Merritt of Virtu, and Gary Stone of Bloomberg. This panel discussed the SEC’s proposed changes to the regulatory definition of an exchange and the SEC’s proposal to expand Reg ATS and Reg SCI. The panel also discussed the potential impact of new...

The FIF CAT Monthly Update Working Group call for July will be on Thursday July 6 at 2 pm ET. The Working Group will review guidance and updates from the CAT Plan Participants and FINRA CAT on CAT Transaction Reporting and CAT CAIS reporting during the prior month. The Working Group will also review the current areas of focus for FIF members and the current open issues for CAT Transaction Reporting and CAT CAIS reporting.

Because of the July 4 holiday, FIF has cancelled the regularly scheduled CAT Transaction Reporting and CAT CAIS calls for this week. The next regulatory-scheduled calls for these Working Groups will be on Wednesday July 12.

FIF has scheduled a call for Thursday July 6 at 1 pm ET to discuss: requesting that FINRA provide additional transparency to assist industry members in reconciling Section 31 fees; and potential changes to address inefficiencies in the current collection process for Section 31 fees. 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..

On Monday July 10 at 2 pm ET, FINRA CAT will provide an updated presentation to members of the FIF CAT Transaction Reporting Working Group on CAT reporting for RFQ responses.

FIF has scheduled a call for the Compliance and Surveillance Working Group for Tuesday July 11 at 2 pm ET to discuss expanded surveillance by FINRA based on CAT data. FINRA representatives have noted to FIF members that FINRA is enhancing its surveillance routines based on CAT data. FIF members will discuss expanded surveillance by FINRA and potential steps industry members could take to enhance their internal surveillance in response to FINRA’s enhanced surveillance.

FIF has scheduled a call for Thursday July 13 at 2 pm ET to discuss 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 Statements) take effect on January 1, 2024. 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..

A FIF member would like to discuss with other FIF members 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, please send a note to This email address is being protected from spambots. You need JavaScript enabled to view it..

Data and Technology Committee. The Data and Technology Committee reviewed capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. The spotlight presenter was Adrian Griffiths of MEMX, who discussed the launch of the new MEMX options exchange. Please find the meeting materials here and the full capacity report here.  Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. The spotlight presenter was Michael Soderberg ...