FIF has scheduled the next call for the Rule 605 Working Group for Tuesday June 20 at 2 pm ET. The Working Group will review and discuss a revised draft supplemental FIF comment letter on the SEC’s rule proposal on Disclosure of Order Execution Information.

The Back Office Committee will have its next call on Thursday June 22 at 11 am ET to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month.

On June 15, FIF submitted a letter to the SEC and the CAT Operating Committee on the need for the retirement of legacy reporting systems and rules, including EBS and large trader reporting, that are duplicative of CAT.

FIF Cybersecurity and Compliance and Surveillance Working Groups. FIF members discussed the amended rule proposal for notification of cybersecurity incidents filed by The Options Clearing Corporation (OCC) with the SEC. The amended rule proposal by the OCC incorporates certain changes requested by FIF members in a prior FIF comment letter. FIF CAT CAIS Working Group. The CAIS Working Group discussed the reopening of the CAIS test environment. The Working Group reviewed a draft letter to the SEC and the CAT Operating Committee on the retirement of legacy reporting rules and systems. The...

Exchange and clearing house operator Cboe Global Markets is planning to introduce a central counterparty (CCP) clearing service for securities financing transactions (SFT) in Q3 2024 according to a story in The Trade news. Subject to regulatory approvals, the service will come through its Amsterdam-based clearing house and introduce matching, CCP clearing, settlement and post-trade lifecycle management for SFT transactions in European cash equities and ETFs. Settlement will take place in 19 European Central Securities Depositories (CSDs). Cboe Clear Europe has secured the support of a...

State Street Corporation announced that its Alpha front-to-back asset servicing platform for institutional investment and wealth managers, now supports the entire ETF (exchange traded funds) lifecycle with front, middle and back-office capabilities, with everything bolstered by The State Street Alpha Data Platform (ADP). The new State Street Alpha for ETF Issuers offering integrates Charles River Development’s front office products with State Street’s industry ETF servicing capabilities to deliver end-to-end technology and processes for ETF issuers. According to a story in MarketsMedia...

Intercontinental Exchange, Inc. announced that ICE Benchmark Administration Limited (IBA) plans to launch the ICE Commodity Traceability (ICoT) service to support the cocoa and coffee industries in meeting the requirements of the European Union’s (EU) incoming regulation relating to deforestation and forest degradation. ICoT is designed to support customers across the cocoa and coffee industries in demonstrating their compliance with regulation being introduced by the EU to minimize the extent to which the consumption of certain commodities in the EU result in deforestation worldwide. IBA...

BNY Mellon technology division Pershing X rolled out its digital wealth management platform. According to a story in Financial Advisor, Wove aims to address the segmented experience advisors have as they navigate multiple applications in their day-to-day operations. The platform — which had been in the works for about a year — features applications to help with tasks such as advanced data reporting and analytics, financial plan building and flexible billing, and it touts an open-architecture design that provides advisors the flexibility to continue to use their preferred...

June 8, 2023 (Fried Frank News & Insights):  The Financial Information Forum ("FIF"), Nasdaq, CME and the Investment Company Institute ("ICI") (collectively, the "Associations") recommended changes to the SEC's proposed rules on cybersecurity risk management practices. Proposed Amendments to Reg S-P ("Privacy of Consumer Financial Information and Safeguarding Personal Information") The SEC proposed to (i) require firms to implement written incident response plans, (ii) provide timely notification to affected individuals following data breaches and (iii) extend the protections of...