IEX Exchange has introduced a new version of The Signal, also referred to as the Crumbling Quote Indicator, a predictive model which targets adverse price changes and powers the exchange’s protective order types. According to the exchange, The Signal is designed to predict imminent changes to the National Best Bid/Offer (NBBO) and allow order types including D-Peg and P-Peg to react positively to unstable market conditions. IEX and co-founder Brad Katsuyama have claimed to champion better protection for investors from adverse price selection since the inception of the exchange in 2013. This...

ION Markets has connected its LatentZero order management system (OMS) to fixed income electronic trading platform Trumid. The integration between LatentZero OMS and Trumid will support all trading protocols from Trumid and is designed to deliver best execution by utilising automated technologies. The link will add connectivity to ION Markets’ OMS for all markets and brokers globally, across every asset class. In addition, users will be able to interact with a wider selection of buy- and sell-side market participants, receive improved access to liquidity and trading opportunities, as well...

FIF has scheduled a call for Tuesday April 11 at 11 am ET to review and discuss the SEC’s recent cyber, Reg SCI and Reg S-P rule proposals. The call will start with a review and discussion of the SEC’s cyber proposal and cover the other proposals as time permits. FIF has invited members of the following Working Groups to participate on this call: the Compliance and Surveillance Working Group; the Cybersecurity Working Group; and the newly-formed SEC Cyber, Reg SCI and Reg S-P Working Group. If you are interested in participating on this call and are not a member of any of these Working...

FIF has scheduled the next call for the Rule 606 Working Group for Tuesday April 11 at 2 pm ET. The Working Group will review and discuss the first draft of an FIF response letter on the FINRA rule filing on disclosure of order routing information for OTC equity securities and NMS securities. The response letter is due on April 13. If necessary, FIF will schedule an additional call for April 12 or 13 to discuss any remaining issues.

FIF has scheduled the next call for the TRACE Working Group for Thursday April 13 at 10 am ET. The Working Group will discuss TRACE reporting of the portfolio trade modifier, the importance of the MSRB enabling direct reporting if the MSRB intends to reduce the reporting timeframe for munis to one minute, and recent technical notices from FINRA relating to TRACE reporting for foreign sovereign bonds and other upcoming TRACE changes.

On Thursday April 13 at 11 am ET, Greg Markovich, Senior Director in the FINRA Cyber Enabled Fraud (CEF) Group, will discuss FINRA’s 2023 cyber-related priorities. FIF has invited members of the FIF Cybersecurity Working Group, the FIF Compliance and Surveillance Working Group, and the newly-formed FIF SEC Cyber, Reg SCI and Reg S-P Working Group to participate on this call. If you are not a member of any of these Working Groups and would like to participate on this call, please update your FIF profile or contact This email address is being protected from spambots. You need JavaScript...

The FIF CAT Monthly Update Working Group call for April will be on Thursday April 13 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.

FIF Rule 606 Working Group. The Rule 606 Working Group discussed Rule 606(a) reporting for multi-leg orders. The Working Group reviewed and discussed the March 27 response letter by FINRA relating to the FINRA rule filing on disclosure of order routing information for OTC equity securities and NMS securities. FIF CAT CAIS Working Group. The CAT CAIS Working Group discussed full data replacement. The Working Group continued its discussion of acquisition scenarios where the clearing firm for the acquired firm maintains the account. The Working Group continued its discussion of CAIS...

Kezar Markets, LLC, owner of Kezar Trading, LLC, the broker-dealer operator of the LeveL & Luminex Alternative Trading Systems, announced the official name and branding for the parent company and broker-dealer, unveiling a new corporate website and visual identity. LeveL ATS, a leading US equity dark pool trading venue for the sell-side, and Luminex ATS, a block trading venue built for the buy-side, merged last year, creating an opportunity to bring innovation to both the buy-side and sell-side communities. As part of Kezar Markets' innovative market solutions, Kezar Trading, LLC...