Bloomberg has released a paper detailing the development of BloombergGPT, a new large-scale generative artificial intelligence (AI) model. According to a story in Markets Media news, this large language model (LLM) has been specifically trained on a wide range of financial data to support a diverse set of natural language processing (NLP) tasks within the financial industry. Recent advances in artificial intelligence (AI) based on LLMs have already demonstrated new applications for many domains. However, Bloomberg asserts that the complexity and unique terminology of the financial domain...

On March 31 FIF submitted comment letters on the following three SEC equity market rule proposals: Disclosure of Order Execution Information Order Competition Rule Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders. FIF would like to thank the members of the FIF Rule 605 Working Group for their contributions in the drafting of the comment letter on the SEC’s rule proposal on Disclosure of Order Execution Information. FIF would like to than the members of the FIF SEC Equity Market Proposals Working Group for their contributions in the...

On March 30, FIF submitted a response letter to the SEC on the FINRA rule proposal on disclosure of order routing information for OTC equity securities and NMS securities.

FIF has scheduled an additional call this week for the FIF CAT Transaction Reporting Working Group. The call will be on Tuesday April 4 at ____ ET and will focus on CAT reporting for RFQ responses.

FIF has scheduled the next call for the Rule 606 Working Group for Tuesday April 4 at 3 pm ET. The Working Group will discuss the expected response by FINRA to the SEC order seeking further comment on the FINRA rule proposal on disclosure of order routing information for OTC equity securities and NMS securities. The Working Group also will discuss questions from FIF members relating to Rule 606 reporting.

For the CAT Transaction Reporting Working Group call for this week (on Wednesday April 5 at 2 pm ET), the CAT Plan Participants will present to the Working Group on the potential cost savings for turning off linkage in the CAT production mirror environment.

For this week only, the Wednesday FIF CAIS Working Group call be at 10 am ET instead of 11 am ET. This is to avoid a time conflict with the StoneX webinar discussed below. Going forward, FIF will continue to send weekly invites for the CAIS Working Group for Wednesday at 11 am ET. FIF will no longer send weekly CAIS invites for Friday at 1 pm ET. FIF will schedule individual CAIS calls for Friday when necessary. Because of the Passover holiday, the CAT Monthly Update Working Group call for April will be on Thursday April 13 at 2 pm ET instead of Thursday April 6 at 2 pm ET.

The SEC “No-Action” relief permitting U.S. brokers to accept cash research payments from MiFID-regulated clients is set to expire on July 3, 2023, leaving many global managers and brokers unsure of the right course of action to take.  On Wednesday April 5 at 11 am ET, FIF member StoneX will host a no-cost virtual webinar designed to update institutional investment professionals on the implications of the SEC’s decision not to extend the SEC “No-Action” relief. The webinar will present viable options / solutions, along with the strengths and weaknesses of each for consideration once...

FIF has created a new SEC Cyber, Reg SCI and Reg S-P Working Group. To join this Working Group, please update your FIF profile or contact This email address is being protected from spambots. You need JavaScript enabled to view it..