FIF has scheduled the next TRACE/Fixed Income Working Group for Thursday January 19 at 11 am ET. The agenda for the call will be to review a revised draft of the FIF comment letter on FINRA Regulatory Notice 22-26 (“FINRA Requests Comment on Proposed Changes to TRACE Reporting Relating to Delayed Treasury Spot Trades”). The Working Group also will discuss FINRA Regulatory Notice 22-28 (“TRACE Reporting of Foreign Sovereign Debt Securities: FINRA Adopts Amendments to Require Reporting of Transactions in U.S. Dollar-Denominated Foreign Sovereign Debt Securities to TRACE”). The Working Group...

FIF has scheduled a call for Thursday January 19 at 2 pm ET to discuss the recent SEC rule proposal on Order Competition. FIF has invited members of the Data and Technology Committee, the Front Office Committee and the Compliance and Surveillance Working Group to participate on this call. If you would like to participate on this call and are not a member of any of these groups, please update your FIF profile or contact 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 Tuesday January 24 at 11 am ET to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter will be Sheila Zak of the Options Clearing Corporation, who will provide an update on the OCC’s planned multi-year transition from ENCORE to the new Ovation platform (planned for launch in 2025). 

The Data and Technology Committee will have its next call on Wednesday January 25 at 10 am ET to review capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. The spotlight presenter will be Tim Baker of Expero, who will discuss the Financial Data Transparency Act (FDTA). The FDTA requires financial regulators to develop common standards that promote the organization, readability and availability of financial data they collect from regulated institutions.

The Front Office Committee will have its next call on Tuesday January 31 at 11 am ET to review applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. The spotlight presenter will be Ari Burstein of IntelligentCross, who will discuss the recent FINRA filing with the SEC to add IntelligentCross as a participant of FINRA’s Alternative Display Facility (ADF).

FIF Rule 605 Working Group. The Rule 605 Working Group discussed the SEC’s recent rule proposal on Disclosure of Order Execution Information. FIF TRACE/Fixed Income Working Group (MSRB RTRS reporting). On January 10, FIF and FIF members participated on a call with MSRB representatives to discuss the comment letter that FIF submitted in response to MSRB Notice 2022-07 (“Request for Comment on Transaction Reporting Obligations under MSRB Rule G-14”). During the call with MSRB representatives, FIF members discussed the importance of providing executing firms the ability to report directly...

FIF has scheduled Working Group calls to discuss the following equity market structure rule proposals issued by the SEC on December 14 (see entries below for dates and times): Disclosure of Order Execution Information (SEC Rule 605) Regulation NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders Order Competition Rule. Attached are outlines of the rule proposals prepared by FIF.

FIF has scheduled the next TRACE/Fixed Income Working Group for Monday January 9 at 2 pm ET. The agenda for the call will be to review the first draft of a comment letter on FINRA Regulatory Notice 22-26 (“FINRA Requests Comment on Proposed Changes to TRACE Reporting Relating to Delayed Treasury Spot Trades”). Time permitting, the Working Group also will discuss FINRA Regulatory Notice 22-28 (“TRACE Reporting of Foreign Sovereign Debt Securities: FINRA Adopts Amendments to Require Reporting of Transactions in U.S. Dollar-Denominated Foreign Sovereign Debt Securities to TRACE”).

The next call for the Rule 605 Working Group will be on Tuesday January 10 at 2 pm ET. The agenda for the call will be to discuss the SEC’s recent rule proposal on Disclosure of Order Execution Information. For this call only, FIF also will invite members of the Rule 606 Working Group. If you are not a member of the Rule 605 Working Group and would like to participate on these calls, please update your FIF profile or contact This email address is being protected from spambots. You need JavaScript enabled to view it..