FIF has scheduled an additional call for the 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...

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..

FIF will schedule calls during the week of January 15 to discuss the recent SEC proposals on minimum pricing increments, access fees, transparency of better priced orders and order competition. FIF will announce the specific dates and times in the Weekly News for next week.

Participants from FIF Member Firms FlexTrade Systems, Liquidnet and Broadridge Trading and Connectivity Solutions predict that investments in technology will continue to increase as we enter the new year. Read more here. Part one of the series found here. 

As European ETP trading volumes continue to grow, brokers and their buy-side clients are seeking better trading liquidity outcomes and greater post-trade efficiency. Yet they are missing a big opportunity by still relying to a large extent on bilateral request-for-quote (RFQ) trading. European ETPs’ trading turnover to the end of October 2022 was €2.37 trillion, surpassing the €2.35 trillion total for the whole of 2021, according to big xyt. Of that, bilateral request-for-quote (RFQ) trading accounted for almost half, some 46%. The balance was accounted for by OTC systematic...

FIF would like to thank the FIF Committee and Working Group Chairs for all their contributions during the past year. The following FIF members served as FIF Committee or Working Group Chairs for all or part of 2022: ATS Working Group: Jim Dolan (Luminex) Back Office Committee: Susan Crozier (FIS); Doug Gifford (Broadridge) CAT CAIS: Mark Hendrickson (DA Davidson); Patricia Lahrheim (Pershing); Will Leahey (BetaNXT); Jacki VanMoer (Goldman Sachs) CAT Monthly Update Working Group: Chris Bok (OTC Markets) CAT Transaction Reporting: David Alazraki (Fidessa); Mitvin Shah (Societe...

On December 20, FIF submitted a comment letter to the SEC on the rule filing submitted by FINRA on Disclosure of Order Routing Information for OTC Equities (SR-FINRA-2022-031). FIF would like to thank the members of the Rule 606 Working Group for their contributions in the drafting of the comment letter.

FIF has scheduled the next Rule 606 Working Group call for Thursday January 5 at 11 am ET. The agenda for the call will be to discuss next steps relating to FINRA’s rule filing with the SEC on OTC routing disclosures and to discuss reporting of OTC Link routing scenarios.

The FIF CAT Monthly Update Working Group call for January will be on Thursday January 5 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 also will review the current areas of focus for FIF members and the current open issues for CAT transaction reporting and CAT CAIS reporting.