Citi and Bank of America are working together to build a new industry-led independent data and execution platform for fixed income markets according to a story in Markets Media news. The venture plans to develop a next generation trading, data and analytics platform for structured credit and underlying collateral markets. The contemplated multi-dealer platform will focus initially on CLOs and syndicated loans, with plans to expand into other asset classes. Bank of America and Citi initiated the build of this platform to address some of the biggest challenges in both CLO and Syndicated Loan...

On Monday, April 12th, the fifth FIF webinar of the series focused on the rule's effects on Retail, Institutional and the Buy-Side. The panel included Adam Inzirillo of Cboe Global Markets, Melissa Hinmon of Glenmede Investment Management, and Matt Billings of Two Sigma Securities. The panel discussion was moderated by Tom Jordan, FIF Advisory Chair. The next webinar in the series will be on schedules and transition. FIF Members will receive invites for all upcoming webinars. If your firm is not a FIF Member, you may request access by emailing This email address is being protected...

On April 15, 2021, Steve Lofchie and Nihal Patel of the Cadwalader law firm presented to the FIF Back Office Committee on the recent FINRA Regulatory Notice 21-11 (proposed amendments to the margin rules relating to when-issued and other extended settlement transactions) and FINRA Regulatory Notice 21-13 (updates to the interpretations of FINRA’s margin rule for day trading). Please find the comments on the Regulatory Notices prepared by Cadwalader here: Regulatory Notice 21-11; Regulatory Notice 21-13

FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group completed its review of the April 5 updates to the FINRA CAT Phase 2d Technical Specifications and Reporting Scenarios documents. The Tech Specs Working Group discussed issues and questions from FIF member relating to Automated Investment Plans and the DIR handlingInstruction. The Working Group reviewed updates to FAQs relating to allocation reporting. The Working Group discussed the change in the scheduled dates for the FINRA CAT internal DR failover test. The Working Group discussed the expansion of the CAC...

Please join us for part five of our webinar series on the implementation considerations of the SEC Market Data Infrastructure Rule. The fifth webinar of the series will take place on Today, April 12th at 4pm ET. This webinar will focus on the rule's effects on Retail, Institutional and the Buy-Side. The panel will include Adam Inzirillo of Cboe Global Markets, Melissa Hinmon of Glenmede Investment Management, and Matt Billings of Two Sigma Securities. The panel discussion will be moderated by Tom Jordan, FIF Advisory Chair. After registering, you will be prompted to follow a link to Zoom,...

On April 15, 2021 at 10 am ET, Steve Lofchie and Nihal Patel of the Cadwalader law firm will present on the recent FINRA Regulatory Notice 21-11 (proposed amendments to the margin rules relating to when-issued and other extended settlement transactions) and FINRA Regulatory Notice 21-13 (updates to the interpretations of FINRA’s margin rule for day trading). If you did not receive an invite to this spotlight presentation but would like to attend, please email us at This email address is being protected from spambots. You need JavaScript enabled to view it..

On April 7, 2021, TabbFORUM published an article by Howard Meyerson, Managing Director of FIF, on the Revised Fee Proposal published by the CAT Operating Committee on March 31, 2021. Please find the article here. 

FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed draft comments and questions for FINRA CAT relating to infoBarrierID, reporting for preferred symbols that are added to the CAT symbol list after the trade date, reporting obligations when a US symbol is not available on the day an order is received and executed, quotes initiated prior to Phase 2d, Reporting Scenarios relating to RFQs, and options floor broker scenarios. The Working Group discussed issues and questions raised by FIF members relating to report card scenarios, corporate buy-backs, the RLO, DISQ and...

London-based market maker XTX Markets has launched a dark pool for US equities with Barclays as one of its first confirmed broker partners according to a story in The Trade news. The single dealer platform, named XTX Direct, is built on the same technology as other bilateral trading venues and is aimed at providing institutional market participants with access to better liquidity. The market marker said it has a proven track record in off-exchange direct access offerings, claiming its systematic internalizer platform is the largest by volume in the European markets.