FIF Tech Specs Working Group. The Working Group discussed the most recent updates to the CAT Reporting Technical Specifications and Reporting Scenarios for Phase 2c, including a change to the unique identifier description for multiple event types, new permitted reporting for allocation cancels, new allocationType values for foreign securities and the new TTSO handlingInstruction. The Working Group reviewed and discussed comments relating to RFQ reporting, and FIF submitted these comments to FINRA CAT. The Working Group reviewed and discussed the most recent updates to the CAT Reporting...

On February 5, FIF and the FIF CAIS Working Group Co-Chairs participated in a meeting with FINRA CAT to discuss the creation of an industry working group to address issues relating to customer identifiers as FINRA CAT starts to move forward toward implementation of CAIS. The first meeting for this working group is scheduled for February 19. Over the past several weeks, FIF and the FIF CAT Co-Chairs have participated in a series of meetings with FINRA CAT to discuss comments and questions raised by FIF Members.

On December 23, 2020, FINRA issued a request for comment on Enhancements to TRACE Reporting for U.S. Treasury Securities. FIF has drafted a comment letter on the rule proposal based on feedback from participants of the FIF TRACE Working Group. The next FIF TRACE Working Group call is scheduled for February 16 at 2 pm ET for FIF Members to provide any final comments on the draft comment letter. During the call, FIF Members also will discuss a rule proposal by the Federal Reserve to expand TRACE reporting for Treasuries and agencies to certain depository institutions and the potential impact...

At the request of FIF members, FIF is creating a Working Group to focus on short sale interpretive and operational questions and potential enhancements to Regulation SHO. If you are interested in joining this new group, please email us at This email address is being protected from spambots. You need JavaScript enabled to view it. and we will add the subscription to your account.

During October 2018 FIF members presented recommendations to the SEC staff for the modernization of Rule 605. These recommendations, which were developed through the FIF Rule 605 Working Group, were focused on updating Rule 605 to reflect market changes since the adoption of Rule 605 in 2000.  More recently, various FIF members have requested that FIF reconvene the Rule 605 Working Group to review and update these recommendations to re-present to the SEC staff during 2021. FIF has scheduled an initial call for this Working Group for February 25 at 11 am ET.

The series will be multiple panels for FIF Members that will address the implementation considerations of the 898 page Rule. The panels are moderated by Tom Jordan, FIF Advisory Chair. The kickoff panel on February 1st was the Rule Overview and featured Wayne Aaron of the Vedder Price law firm and Matt Billings of Two Sigma. The second webinar took place on February 8th and featured John Ramsay of IEX,  Rich Steiner of RBC and Rob Mohan of Wellington. The next panel, scheduled for February 22 at 4pm ET, will focus on Governance & Pricing. Further information about this webinar will...

Back Office Committee. On February 16, Professor James Angel of the Georgetown McDonough School of Business will discuss his recommended changes to stock lending, buy-in, short sale reporting and settlement rules in response to the recent trading activity in GameStop. Front Office Committee. On February 23, Mark Schaedel of Vondelpark Capital will discuss recent efforts to introduce a consolidated tape in Europe. Tax Information Reporting Working Group. On February 23, Andrew Bernknopf, Partner at the De Castro West law firm, will discuss Taxation of Partnership Equity Compensation and...

Northern Trust has entered into an alliance with IHS Markit, provider of the thinkFolio multi-asset class investment management platform according to a story in MarketsMedia news. The certified integration between thinkFolio and Northern Trust’s middle office outsourcing platform will provide opportunities for both firms to offer mutual institutional clients innovative solutions and services leveraging one another’s strengths across the investment value chain. As part of the managed service delivery of thinkFolio, IHS Markit manages upgrades and real-time feeds and executes...

Cboe Global Markets announced plans to introduce early trading on Cboe EDGX Equities Exchange beginning at 4:00 a.m. ET, with order acceptance beginning at 3:30 a.m. ET, starting Monday, March 8, pending regulatory approval. Currently, Cboe EDGX commences its early trading session at 7:00 a.m. ET and begins accepting orders at 6:00 a.m. ET. The move to expand early trading hours on Cboe EDGX aims to meet growing customer demand particularly among retail investors throughout the world who seek to execute their trading strategies on Cboe’s U.S. equities markets during global...