FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group discussed the recent Exemptive Order issued by the SEC relating to the timeline for the SROs to provide linkage error feedback, the reporting of port-level settings and instructions, and the linkage of representative orders. The Working Group discussed the November Exemptive Order issued by the SEC that provided exemptions for CAT reporting of certain verbal communications. The Working Group discussed issues raised by FIF Members relating to the reporting of allocations, RFQ reporting and OATS retirement. FIF Front Office...

FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group discussed the new intra-day equity and option symbol file to be provided by FINRA CAT. The Working Group reviewed the December 4 updates to the Phase 2c Reporting Scenarios document, including updates relating to reporting of principal trades to fulfill Manning rule obligations, internal route modifications, eventTimestamp and requestTimestamp relating to Order Modified and Order Cancelled events, reporting for Trailing Stop orders, reporting when the Stop Price is based on an underlying condition, reporting of the CSC...

FIF Spotlight on Executive Order 13959 On Monday, December 21st at 11am ET, FIF will be hosting a meeting on the recent Executive Order 13959, which will prohibit certain transactions in publicly traded securities of any Chinese military company or any securities that are derivative of, or are designed to provide investment exposure to, such securities. Robert Dura and Satish Kini of the Debevoise & Plimpton law firm will present. FIF has invited Front Office and Back Office Committee participants to join the call. FIF Front Office Committee: SEC Market Data Infrastructure...

Goldman Sachs will launch its Sigma X EU trading venue today in preparation for the UK leaving the European Union on December 31. The multilateral trading facility (MTF) EU entity will allow participants to continue trading in EEA symbols via the Paris-based venue. The SIGMA X Europe MTF will launch with European symbols across 15 markets as the UK-based venue continues to list UK and European symbols. It will also include the SIGMA X dark pool and periodic auction order book.

State Street Corporation has launched its State Street Alpha Data Platform, an end-to-end data management and warehouse solution for institutional investment and wealth managers. The platform enables clients to seamlessly assemble and access investment data spanning internal and third-party services across their investment processes. It provides access to front office data in near real-time, and incorporates data catalog and visualization capabilities that result in higher quality data, while reducing cost and accelerating decision making. State Street Alpha leverages the product and...

Cboe Global Markets has confirmed plans to create crypto indices early next year after signing a major licensing agreement with trading software provider CoinRoutes. Through the licensing agreement Cboe said it will use the RealPrice data feed from CoinRoutes to establish digital asset indices and offer custom index creation and calculations to clients. CoinRoutes’ RealPrice consolidated best-bid-offer cryptocurrency market data feed incorporates real-time actual cost to trade specific quantities of digital assets. Cboe will also use RealPrice for portfolio construction tools, pre-trade and...

Earlier this year, Bloomberg’s list trading RFQ platform, called BOLT, expanded to support electronic trading of repos, with some of the highlights being the ability to manage haircuts and rates across traders and sales interactions, prevent disintermediation, put in targets to be displayed to dealers so they can provide pricing, and the use of integrated IB for negotiation. The global platform has been rolled out to over 40 dealers and clients, with Europe taking the lead on the back of SFTR (Securities Financing Transactions Regulation) because of the significant reporting processes...

Instinet announced that the firm has been appointed Clearing Agent for IntelligentCross, an AI-powered ATS equity trading platform that has seen strong growth since its 2018 launch by Imperative Execution. Instinet will support the day-to-day execution process by clearing and settling trades on IntelligentCross. This calendar year has seen trading and its associated clearing and settlement volumes more than triple versus previous peaks. Instinet’s global clearing and settlement team scaled out their technology and processes accordingly. The increasing complexity, regulatory reporting...

FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed the updates to the Technical Specifications published by FINRA CAT on December 4th, including updates relating to verbal quotes, modifications and cancels, TRF linkage, RFQs, routedOrderID for route modifications, tne new requestTimestamp fields, orderID reporting for modifications, New Quote and Quote Received events, Order Effective events, manual event fields for Multi-Leg events, new Multi-Leg events, and new TTF, TTO and TTS handlingInstructions. The Working Group reviewed new FAQ B68 relating to the...