FIF Tax Information Reporting Working Group - The meeting featured a spotlight presentation by Paul Maliboeuf from KPMG on the Withholding and Reporting Regimes: Documentation, Withholding, and Deposits in Federal Tax Reporting. The group also discussed topics to be covered in 2020 and whether to hold off on further meetings until after tax season is over.  FIF Back Office Committee - Please find this month's back office agenda here.  FIF CAT Tech Spec Working Group - FIF discussed updates in the newest draft of the Phase 2c Industry Member Tech...

  FIF CAT Tech Spec Requirements Working Group - FIF summarized the December 3rd meeting with SROs on the CAT Phase 2c Allocation scope and reportable events, including challenges related to new data elements such as Time of Allocation and FDID on New Order Events. The group also discussed the concept of allocations in the retail space and potential challenges with respect to reporting back office booking events as part of allocations reporting expectations. FIF held a second meeting on Friday, December 6 to continue discussion on allocation reporting expectations.  FIF...

  FIF CAT Tech Spec Working Group - FIF summarized the discussion points and follow-up items from the November 22 in-person meeting with the SEC, the SROs and FINRA CAT on CAT Phase 2c challenges.  Specifically, FIF discussed the industry’s focus on requested relief from too late to cancel/rejected customer request scenarios the application of strategy based handling instructions, the removal of the “C” Reporting Exception Code, and Rejected Routes.  FIF then discussed anticipated Phase 2c follow-up items, including Handling Instructions, Electronic...

  FIF Reg ATS-N Working Group -  FIF followed up with the group to gather additional feedback on the ATS's initial Reg ATS-N filing experiences. The feedback was incorporated into supplemental recommendations to FIF's prior comment letter on FIF Member ATS initial experience with filing Form ATS. FIF Front Office Committee - Please find this months' front office committee agenda here.  FIF CAT Tech Spec Working Group - Reviewed FIF description of challenges and recommendations related to remaining Phase 2c CAT reporting challenges and...

  FIF CAT Committee -  FIF reviewed the next steps following the initial Phase 2c CAT Industry Member Tech Spec (V3.0), which featured only minimal changes, and the concerns over the 2c feedback schedule. The group discussed concerns with the multifactor authentication requirement for the CAT Reporter Portal and the proposed resolution to IMID. Finally, FIF reviewed the status of their current CAT subgroups (OTC Equities, Options, Tech Spec Review) and the next steps for each group.  FIF Reg ATS-N Working Group - FIF discussed the existing challenges...

Miami International Holdings, Inc., the parent holding company of the MIAX, MIAX PEARL and MIAX Emerald options exchanges, and the Bermuda Stock Exchange (BSX) announced that MIH has acquired a controlling interest in the BSX. The BSX is a fully electronic offshore securities market regulated by the Bermuda Monetary Authority. It specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and insurance-linked securities. The BSX is a full member of the World Federation of Exchanges and an affiliate member of the...

British banking heavyweights HSBC and RBS are launching new digital banking platforms, as competition for digitally savvy customers steps up in the face of a wave of online startups. HSBC rolled out a new app-based business banking service - previously known internally as ‘Project Iceberg’ and now named ‘HSBC Kinetic’ - in beta testing mode today, while RBS is putting the finishing touches to its new digital bank Bo ahead of a public roll-out later this month. Britain’s high street lenders are investing billions of pounds in new or refreshed...

IBM said on Wednesday that it has built financial services-specific cloud technology in collaboration with Bank of America, which will be the first major bank to use the platform. The public platform, IBM’s first industry-specific cloud, is designed to meet the high regulatory, security and resiliency standards required of the financial services industry. “By setting a standard that addresses the concern of hosting highly confidential information, we aim to drive the public cloud to a safety level that is unmatched,” said Cathy Bessant, chief operations and...

The Nasdaq Stock Market, the world’s largest stock exchange by volume traded, will now incorporate artificial intelligence for surveillance patterns following Nasdaq Inc.'s announcement of a successful go-live this past Thursday. Developed as a collaboration between Nasdaq’s Market Technology business, its Machine Intelligence Lab and the company’s U.S. market surveillance unit, the initiative enhances Nasdaq’s market surveillance functionality with artificial intelligence and transfer learning to improve detection of malicious activity. Nasdaq plans to expand the...