FIF and STA submitted a joint letter to the SEC on Amended SEC Rule 606 implementation challenges, current timelines, and recommendations. If you are not part of the Rule 606 working group and would like to review the letter, please send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. and we will be happy to send you a copy.

The Irish subsidiary of Citadel Securities has joined SIX Swiss Exchange as a trading member, becoming the fourth new member to trade with the exchange so far this year. The Chicago-based market maker established its Irish business unit, known as Citadel Securities GCS, in July last year, located in Dublin. Citadel Securities also has offices in New York, London, Hong Kong, Toronto, Shanghai and Sydney making markets in various fixed income and equity instruments.

State Street’s Charles River and fixed income electronic trading firm MarketAxess have teamed up to provide connectivity to clients across global credit markets. The move will see Charles River’s global client base gain access to MarketAxess’ Auto-X, and other trading mechanisms, for investment-grade credit, high-yield, emerging market bonds, and Eurobonds. According to a story in The Trade news, Auto-X will be integrated with Charles Rivers’ order and execution management system (OEMS) for auto-execution, trade allocations to dealer counterparties and allocation...

US investment banks JP Morgan and Goldman Sachs are the first firms to go live on a same-day FX settlement service launched by CLS. Known as CLSNow, the bilateral FX gross payment-versus-payment settlement service allows banks to exchange currency positions with mitigated settlement risk on an almost real-time basis. CLS said that the service was developed as banks seek efficient ways to manage liquidity in light of the tightening, or neutral, stance of central bank monetary policy, and post-financial crisis reforms. Currencies offered on CLSNow include Euro, UK pound sterling, US dollar,...

Cboe Europe, a division of Cboe Global Markets, announced it plans to launch Cboe Closing Cross (3C), a new post-close trading service that will provide a simple, cost-effective way for market participants to execute their end of day trading activities. According to a story in MarketsMedia, 3C is a seamless, one-stop solution for customers looking to execute their post-close trading activities across the 18 European markets that Cboe serves. There will be no cost to utilize 3C until the end of the year. 3C allows market participants to choose the price they wish to trade at after the...

According to a story in The Wall Street Journal, Nasdaq Inc. is testing an artificial intelligence surveillance system this summer to monitor its U.S. stock market and spot previously unknown methods of illegal equities trading. Nasdaq’s new system uses machine learning to pick up irregular trading activity. To train the system, the team combined Nasdaq’s historical trading data with existing patterns of market-abuse techniques. The team then built an AI model using deep learning, a form of machine learning that can operate and learn with or without human oversight, to analyze...

Bloomberg Index Services Limited (BISL) has been selected by ISDA to calculate and publish adjustments related to fallbacks that ISDA intends to implement for certain interest rate benchmarks in its 2006 ISDA Definitions. The adjustments reflect the fact that interbank offered rates (IBORs) are available in multiple tenors, while the risk-free rates (RFRs) identified as fallbacks are overnight rates. The IBORs also incorporate a bank credit risk premium and a variety of other factors, while RFRs do not. A third-party service provider was sought to ensure the adjustments are calculated...

FIF is collecting questions on the CAT Technical Specification and Scenarios document for including in subsequent FINRA CAT – sponsored Q&A sessions.  If you would like to submit questions on behalf of your firm, please send an email to This email address is being protected from spambots. You need JavaScript enabled to view it..

FIF is in the process of completing a comment letter to Commission Staff on the current status and recommendations pertaining to the implementation of SEC Rule 606. If you are not part of this working group and are interested in reviewing a copy of the letter, please send an email to the program office at This email address is being protected from spambots. You need JavaScript enabled to view it..