FIF has scheduled a call for the Reg NMS Compliance subgroup for Thursday January 29 at 11 am ET. The subgroup will discuss potential changes to the order handling processes for customers when the scheduled changes to allow for quoting in half-penny increments (the MPI changes) take effect. If you would like to participate in this discussion and are not a member of this subgroup, please send a note to This email address is being protected from spambots. You need JavaScript enabled to view it..

The next call for the Digital Asset Securities Working Group will be on Tuesday February 3 at 2 pm ET.  James Dowd, the CEO of North Capital, will discuss the recent collaboration between North Capital and tZero to integrate their respective ATSs. The Working Group will also discuss the SEC’s recent FAQs relating to ATSs trading crypto asset securities and the recent Statement of the SEC’s Division of Trading and Markets on the Custody of Crypto Asset Securities by Broker-Dealers, and will continue the discussion of the SEC no-action letter to DTC relating to the DTCC Tokenization...

FIF Webinar on Trading Risk Controls and Reg SCI. FIF hosted a webinar for the Compliance and Surveillance Working Group on Trading Risk Controls and Reg SCI. The moderator was Erin Clemens of StoneX. The panelists were Chris Boldt of Interactive Brokers, Doug Craig of Fidessa, Jim Dolan of LeveL Markets, and Charles Sommers of the Sidley Austin law firm. FIF would like to thank the moderator and panelists for their informative discussion of this topic. SIP and TRF Fractional Shares. FIF hosted a call for the TRF/ORF Working Group to discuss the upcoming change to require the reporting...

Most of the trading volume on OTC Markets Group originated from European cross-traded securities in 2025 and the U.S operator of regulated markets for local and international securities also had “exponential” growth in non-U.S. listings. In a blog post, OTC Markets Group said overall dollar volume grew 44.5% year-on-year in 2025 and cross-traded international securities grew by 46.7% to reach $609bn. “In 2025, 55% of the dollar volume originated from European cross-traded securities, and the average daily notional for European cross-traded securities was $1.2bn in Q4 alone,” added...

State Street Corporation and QNB Group at the World Economic Forum (WEF), announced a strategic alliance to introduce a new custody servicing model in Qatar. According to a story in MarketsMedia news, State Street and QNB Group have agreed to collaborate, with service agreements to be finalized and executed at a later date. "The GCC is one of the fastest-growing markets globally, and we are committed to deepening our presence through collaboration with leading local institutions,” said Ron O’Hanley, chairman and CEO at State Street. “This new servicing model creates significant...

Robinhood Markets and Susquehanna International Group have completed the purchase of a 90% stake in MIAX’s derivatives exchange – MIAXdx – through a joint venture established by the two firms.  The deal, which was initially announced in November 2025, is expected to allow MIAX to gain increased exposure to prediction markets and expand the firm’s offering for both institutional and retail traders in this growing sector.  According to a story in The Trade news, MIAX retains 10% of the issued and outstanding equity in the exchange...

NYSE is seeking regulatory approvals for its trading and on-chain tokenized securities settlement platform. If approved, the launch is set to enable “tokenized trading experiences”, including 24/7 trading of US listed equities and ETFs, instant settlement, orders sized in dollar amounts, and stablecoin-based funding according to a story in The Trade news. Subject to regulatory approvals, the platform will power a new NYSE venue that supports trading of tokenised shares fungible with traditionally issued securities as well as tokens natively issued as digital securities. Specifically,...

On January 14, 2026, FIF submitted a letter to the SEC that discusses the need for written interpretive guidance from the SEC relating to the Rule 605 amendments that are scheduled to take effect on August 1, 2026. FIF would like to thank the members of Rule 605 Working Group for their contributions in the drafting of this letter.

On January 14, 2026, FIF submitted a letter to FINRA relating to SLATE reporting. FIF would like to thank the members of the SLATE Working Group for their contributions in the drafting of this letter.