FIF SEC Rule 606 Working Group - FIF provided an update on 606 FAQs as well as a proposal for a requested extension in the compliance date. FIF also proposed/vetted a potential solution to facilitate a more steamlined process to report order execution data. Finally, FIF reviewed a draft of an anticipated 606(b)(3) template based upon the Commission's interpretation of how venue should be reported.  FIF Cybersecurity Working Group - FIF reviewed the Financial Services Sector Cybersecurity Profile from the FSSCC. FIF also discussed an article focusing on current...

On Wednesday, July 10, FIF joined SIFMA at a meeting with SEC Staff to discuss potential solutions to Large Trade Phase 3 through the CAT Customer/Account information database. Additionally, FIF met with SEC Division of Trading and Markets Staff to discuss SEC Rule 606.

FIF is pleased to announce that HSBC has joined the FIF Community.

FIF welcomes XTX Markets LLC as new members of the FIF Community.

Michael Roberts has been appointed president and chief executive officer of HSBC in the US, replacing Patrick Burke who announced plans to retire from HSBC. Confirmation of the specific retirement and appointment dates are to be announced by the bank soon, according to a story in The Trade news. Burke first joined HSBC in 1989 as a deputy director of mergers and acquisitions. Burke has been CEO of HSBC in the US since November 2014, overseeing the firm’s US operations which serve domestic and international clients across retail banking and wealth management, commercial banking, global...

The Wall Street Journal reports Piper Jaffray Co. is acquiring Sandler O’Neill & Partners L.P. for $485 million, combining two investment-banking firms to create Piper Sandler Cos. Sandler O’Neill is a leader in advising small and midsize banks on deals, having been involved in 355 bank mergers since 2010. Piper Jaffray CEO Chad Abraham said his firm has been trying to get deeper into the investment-banking business. The companies expect the deal to close in January.  

The Trade news reports the Singapore Exchange (SGX) has implemented a new matching engine for its equities trading operations from Nasdaq, extending a 16-year technology partnership between the exchange groups. The technology upgrade, known as the multi-matching trading engine, is available through Nasdaq’s Financial Framework and provides SGX with unified operations, messaging and data infrastructure for greater flexibility required to launch new services. Nasdaq says its technology is currently used by more than 250 broker-dealers, exchanges, clearinghouses, central securities...

As part of their largest business overhaul in the last decade, Deutsche Bank has confirmed its agreement with BNP Paribas to transition its largely US-based prime brokerage and electronic equities businesses. The German multinational investment bank said that BNP Paribas will ensure continuity of service to its prime finance and electronic equities clients, with plans to transfer technology and staff to BNP Paribas in due course, according to The Trade News. The agreement with BNP Paribas remains subject to various approvals.  

FIF has initiated a CAT Cost Survey designed to provide FIF member firms with a general view of the current/future costs (and potential cost savings) required to implement the CAT.  The intent of this survey is to provide FIF members with cost details from peer firms to determine budgetary allocation required for CAT implementation in 2020 and beyond.  Please consider responding to FIF’s CAT Cost Survey at your earliest convenience.