FIF has scheduled a call for the TRF / ORF Working Group for Tuesday January 20 at 1 pm ET. The Working Group will discuss implementation of the upcoming changes (scheduled for February 23, 2026) to require the reporting of fractional shares to the TRFs and the dissemination of fractional shares by the SIPs.

The New York Stock Exchange is planning to launch a trading platform for tokenized securities that will operate 24/7, pending regulatory approval. It will allow trades of financial assets represented digitally on a blockchain to be settled instantly and funded in stablecoins, in contrast to traditional trades where cash and stock are exchanged the following business day. The move is part of a broader trend on Wall Street toward tokenization. NYSE expects to debut the new platform later this year.

FIF is hosting a webinar for the Compliance and Surveillance Working Group on Trading Risk Controls and Reg SCI. The webinar will be on Tuesday January 20 at 3 pm ET. The moderator will be Erin Clemens of StoneX. The panelists will be Chris Boldt of Interactive Brokers, Doug Craig of Fidessa, Jim Dolan of LeveL Markets, and Charles Sommers of the Sidley Austin law firm. If you would like to submit any questions or topics for the webinar, please send them to This email address is being protected from spambots. You need JavaScript enabled to view it.. 

FIF has scheduled two calls for the CAT Transaction Reporting and CAIS Working Groups for this week. The first call will be on Wednesday January 21 at 2 pm ET; the second call will be on Thursday January 22 at 1 pm ET. The Working Groups will continue the discussion of a draft FIF comment letter in response to the recent rule filing by CAT LLC to reduce CAT operating costs.

FIF has scheduled a call for the Section 31 / RTF Reconciliation subgroup for Thursday January 22 at 9:30 am ET. Subgroup members will provide an update on recent discussions with FINRA to enhance the process for firms to reconcile the RTF fee from FINRA. The subgroup will also discuss next steps. 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., and we will include you in this discussion.

The Rule 605 Working Group will have its next call on Monday January 26 at 2 pm ET. The Working Group will discuss a draft letter to the SEC relating to implementation of the Rule 605 amendments, including reporting for different order types and orders with different characteristics.

The Data & Technology Committee will have its next call on Wednesday January 28 at 10 am ET to review capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. The spotlight presenter will be Gerard Faulkner of CUSIP Global Services, who will discuss CUSIP Issuance Trends.

The next call for the 24x7 Trading Working Group will be during the week of January 26. FIF will send an invite later today with the date and time for the call. The Working Group will discuss short sale locate issues raised by an FIF member, the recent Nasdaq rule filing for extended trading hours, and other issues raised by FIF members.

FIF will be scheduling a call for the Reg NMS Compliance subgroup for next week (date and time to be determined). The subgroup will discuss the following: (i) MPIs: potential changes to the order handling processes for customers; and (ii) odd lots: best execution obligations. 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..