FIF CAT Working Group - Reviewed SRO revised FDID guidance. Provided an overview and solicited initial feedback pertaining to several additional error correction features proposed by the SROs. FIF CAT Cybersecurity Subgroup - FIF reviewed prior comments on CAT Cybersecurity.  FIF will resubmit prior comments with supplemental information such as: Data access/governance standards, cloud security standards, and CAT connectivity. FIF CAT Tech Spec Working Group - Continued the review of the spec with section 4 (equity events). FIF SEC Rule 606 Working...

This past week, FIF representatives attended talks with SEC Chairman Jay Clayton and Markets Director Brett Redfearn at Fordham University.  The event, aptly named: U.S. Equity Markets: Looking Back and Moving Forward, focused on the equity markets of 2018 and what initiatives the Commission will pursue in 2019. A few of the topics discussed included: Market Data Access, Retail Fraud, Thinly-Traded Securities, The Transaction Fee Pilot, and Reg ATS-N.  To read a transcript of the discussion, please click here.

Piper Jaffray Companies announced that it has reached a definitive agreement to acquire 100% of Weeden & Co., L.P. Upon closing, Weeden & Co. will convert to and operate as Piper Jaffray & Co. Founded in 1922, Weeden & Co. provides global trading solutions, specializing in best execution through the use of high-touch and program trading, proprietary algorithmic strategies and derivatives. Headquartered in Greenwich, Conn., the firm also has offices in New York, Boston, Chicago and San Francisco. Weeden & Co. is a leader across multiple equity trading categories, with...

Broadridge Financial Solutions, Inc. has announced the successful implementation of Broadridge’s investment management technology for Gluskin Sheff & Associates Inc. Gluskin Sheff is utilizing Broadridge’s platform of portfolio management, order management, compliance and data analytics capabilities as it scales its wealth management business for future growth. Gluskin Sheff is an independent wealth management firm that manages investment portfolios for high net worth private clients, families and select institutional investors. Gluskin Sheff’s growing...

Bloomberg’s U.S.-based Swap Execution Facility (SEF) and UK Multilateral Trading Facility (MTF) are now connected to Eurex Clearing as Approved Trade Sources (ATS). This allows market participants who are Eurex Clearing clients to submit their executed swap transactions directly through Bloomberg’s SEF or UK MTF to Eurex Clearing as the central counterparty. Following recent authorization to operate a MTF in the Netherlands, Bloomberg will also look to provide connectivity to Eurex Clearing for its Dutch MTF. As the requirement to trade a broad range of swaps on regulated venues...

IHS Markit announced that its OTC derivatives valuation data is available to financial institutions for best execution compliance. The time-stamped valuation data can help firms monitor intraday and historic transaction costs across interest rate, equity, FX, credit, commodity and structured product OTC derivatives. Evolving market practices and global regulations such as MiFID II, PRIIPS and RG 97 aim to gradually increase transparency on the execution quality of financial market transactions. As best execution requirements continue to broaden, the most complex trades in OTC markets have...

Corda Enterprise, R3’s blockchain platform has been chosen by SIX, one of Europe’s leading Financial Market Infrastructures, to provide the underlying blockchain technology for its digital asset listing, trading, settlement and custody service, SIX Digital Exchange (SDX). Corda Enterprise is the commercial distribution of Corda, optimized for business cases requiring the highest levels of security and stability. It will provide a key element for...

FINRA has recently issued a notice requesting comment on FINRA Rule 4370 (Business Continuity Plans and Emergency Contact Information) as part of their retroactive rule review program.  FIF is forming a subgroup to review FINRA Rule 4370 with the intent submitting several recommendations.  FIF will hold the first meeting on Wednesday, March 13 @ 11:00 am.  If you would like to join this subgroup, please send an email to This email address is being protected from spambots. You need JavaScript enabled to view it.

FIF CAT Working Group - Provided an update on SRO deliverables, reviewed the FIF plan with respect to the CAT implementation timelines, reviewed the 2/28 CAT Tech Spec (V1.1) and the updated scenarios document, and requested additional feedback on the issue resolution document. FIF Retail Execution Quality Working Group - The group focused on developing a plan to further promote the FIF 605 modernization recommendations both directly with the Commission as well as across the industry. FIF Cloud Technology Working Group - Mike Mazza (Morgan Stanley) and our...