Rule 605 Working Group. The Rule 605 Working Group discussed whether the definition of Single Dealer Platform includes a platform that trades as riskless principal. The Working Group continued its discussion of reporting for orders with specific handling instructions and characteristics, including orders with instructions relating to locked markets, not held orders, and reserve orders.     SLATE Working Group. The SLATE Working Group discussed reporting for a change in the spread on a variable rate loan. The Working Group continued its discussion of a draft FIF letter to...

Marex Group plc, the diversified global financial services platform, has launched its structured products business in the United States to serve demand from registered investment advisors (RIAs), broker-dealers, and private banks seeking greater issuer and credit diversification. The expansion is led by Scott Kerbel, recently appointed Head of US Distribution for Marex Financial Products. Marex Financial Products brings its established structured products expertise to the US market, drawing on a global business that has issued more than 20,000 structured products. As a globally active...

ClearToken and Nasdaq announced that ClearToken has adopted Nasdaq Eqlipse Clearing to support the development of its new clearing and settlement service for digital assets.  The technology serves as a real-time, multi-asset clearing and risk platform for both traditional and digital markets. According to a story in MarketsMedia news, ClearToken will first launch a digital settlement service, CT Settle, supporting delivery-vs-payment (DvP) and netting for digital assets and fiat currencies, including cryptoassets and stablecoins, having recently received authorization from...

LSEG’s Post Trade Solutions has launched a new service – Market Risk Optimisation – to reduce market risk, specifically for FX options.  According to a story in MarketsMedia news, the new offering integrates with LSEG’s multibank FX platform, FXall, and is expected to allow market participants to trade in and out of market risk, enhance liquidity and reduce transaction costs through access to a wide range of trading opportunities.  The development of the product has also involved industry input, following a successful proof of concept through the input of 13 sell-side FX...

State Street has successfully implemented its front-to-back Alpha platform for Ninety One, an investment manager specializing in active strategies across emerging and developed markets. The implementation marks an expansion of the strategic relationship between the two firms established in 2004, which has evolved to include comprehensive middle- and back-office services and integrated trading solutions. Through Alpha, Ninety One has now unified its operations, with a view to enhancing operational efficiency, optimizing data management, and equipping its front-office with improved...

FIF is excited to announce our 2025 Year-End Holiday Event, hosted by Société Generale on December 4th from 2:45 pm to 7:30 pm ET. After opening remarks from Société Generale, there will be three panels. The first panel will be on 2026 Regulatory Implementations, the second panel will be on Technology & Innovation and the final panel will be on Tokenized Securities/Digital Assets. The moderator for the 2026 Regulatory Implementations panel will be Howard Meyerson of FIF and the panelists will be David Emero of n-Tier fs, Jeremy Kahn of Jane Street and Sarah Zgliniec of NYSE. The...

The Back Office Committee will have its next call on Tuesday November 18 at 11 am ET to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC and FINRA updates during the past month.

The next call for the Rule 605 Working Group will be on Tuesday November 18 at 3 pm ET. The Working Group will continue its discussion of open interpretive questions relating to implementation of the Rule 605 amendments, including reporting for different order types and orders with different characteristics.  

FIF has scheduled a joint call for the Compliance and Surveillance Working Group and the SEC FINRA Regulations Working Group for Wednesday November 19 at 2 pm ET. The Working Groups will discuss an updated Regulatory Implementations Calendar for 2026 and beyond and a PowerPoint presentation of upcoming regulatory implementations.