FIF has scheduled a call for the T+1 / Trade Date Affirmations subgroup for Thursday October 30 at 1:30 pm ET. The subgroup will discuss a question from an FIF member relating to non-standard settlement. If you would like to participate on this call and are not a member of this subgroup, please contact This email address is being protected from spambots. You need JavaScript enabled to view it., and we will include you in this discussion.

Rule 605 Working Group. The Rule 605 Working Group discussed the requirement for a retail broker that executes fractional share trades as principal to prepare a separate Rule 605 report for the fractional share trading activity. The Working Group discussed whether GTC orders received prior to the compliance date that are still open as of the compliance date should be reportable. Reg NMS: Minimum Pricing Increments and Access Fee Caps. FIF hosted a joint call for the Data and Technology Committee and the Equity Market Regulations Working Group to discuss the recent DC Circuit court...

Intercontinental Exchange, Inc., a leading global provider of technology and data, announced that its global futures and options markets reached record open interest (OI) of 107.6 million contracts on October 20, 2025, up 16% year-over-year (y/y). The records hit on October 20, 2025, include:         Record total futures OI of 57.5 million, up 17% y/y.         Record commodities futures OI of 43.2 million, up 14% y/y.         Record energy futures OI of 41.1 million, up 14% y/y.         Record oil futures...

LSEG has partnered with 11 leading global banks, in a move which will see the Group receiving investment in its Post Trade Solutions business.  According to a story in The Trade news, the investing banks will become shareholders in the business, taking a 20% stake in exchange for an aggregate cash consideration of £170 million, totalling the whole value of Post Trade Solutions to £850 million.  Specifically, the 11 banks included in the investment are: Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, HSBC, JP Morgan, Morgan Stanley, Nomura, Societe...

Marex has entered an agreement to acquire European fixed income market maker, Valcourt.  According to a story in The Trade news, the deal will integrate 700 clients into Marex’s business, from firms spanning banks, independent wealth managers and asset managers, and is expected to support Marex in bolstering its fixed income business. Additionally, the acquisition of the Geneva-based firm is set to allow Marex to bring the Swiss institutional community under the umbrella of its distribution offering, to help diversify the firm’s platform and its...

Clearwater Analytics, a comprehensive technology platform for investment management, and J.P. Morgan Asset Management announced an integration that transforms how hedge funds manage cash. The solution links Enfusion by CWAN directly with the Morgan Money trading platform, J.P. Morgan Asset Management’s short-term investment management solution, giving clients a single, automated workflow for investing and monitoring idle cash. According to the story in MarketsMedia news, hedge funds can now:        Maximize idle cash by automatically investing in a diversified...

FIF is excited to announce our 2025 Year-End Holiday Event, hosted by Société Générale and sponsored by n-Tier fs. The event will take place on Thursday December 4th at 245 Park Avenue, New York, NY 10167. This is our most popular event of the year and registration fills up fast, so mark your calendars. FIF will send out registration information for the event in the near future.

On October 13, FIF submitted a letter to FINRA requesting enhancements to the report currently provided by FINRA to facilitate broker-dealer reconciliation of the FINRA Regulatory Transaction Fee (RTF). FINRA charges the RTF to reimburse FINRA for the Section 31 fees that FINRA pays to the SEC. FIF would like to thank the members of the Section 31 subgroup for their contributions in the drafting of this letter.

The next call for the Rule 605 Working Group will be on Monday October 20 at 2 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.