The Philippine Stock Exchange (PSE) and Nasdaq have announced an expansion of their technology partnership. Specifically, PSE is set to upgrade its trading infrastructure to Nasdaq Eqlipse Trading. The trading platform allows market operators to incorporate functionalities including: pre-trade risk, advanced options pricing, and index calculations. It also has a flexible deployment model which helps reduce operational heavy lifting, according to the firm, whilst also providing cloud adoption options. Magnus Haglind, head of marketplace technology at Nasdaq, said: “The launch of Nasdaq...

BNP Paribas Asset Management (‘BNPP AM’) announced the launch of natively tokenised Money Market fund shares, testing cross-border transactions based on Distributed Ledger Technology (“DLT”), in collaboration with Allfunds Blockchain as tech provider and BNP Paribas’ Securities Services business as transfer agent and dealing services provider. According to a story in Markets Media news, this initiative follows the 2024 Euwholesale CBDC1 experimentations and marks another significant step in the development of digital assets for BNPP AM clients. By issuing a native tokenised share class...

On May 15, FIF submitted a comment letter to FINRA on short interest reporting. The comment letter was submitted in response to FINRA Regulatory Notice 25-04 (Rule Modernization). FIF would like to thank the participants of the Short Sales / Reg SHO / Short Reporting Working Group for their contributions in the drafting of this comment letter. 

The FIF Compliance and Surveillance and Fixed Income Regulations Working Groups have prepared a best practices document that recommends a standardized industry process for fixed income platforms to communicate order data to participants. The objective of this initiative is to support participants of these platforms in performing their internal compliance and surveillance functions. FIF would like to thank the members of these Working Groups for their contributions in preparing this best practices document.

FIF has created a subgroup to discuss direct reporting of muni trades. Peter Lisman of Broadridge is coordinating this subgroup and has scheduled the next subgroup call for Monday May 19 at 11:30 am ET. The subgroup will review final revisions to a draft letter to the MSRB recommending that firms have the option to report trades directly to the MSRB RTRS as opposed to reporting trades through the RTTM trade-matching system operated by FICC. If you are interested in participating in this discussion and have not yet registered for this subgroup, please send a note to This email address is...

FIF has scheduled a joint call for the Digital Asset Securities Working Group and the Margin / Financial Risk Regulations Working Group for Monday May 19 at 2 pm ET. The Working Groups will discuss the FAQs relating to custody of crypto assets published by the SEC on May 15. If you are interested in participating in this discussion and are not a member of either of these Working Groups, please update your FIF profile or send a note to This email address is being protected from spambots. You need JavaScript enabled to view it..

The Back Office Committee will have its next call on Tuesday May 20 at 11 am ET to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. Nick Rupprecht from Virtu will discuss current industry planning for future settlement of fractional shares through DTCC.

FIF has scheduled a joint call for the Compliance and Surveillance Working Group and the SEC FINRA Regulations Working Group for Tuesday May 20 at 2 pm ET. The Working Groups will review and discuss an updated regulatory implementation calendar for 2025 and beyond.

FIF has scheduled a call for the Rule 606 Working Group for Tuesday May 20 at 3 pm ET. The Working Group will discuss revised draft FAQs relating to Rule 606(a) reporting to submit to the SEC.