FIF News

SEC issues Final Rule on the Disclosure of Order Handling Information

On Friday, November 2nd, the SEC issued a final rule require additional disclosures by broker-dealers to customers regarding the handling of their orders.  Specfically, the Commission is adding a new disclosure requirement which requires a broker-dealer, upon request of its customer, to provide specific disclosures related to the routing and execution of the customer’s NMS stock orders submitted on a not held basis for the prior six months, subject to two de minimis exceptions and is also is amending the current order routing disclosures that broker-dealers must make publicly available on a quarterly basis to pertain to NMS stock orders submitted on a held basis, and the Commission is making targeted enhancements to these public disclosures.  FIF is forming a working group to assist firms with the implementation of the new disclosure of Order Handling Information rules.

Posted Nov 05, 2018

FIF forms CAT Tech Spec Requirements Working Group

Following the publication of the CAT Industry Member Technical Specification on October 30th, FIF has formed a CAT Tech Spec Requirements Working Group to 1) review and suggest additional business scenarios/FAQs to the SROs; and 2) assist firms during the implementation process of the CAT.  If you would like to join this working group, please send an email to or register here.

Posted Nov 05, 2018

FIF met with SEC Staff to discuss 605 Modernization Recommendations

On Tuesday, October 30th, a contingent of FIF members representing retail broker-dealers, whole market makers, and an analytics provider along with FIF staff met with the SEC Division or Trading and Markets and Staff to Chair Clayton and Commissioner Peirce to discuss SEC Rule 605 modernization recommendations.  FIF will review the content of the meetings and propose next steps during the FIF Rule 605 subgroup meeting on Monday, November 5th @ 1:00 pm.  

Posted Nov 05, 2018

FIF Advisory Committee Chair Attends SEC Roundtable

On October 25th, FIF Advisory Committee Chair Tom Jordan attended a SEC roundtable on market data and market access, while FIF Chairman Leo McBlain watched on via webcast. The first day of the conference focused on assessing current market data products, market access services and their associated fees, while day two focused on assessing potential steps to improve market data products and market access services. The two day event included panels on: the overview of the current landscape for market data products and market access services, SIP core data products and exchange top-of-book data products, exchange depth-of-book data products and market access services, elements of the care data infrastructure, governance of core data infrastructure, funding of core data infrastructure and public transparency. Noting that current regulations date back more than 40 years, participants from various industry segments were asked to comment on whether regulatory changes are needed in light of current market characteristics, emerging technologies and investor needs.

Posted Oct 29, 2018

Son-Mi Lee Joins the FIF Program Office

New York, NY – October 25, 2018 – The Financial Information Forum (FIF), the leading industry association that addresses and proposes solutions to regulatory implementation issues and analyzes the impact of market data technology changes across the securities industry, is pleased to announce that Son-Mi Lee has joined the Program Office team.  Son-Mi will focus on leading the various working groups that support the Consolidated Audit Trail (CAT) initiative, including Industry Testing and CAT Options.  She will also provide guidance on new regulations that impact FIF member firms and lend her knowledge to FIF Working Groups such as the Front Office Committee, Cloud Technology and Cybersecurity.
Most recently, Son-Mi was Regulatory Counsel for Guggenheim Securities, where she provided direction on regulatory policies and procedures, among other projects.  Heavily involved in the compliance of Rule 15c3-5, Son-Mi established the Market Access review for all fixed income and equities trading platforms.  Prior to that, Son-Mi was Director, Head of Equity Capital Markets Compliance for Wells Fargo Securities and Director, Equity Capital Markets/Equities Compliance at UBS Securities.  Son-Mi started her career at NASD where she was a Regulatory Analyst conducting reviews in the Department of Market Regulation.  Son-Mi holds a JD from the Catholic University of America’s Columbus School of Law and a BA from University of Virginia.
Tom Jordan, Advisory Committee Chair of FIF, said, “Son-Mi’s addition to the team represents a continued emphasis on the compelling industry leadership, member growth and the expansion of the services FIF provides to our member firms. CAT, Reg 605/606, market data growth and other SEC/FINRA/SRO initiatives are challenging for our members which is why we continually improve our services. Adding Son-Mi to the team will be a key factor in meeting our expanding role.”
Son-Mi said, “The opportunity to be involved and lead discussions around the regulatory change taking place in the securities industry is very exciting.  I look forward to lending my compliance and industry knowledge to the FIF goals and objectives and helping to steer our members in these changing regulatory times.”
As the securities industry continues to wrestle with an unprecedented array of new regulations that impact order handling, trading, and reporting requirements, FIF is prepared to handle the implementation issues.


Kevin McCabe, FIF Program Office,, 212 422 8568
About FIF
The Financial Information Forum (FIF) addresses the implementation issues that impact the financial technology industry across the order lifecycle. FIF provides a collaborative environment for subscribers to benefit from technology, regulatory, and market innovations.  FIF serves as a go-to resource for objective commentary and analysis on industry issues/initiatives; provides a forum to address and resolve open issues relating to the implementation of industry initiatives (regulatory, exchange-driven, utility-driven); and fosters a community of industry professionals with the knowledge and ability to collaborate effectively. For more information on FIF please visit


Posted Oct 25, 2018