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SEC Rule 606 - Q&AThere are no questions in this category
Transaction Fee Pilot Working Group - Overview
The SEC approved a proposed rule to conduct a Transaction Fee Pilot for NMS Securities designed to study the effects that transaction-based fees and rebates may have on and the effects that changes to those fees and rebates may have on order routing behavior, execution quality, and markit quality. The SEC announced a 60 day comment period in which interested industry participants may raise concerns. FIF is currently holding working group calls to discuss the content of the rule proposal and comments. To view the text of the rule, please follow the link here.
TRACE - Overview
Effective Monday, July 10, 2017, FINRA member firms will be required to report transactions executed in Treasury securities (Treasuries) to TRACE.
The Treasury transaction message formats closely resemble the current TRACE Corporate format, with some differences, most notably:
- The Trading Market Indicator, and existing P1 and S1 designations, will not be supported.
- A When Issued Indicator has been added.
- The Trade Price field has been expanded to support 11 decimal places.
- A Price Type has been added to designate the transaction price format.
- The Execution Time has been expanded to support microseconds, and,
- Modifier 4 will contain new values.
FIF Member Submitted Questions
As a service to FIF members, the Program Office has assisted firms seeking information from regulators or their FIF peers to support regulatory reporting or to address certain compliance, operational, or technical challenges. The Program Office will pose members’ questions to the regulators or other FIF members anonymously, to obtain clarification on rules and requirements, or methods employed by other practitioners. Please note the following is provided on a best efforts basis.
While the current questions and answers are focused on Electronic Blue Sheets (EBS), this section will be expanded to include other topics as needed.
FINRA CARDS - Overview
This Working Group addresses FINRA's Comprehensive Automated Risk Data System (CARDS) proposal. CARDS will allow FINRA to collect account information on an automated and regular basis, as well as account activity and security identification information that a firm maintains as part of its books and records.
See Regulatory Notice 13-42 and Comment Letters here.
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