On July 24, the SEC published an exemptive order granting a six-month extension of the current exemptive relief on CAT representative order linkage (through January 31, 2026). The SEC granted the exemptive relief in response to a request by FIF on behalf of FIF members. During this upcoming six-month period, FIF members and FIF will continue to work with the SEC to achieve a long-term resolution of this issue. FIF would like to thank the CAT Transaction Reporting Working Group members for their contributions in obtaining this extension.

On July 21, FIF submitted a comment letter to the SEC in response to the SEC’s request for comment on the extension of the EBS reporting requirement. FIF would like to thank the members of the EBS Working Group for their contributions in the drafting of this comment letter.

The next call for the 24x7 Trading Working Group will be on Monday July 28 at 2 pm ET. The Working Group will discuss a revised draft FIF letter to the SEC relating to the planned expansion of exchange trading hours for US equities. If you are interested in participating in this discussion and are not a member of this Working Group, please update your FIF profile to add this Working Group or send a note to fifinfo@fif.com.

The next call for the SLATE Working Group will be on Tuesday July 29 at 11 am ET. The Working Group will discuss issues and questions from FIF members and a draft FIF letter to the SEC and FINRA relating to the implementation of SLATE reporting.

FIF has scheduled a joint call for the TRF / ORF Working Group and the 24x7 Trading Working Group for Tuesday July 29 at 2 pm ET. The Working Groups will discuss the first draft of an FIF comment letter on the recent rule change by FINRA to extend the hours of operation of the TRFs.