What Financial Information Forum does

Financial Information Forum (FIF) is a New York-domiciled, privately-held industry trade association founded in 1996 that serves over 100 member firms across three segments: broker-dealers, exchanges/alternative trading systems, and financial technology vendors. The organization provides a neutral, cross-participant collaborative forum where competing market participants jointly address regulatory implementation issues affecting financial technology across the equities, fixed income, and options order lifecycle. Its core outputs are working groups, comment letters, and discussion documents that influence SEC, FINRA, and MSRB rule implementation timing and methodology, plus member-facing tools including the CAT Utility, Market Data Capacity Statistics, Regulatory Implementations Calendar, Rule 605 Fact Sheet, and standardized data formats (606 Interchange XML, Fixed Income Platform Order Data specification).

FIF's product surface is an ecosystem of resources rather than an integrated software platform. Tools such as the CAT Contact Utility support Consolidated Audit Trail onboarding; Market Data Capacity Statistics provide regression-based projections of market data traffic and SIP latency analytics; the 606 Interchange XML format standardizes customer look-through order routing data pursuant to SEC Rule 606(b)(3); and topic-oriented working groups span CAT, Cybersecurity, Digital Assets, Emerging Technologies, Market Data, Margin, and SEC Cyber/Reg SCI/Reg S-P. No public API, no proprietary software product, and no AI/ML model is offered; AI appears only as a coordination topic, including FIF's participation in the Treasury AIEOG AI-cybersecurity initiative in 2026.

The business model is recurring annual membership subscriptions with two tiers—Full Subscription and Data & Technology only—under which member firms may register unlimited individual users. Pricing is not publicly disclosed and is handled via direct email inquiry. The organization operates with a lean staff of 1–10 employees under Managing Director Howard Meyerson, Chairman W. Leo McBlain, and Advisory Committee Chair Thomas J. Jordan (whose firm Jordan & Jordan provides program office support). Revenue is not disclosed, and there are no funding rounds, acquisitions, parent entities, or external investors.

Name

Financial Information Forum

Legal name

Financial Information Forum

Website

https://fif.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

Financial Information Forum is a New York-based, member-funded industry trade association founded in 1996 that convenes over 100 broker-dealers, exchanges/ATS, and financial technology vendors to collaboratively resolve SEC and FINRA regulatory implementation issues across the order lifecycle.

Ownership category

akta.pro rank

Headquarters

HQ city

Yorktown Heights

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales

Revenue model

1. Membership Subscriptions: FIF generates revenue through annual membership subscriptions. Members include broker-dealers, exchanges/ATS, and financial technology vendors. The membership provides access to working groups, comment letters, regulatory implementation resources, market data tools, and industry collaboration forums. Pricing is not publicly disclosed and requires inquiry via email.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Financial Information Forum (FIF) is a membership-based industry trade association that provides a collaborative environment for over 100 broker-dealers, exchanges/ATS, and financial technology vendors to address implementation issues impacting the securities industry across the order lifecycle. It delivers working groups, standardized data formats (such as 606 Interchange and Fixed Income Platform Order Data), market data analytics, regulatory tracking calendars, and comment letters that contribute to changes in regulatory implementation time frames and methodology.

Product overview

Financial Information Forum (FIF) is an industry trade association, not a unified software product. It provides a collaborative environment comprising multiple tools, resources, and working groups for its member firms (broker-dealers, exchanges, and financial technology vendors). The core offerings include: the CAT Utility for audit trail compliance; Rule 605 Fact Sheet for execution quality reporting education; Market Data Capacity Statistics for traffic analytics; Regulatory Implementations Calendar for tracking; 606 Interchange for order routing data standards; Fixed Income Platform Order Data specifications; FIF Presentations on rule changes; and numerous Working Groups covering topics from cybersecurity to digital assets. These tools function as an ecosystem of resources rather than an integrated software platform.

Differentiator

Problem solved

Functional benefit

Products and services

• CAT Utility Consolidated Audit Trail (CAT) utility providing contact information and onboarding resources for broker-dealers to support CAT reporting compliance.
• Rule 605 Fact Sheet Educational resource broadly explaining the SEC Rule 605 Summary Report, which requires broker-dealers and market centers to publish standardized reports on order execution quality.
• Market Data Capacity Statistics Definitive statistics on market data capacity prepared in collaboration with member firms, including linear regression analysis projecting future market data traffic in options and equities, plus monthly CTA and UTP SIP latency statistics.
• Regulatory Implementations Calendar Calendar tracking upcoming regulatory implementations and presentations to help members stay informed on current regulatory and market initiatives.
• 606 Interchange XML-based standardized methodology for delivering customer look-through data between executing and introducing brokers pursuant to SEC Rule 606(b)(3), leveraging the SEC's Order Handling Technical Specification.
• Fixed Income Platform Order Data Standardized industry process for fixed income platforms to communicate order data to participants, supporting compliance and surveillance functions.
• Working Groups Membership Topic-oriented working groups addressing implementation issues associated with regulatory obligations affecting equities, fixed income, and options, including CAT, Cybersecurity, Digital Assets, Emerging Technologies, and Market Data.

Quantifiable outcome

• Over 100 member firms including leading broker-dealers, exchanges, and technology vendors
• +1 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• Financial and Banking Information Infrastructure Committee (FBEIIC)coreStrategic or Co-development Partner · 20 February 2026FBEIIC partnered with the Financial Services Sector Coordinating Council through the Treasury's Artificial Intelligence Executive Oversight Group (AIEOG) to address AI-specific cybersecurity risks in the financial services sector. FIF participated in this public-private initiative aimed at developing practical implementation tools for strengthening resilience and supporting innovation.
• Financial Services Sector Coordinating Council (FSSCC)coreStrategic or Co-development Partner · 20 February 2026FSSCC partnered with FBEIIC through the Treasury's AIEOG to address AI-specific cybersecurity risks in the financial services sector. FIF was part of this collaborative effort to develop six resources covering governance, data practices, transparency, fraud, and digital identity to help financial institutions adopt AI more confidently and securely.
• U.S. Department of the TreasurycoreStrategic or Co-development Partner · 1 February 2026The Treasury led the conclusion of the AIEOG public-private initiative, working with industry leaders and federal and state regulators. The initiative released six resources developed in collaboration with industry participants including FIF members, covering governance, data practices, fraud prevention, digital identity, and secure AI implementation across financial institutions of all sizes.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Regional players

• AFME (Association for Financial Markets in Europe): AFME is the European trade association for wholesale financial markets, representing banks, broker-dealers, and infrastructure providers. Comparable to FIF as a securities-industry convening body, but operating in Europe - a regional mirror with similar regulatory implementation mandate.
• MFA (Managed Funds Association): MFA is the US hedge fund and alternative asset management trade association. While its member base is buy-side focused, it engages in similar regulatory advocacy and convening work on topics like SEC rulemaking, making it a comparable industry-association model even though the segment differs.
• IIB (Investment Industry Association of Canada): IIB is the Canadian investment industry association, representing dealer firms on regulatory and operational issues. Comparable to FIF as a smaller national convening body for broker-dealers, but geographically scoped to Canada - relevant given FIF's Canadian regulatory working group activity.
• ASIFMA (Asia Securities Industry & Financial Markets Association): ASIFMA is the Asia-based regional securities industry trade association. It mirrors FIF's convening role for cross-border implementation issues, particularly relevant given FIF's US-only geographic focus.

Broad incumbents

• SIFMA (Securities Industry and Financial Markets Association): SIFMA is the largest US securities industry trade association, representing broker-dealers, banks, and asset managers. It is directly comparable to FIF as a member-funded convening body that influences regulatory implementation, though SIFMA is far broader in scope (covering equities, fixed income, capital markets, and asset management) and significantly larger.
• ISDA (International Swaps and Derivatives Association): ISDA is the leading global derivatives trade association, developing standard documentation and advocating on regulatory issues. Comparable to FIF in serving broker-dealers and exchanges on regulatory implementation, but with a derivatives-focused mandate and a global footprint.
• ICI (Investment Company Institute): ICI is the leading US mutual fund and ETF trade association, representing fund sponsors and regulated investment companies. It is comparable to FIF as a member-funded convening body influencing SEC rulemaking, though its scope is fund-industry specific rather than broker-dealer focused.

Direct peers

• FISD (Financial Information Services Division of SIFMA): FISD is a division of SIFMA focused on market data, reference data, and financial information services. Its data governance, symbology, and reference data working groups overlap directly with FIF's Data & Technology Committee and Market Data Capacity Statistics initiatives.
• FIX Trading Community: FIX Trading Community is a non-profit, industry-driven standards body for the FIX messaging protocol used across the global financial markets. Like FIF, it convenes broker-dealers, exchanges, and vendors around implementation standards and works directly with regulators on technology specifications.
• FIA (Futures Industry Association): FIA is a derivatives-industry trade association serving exchanges, clearinghouses, broker-dealers, and vendors - a structurally similar member-funded forum to FIF. It addresses regulatory and technology implementation issues across the derivatives order lifecycle, making it a close functional peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/FIFinfo
• LinkedInlinkedin.com/company/financial-information-forum-fif-

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Financial Information Forum