Large Trader Reporting WG

• Commission is adopting new Rule 13h‐1 and Form 13H under Section 13(h) to assist in both identifying, and obtaining trading information on, market participants that conduct a substantial amount of trading activity, as measured by volume or market value, in the U.S. securities markets.
• Rule 13h‐1 will require a “large trader,” defined as a person whose transactions in NMS securities equal or exceed 2 million shares or $20 million during any calendar day, or 20 million shares or $200 million during any calendar month, to identify itself to the Commission and make certain disclosures to the Commission on Form 13H. Form 13H will be filed via Edgar.
• Upon receipt of Form 13H, the Commission will assign to each large trader an identification number that will uniquely and uniformly identify the trader, which the large trader must then provide to its registered broker‐dealers.
• Registered broker‐dealers will then be required to maintain records of two additional data elements in connection with transactions effected through accounts of such large traders (the large trader identification number, and the time transactions in the account are executed.
• Broker‐dealers will need to report large trader transaction information to the Commission upon request through the Electronic Blue Sheets systems currently used by broker‐dealers for reporting trade information.
• Registered broker‐dealers subject to the Rule will be required to perform limited monitoring of their customers’ accounts for activity that may trigger the large trader identification requirements of Rule 13h‐1. These BDs will require policies and procedures reasonably designed to inform persons of their obligations to file Form 13H and disclose their large trader status.

Relevant Links:

• FIF Large Trader Reporting Portal
• Approved Large Trader Filing (SEC website includes Form 13H)
• Federal Register Version of Approved Filing (Published Aug 3)
• Edgar Filing Website for Form 13H
• Edgar Manual Vol. II updated with Form 13H instructions
• Edgar Filer Management to apply for a CIK Number
• SEC CIK Lookup if a firm is not sure if they have a CIK number

 

For information on work of the Large Trader Working Group of the FIF Front Office Committee and the FIF Large Trader Reporting Portal, please contact Manisha Kimmel, Executive Director of the Financial Information Forum, at kimmel@fif.com or +1 312 953 9228. FIF Members: Access the FIF Large Trader Implementation Tracking Document here.