September 17, 2019: Back Office Committee Meeting Agenda

Meeting Details  

  • When: Tuesday, September 17, 2019 @ 11:00 am ET

Meeting Agenda 

  • DTCC Updates
    • DTC Updates
      • August 30, 2019: B12023-19 - DTC Proposed Rule Change to incorporate DTC’s existing Procedures for the Deposit of Nontransferable Securities at DTC into the DTC Deposits Guide (SR-DTC-2019-007.
    • FICC Updates
      • September 9, 2019: GOV712-19 - FICC Common Margin Initiative MRO Subscriptions;
      • August 23, 2019: GOV709-19 - Same-Day Settling Initiative Test Dates – 2nd Update.
    • NSCC Updates
      • September 4, 2019: 8318 - New York State Transfer Rebate Program;
      • September 4, 2019: 8742 - Year 2019 Obligation Warehouse Recaps Schedule;
      • August 23, 2019: a8739 - MF Info Xchange Service Enhancements;
      • August 22, 2019: A8738 - PCF ENHANCEMENTS TO SUPPORT MULTIPLE BASKETS TESTING INFORMATION.
  • FINRA Updates
    • TRACE
      • August 26, 2019: Reminder – Third CTCI Migration Production Test for TRACE and ORF.
    • Additional FINRA Updates
      • September 13, 2019 - Regulatory Notice 19-29 - SEC Approves Amendments to Expand Published Data Related to OTC Equity Trading Volume.
  • SEC
    • September 9, 2019: 34-86901 - Proposed Amendments to the National Market System Plan Governing the Consolidated Audit Trail;
    • September 4, 2019:  34-86874 - SEC grants FIF/STA's application for an extension of the 606(a) and 606(b) compliance dates;
    • August 16, 2019:  SEC publishes several critical FAQs on the Rule 606 implementation expectations;
    • August 21, 2019: 34-86721 - Commission Interpretation and Guidance Regarding the Applicability of the Proxy Rules to Proxy Voting Advice.
  • OCC 
    • September 4, 2019: Expansion of Maximum Integers;
    • August 30, 2019: TESTING FOR CBOE C1 -> BATS EXCHANGE TECHNOLOGY MIGRATION;
    • August 22, 2019: 34-86731 - Order Approving Proposed Rule Change Related to The Options Clearing Corporation's Vanilla Option Model and Smoothing Algorithm;
    • August 21, 2019: 34-86725 - Notice of Filing of Proposed Rule Change Concerning a Proposed Capital Management Policy That Would Support The Options Clearing Corporation's Function as a Systemically Important Financial Market Utility;
    • August 21, 2019: Redesign of the OCC.com Website - Update.
  • CAT
    • September 12, 2019:  Questions and Recording - FINRA CAT Q&A;
    • September 10, 2019:  Presentation and Recording - FDID;
    • August 30, 2019: OTC Equities Webinar - Announcement;
    • August 30, 2019: Industry Webinar - Options Deep Dive Follow Up Session – Recording & Presentation;
    • August 30, 2019: Industry Webinar - CAT Connectivity – Recording & Presentation;
    • August 28, 2019: Industry Webinar - Security of CAT Data – Recording & Presentation;
    • August 26, 2019: Industry Webinar - CAT Connectivity.
  • FIF Working Group Updates: Please click here to Join Working Groups
    • Consolidated Audit Trail (CAT)
      • Current FIF CAT Workstreams:
        • CAT Tech Spec Review;
        • OTC Equities Reporting;
        • CAT Scenario Development;
        • Phase 2c/2d CAT Event Scoping;
        • FDID;
        • CAT Operations.
      • September 13, 2019:  FIF held a kick-off meeting on Paired Options Orders;
      • September 13, 2019:  FIF held a CAT Tech Spec Working Group meeting;
      • August 15, 2019 - FIF published CAT Cost Survey;
      • August 14, 2019 - FIF met with FINRA CAT and the SROs on CAT OTC Quote Events and the proposed CAT Large Trader Phase 3 Solution;
      • August 13, 2019 - FIF met with FINRA CAT/SROs on Paired Options Orders.  FIF will form a subgroup with the industry associations with the intention of providing detailed feedback to the SROs;
      • July 10, 2019: FIF met with SEC Trading & Markets Staff to discuss industry proposal on Large Trader Rule Phase 3;
      • July 3, 2019:  FIF disseminated a CAT Cost Survey designed to assist industry members in assessing the current and anticipated CAT implemenation spend;
      • June 4, 2019: FIF met with SEC Staff and members of Congress to discuss CAT and 606
      • April 2, 2019:  FIF submitted a Comment Letter to the SROs on the current CAT implementation schedule and remaining risks; 
      • February 4, 2019: FIF submitted a comment letter on the CAT transitional period to the CAT Leadership Committee;
      • CAT NMS Plan Website.
    • 606 Working Group
      • September 12, 2019:  FIF was joined by STA and a contingent of industry members at a meeting with SEC Division of Trading and Markets Staff to discuss open questions following the recent SEC exemption on the current Rule 606 implementation dates;
      • August 19, 2019 - FIF held a 606 working group call focused on discussion of the recently published 606 FAQs and next steps pertaining to a formal request for an extension of the Rule's compliance date;
      • August 2, 2019 - FIF and STA sent a joint-letter to SEC Commissioners and Staff on the current status of Rule 606 implementation and request for relief;
      • June 20, 2019 - FIF met with SEC T&M Staff to review a draft version of FAQs.  
        • FIF's interpretation of the Commission's verbal guidance can be found here;
      • May 2, 2019 - FIF submitted a follow-up request for guidance to the Commission;
      • April 24, 2019 - The SEC granted FIF's request for an extension in the Rule 606 implementation date.  FIF is currently working with the Commission on the development of guidance;
      • April 11, 2019 - FIF met with SEC Trading and Markets staff to discuss remaining SEC Rule 606 challenges;
      • February 20, 2019 - FIF submitted a comment letter to the SEC discussing Rule 606 challenges;
      • February 5, 2019 - FIF met with the SEC Trading and Markets staff to discuss challenges and recommendations attributed to the Amended Rule 606;
      • January 30, 2019 - FIF submitted a comment letter to the SEC raising significant Rule 606 implementation challenges;
      • December 11, 2018 - FIF participated in an open call hosted by the Security Traders Association highlighting the recent amendments to SEC Rule 606.
    • TRACE Working Group
      • September 17, 2019 - FIF will hold a working group meeting to review final draft of a comment letter on Reg Notice 25-19.
      • August 16, 2019 - FIF held a working group meeting with the TRACE working group to solicit industry feedback pertaining to Regulatory Notice 25-19 - FINRA propsal to include the reporting of U.S. dollar denominated Sovereign Debt Securities to TRACE.  FIF intends to submit comment on or before the September 24 deadline. 
    • Tax Information Working Group
      • The next working group meeting will take place on 10/16 @ 11am ET. There will also be a webinar, presented by Scivantage, on 10/8 on the Current State of Cryptocurrency. 
    • Retail Execution Quality
      • FIF held a meeting on May 3;
      • FIF submitted comments to the SEC requesting that the Commission review and issue a formal request for comment pertaining to FIF's Rule 605 Modernization Recommendations;
      • FIF 605 Subgroup representatives met with SEC Staff on Tuesday, October 30th to discuss the subgroup's recommendations of rule 605 reform.  Please click here to view the draft.
    • EU Buy-In Working Group
      • FIF held our last EU Buy-In call on Tuesday, August 20.  
    • Cost Basis Working Group
      • We are awaiting guidance from the IRS on crypto, 305c and QOFs. There will be a webinar, presented by Scivantage, on 10/8 on the Current State of Cryptocurrency.
    • Cloud Technology Working Group
      • At our last meeting we were treated to a spotlight topic by Dave Larson from HPE who presented on where he sees the future of cloud technology going in the next 5-10 years. FIFs Kevin McCabe also spent some time introducing the Cloud Technology Best Practices Guide we have been developing this year and took suggestions for additional topics and changes for the document. 
      • Our next meeting is September 20th and we will focus on cloud cost cutting strategies.
    • Data and Technology
      • Next Meeting: September 25;
      • On our last call the spotlight topic focused on a research project that our Co-Chair Rob Wallos and the data scientists at HPE have been working on focusing on the options quote-to-trade ratio.
    • FIF Cybersecurity Working Group
      • Our next meeting will be on 9/19 @11am ET;
      • Our last meeting focused on the detailed2019 state of cybersecurity report from Wipro. 
    • FIF Industry Solutions Offering
      • Visit the FIF Industry Solutions Page for the Latest Products & Services from Fellow FIF Members
    • FIF Retail Execution Quality Statistics
    • FIF Regulatory Initiatives Tracking Site - (Requires FIF Website Login)FIF Monthly Reports
      • Market Data Capacity Statistics – (Requires FIF Website Login)

 

Next Meeting Date: Thursday, October 17, 2019 @ 11:00 am ET. 

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