13 October, 2025
Working Group Updates 10/10/2025
13 October, 2025
- SLATE Working Group. FIF hosted two calls for the SLATE Working Group this past week. During the first call, the Working Group continued its discussion of end-of-day reporting based on the last reportable event. During the second call, the Working Group discussed issues to raise with the SEC, including SLATE billing, reporting LEIs instead of MPIDs, the definition of when a loan has been effected, reporting for trades that are novated to the OCC, the borrowerType field, removing the sourceOfLoan field, removing the loanCloseOutFTD field, reporting for cross-border transactions, reporting full modifications in place of only reporting changed fields, and back reporting for a matured security.
- Rule 605 Working Group. The Rule 605 Working Group discussed the current exemption for small market centers trading less liquid securities in light of the growth of ETF trading. Working Group members provided an update on a meeting with SEC staff to discuss open interpretive questions relating to Rule 605 reporting. The Working Group discussed the recent SEC Order extending the compliance date for the Rule 605 amendments. The Working Group discussed the application of the Rule 605 amendments to orders that are not routable.
- SIP Odd Lots. FIF hosted a joint call for the Data and Technology Committee and the Equity Market Regulations Working Group. The Committee and Working Group reviewed and discussed the updates to the UTP technical documentation relating to SIP odd lots. The Committee and Working Group reviewed the changes to the SIAC examples document. The Committee and Working Group discussed FIF member questions relating to the implementation of SIP odd lots.
- CAT Monthly Update Working Group. The CAT Monthly Update Working Group reviewed guidance and updates from the CAT Plan Participants and FINRA CAT on CAT Transaction Reporting, CAIS and CAT billing during the prior month. The Working Group reviewed the current areas of focus for FIF members and the current open issues for CAT Transaction Reporting, CAIS reporting and CAT billing.
- CAT Transaction Reporting and CAIS Working Groups. FIF hosted a joint call for the CAT Transaction Reporting and CAIS Working Groups. The Working Groups discussed draft FIF member comments to FINRA CAT relating to reporting the timeInForce field for auction orders. FIF submitted this letter to FINRA CAT. The Working Groups discussed currency index options in the CAT symbol list. The Working Groups discussed EBS reporting issues. Working Group members provided an update on a September 19 call with FINRA CAT relating to the exchOriginCode field, changes to the MFA and portal timeout processes, Rule 15a-6 scenarios, algo modifications, FINRA CAT help desk responses and orders with notional and share limitations.
Eduard Kotlyar