01 September, 2025
Working Group Updates 9/1/2025
01 September, 2025
- SLATE and Short Sale Working Groups. FIF hosted a joint call for the SLATE and Short Sales / Reg SHO / Short Reporting Working Groups. Ignacio Sandoval of the Orrick law firm reviewed the recent decision by the 5th Circuit Court of Appeals to remand the Securities Loan Reporting and Short Position Reporting rules back to the SEC. The Working Groups discussed FIF submitting a letter to the SEC to request an extension of the compliance dates for both rules given the court’s decision.
- 24x7 Trading Working Group. The 24x7 Trading Working Group discussed the role of TRF reporting to reduce counterparty risk, the expected timing for the introduction of expanded exchange trading hours, and distinguishing between the calendar date and effective date for a trade executed after 8 pm ET. The Working Group discussed final changes to an FIF letter to the SEC relating to the expansion of exchange trading hours. FIF submitted this letter to the SEC. FIF members and FIF provided an update on August 19 FIF meetings with FINRA, the SEC and the Treasury Department.
- OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed recent FAQ updates published by the Treasury Department’s Office of Financial Research and follow-up questions to submit to the OFR.
- Data and Technology Committee. The Data and Technology Committee reviewed capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. The spotlight presenter was Ed Tom of Cboe Global Markets, who discussed VIX Decomposition.
- 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 a response from FINRA CAT on CAT reporting for a Rule 15a-6 scenario. The Working Groups discussed the reporting of algo modifications. The Working Groups discussed scenarios where an event reported prior to the live date for CAIS is corrected or deleted after the live date. The Working Groups continued their discussion of a proposal by an FIF member to combine the CAIS system into CAT.
Eduard Kotlyar