11 August, 2025
Working Group Updates 8/11/2025
11 August, 2025
- SLATE Working Group. The SLATE Working Group discussed reporting when the collateralType is mixed or none, reporting the sourceOfLoan field, and the security files to be made available by FINRA. The Working Group continued its discussion of the next draft letter to the SEC and FINRA, including a scenario where a loan is cancelled or terminated, reporting the fileRecordId field, reporting the clientUniqueLoanId field, reporting the rebateRate for a transaction that has cash collateral with multiple currencies, and FINRA’s assignment of MPIDs.
- 24x7 Trading Working Group. The 24x7 Trading Working Group discussed a revised draft of an FIF letter to the SEC relating to the implementation of expanded exchange trading hours, including erroneous price bands, the clearly erroneous trade process, corporate actions, the extension of TRF operating hours and regulatory reporting.
- Extension of TRF Hours of Operation. During this past week FIF hosted two joint calls for the 24x7 Trading Working Group and the TRF / ORF Working Group to discuss a draft FIF comment letter in response to the rule filing by FINRA to expand the hours of operation of the TRFs. FIF submitted this comment letter to the SEC on August 6.
- 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, CAT 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, CAT CAIS reporting and CAT billing.
- CAIS Working Group. The CAIS Working Group discussed a draft FIF comment letter to the SEC requesting (i) the retirement of the current requirements relating to unidentified large traders, and (ii) the removal of historical rejections and Material Inconsistences relating to fields that will no longer be reportable to CAIS. The Working Group discussed comment letters from other market participants relating to the proposed removal of PII from CAIS.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed a draft FIF letter to the SEC to highlight the lack of regulatory clarity for broker-dealers on how to proceed with respect to CAT billing in light of the recent 11th Circuit court decision vacating the SEC’s July 2023 CAT funding order. The Working Group discussed next steps relating to port settings and NIA RFQ responses. The Working Group reviewed the July 31 updates to the Technical Specifications and Reporting Scenarios. The Working Group continued its discussion of potential changes to Appendix D to the CAT NMS Plan to reduce CAT operating costs.
Eduard Kotlyar