04 August, 2025
Working Group Updates 8/4/2025
04 August, 2025
- SLATE Working Group. The SLATE Working Group discussed the July 28 SEC Order to extend the initial SLATE reporting date to September 28, 2026. The Working Group discussed the submission of SLATE reports by service bureaus, connectivity to FINRA, FINRA responses times, a scenario involving US trading support personnel inputting loan details on behalf of a foreign affiliate, SLATE testing, repo agreements, and the requirement to report if a loan is from inventory.
- 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 off-exchange trading during a daily pause in exchange trading, the effective trade date for trades executed 8 pm or after, expansion of FINRA’s TDDS for OTC stocks, the implementation timeline for broker-dealers, and the impact of expanded exchange trading hours on the Reg SHO close-out requirement.
- Extension of TRF Hours of Operation. FIF hosted a joint call for the 24x7 Trading Working Group and the TRF / ORF Working Group to discuss the first draft of an FIF comment letter in response to the rule filing by FINRA to expand the hours of operation of the TRFs.
- Rule 605 and Rule 606 Working Groups. FIF hosted a joint call for the Rule 605 and Rule 606 Working Groups. The Working Groups continued the discussion of Rule 606(a) reporting for options look-through scenarios. The Working Groups discussed a revised draft of an FIF Fact Sheet for Rule 605 presented by an FIF member, including draft diagrams. The objective of the Fact Sheet is to provide clarity to retail investors as to the purpose and content of the new Rule 605 summary report. The Working Group discussed requesting an extension of the current implementation date for the Rule 605 amendments.
- 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.
- CAIS Working Group. The CAIS Working Group discussed the need to terminate the requirements of the large trader reporting rule that relate to unidentified large traders. The Working Group discussed requesting that FINRA CAT remove historical CAIS rejections and Material Inconsistencies relating to fields that will no longer be reportable to CAIS.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed the recent decision of the 11th Circuit Court of Appeals vacating the SEC’s 2023 CAT funding order. The Working Group continued its discussion of potential changes to Appendix D to the CAT NMS Plan to reduce CAT operating costs.
Eduard Kotlyar