07 July, 2025
Working Group Updates 7/7/2025
07 July, 2025
- SLATE Working Group. The SLATE Working Group discussed the June 27 updates to the SLATE Participant Specifications, including the requiredPctCollateral field, the securityIndicator and securityIdentifier fields, the delivery timeframes for outbound files, the updated error codes, and the file ingestion feedback.
- OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed the time for calculating the Securities Value at Inception. The Working Group discussed reporting for a scenario that involves substitution of securities with a different currency. The Working Group discussed the reporting requirements in light of the July 4 holiday.
- TRACE / RTRS Working Group. The TRACE / RTRS Working Group discussed a draft FIF comment letter on proposed rule changes by FINRA and the MSRB to require that trades be reported as soon as possible and no later than 15 minutes after trade execution. The Working Group also discussed draft FIF comments on a proposal in the FINRA rule filing to allow BD/IAs to submit a single allocation event to TRACE in place of reporting separate allocation events for each allocation.
- Short Position Reporting. FIF hosted a call for the Short Sales / Reg SHO / Short Reporting Working Group to discuss a revised draft letter to the SEC relating to the implementation of short position reporting. The draft letter requests an extension of the current compliance date for Form SHO reporting.
- 24x7 Trading Working Group. The 24x7 Trading Working Group discussed an initial draft letter to the SEC relating to extended exchange trading hours, including coordination across market participants, the role for the SEC, hours of trading, the SIPs, TRF and ORF reporting, and erroneous trade bands.
- Rule 605 Working Group. The Rule 605 Working Group reviewed the recent SEC approval of FINRA Rule 6152, which provides for the centralized reporting of Rule 605 reports to FINRA. The Working Group reviewed the technical documentation posted by the SEC for the Rule 605 summary report, including Technical Specifications, schemas and sample reports.
- CAT PII and EBS. FIF hosted a joint call for the CAT CAIS, CAT Transaction Reporting and EBS Working Groups to discuss the removal of PII from CAT and the retirement and replacement of EBS. The Working Group discussed a presentation from an FIF member on this topic.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed the recent rule filing by FINRA to adjust the FINRA cost recovery fee for CAT. The Working Group reviewed upcoming changes to CAT reporting for 24X Exchange. The Working Group discussed the reporting of the BFMM flag if a firm’s net position in a stock changes after the creation of a long sale order. The Working Group discussed CAT reporting of Fill of Kill orders. The Working Group reviewed updates to the CAT Billing Scenarios document.
Eduard Kotlyar