30 June, 2025
Working Group Updates 6/30/2025
30 June, 2025
- SLATE Working Group. The SLATE Working Group discussed the current status of the SLATE compliance date. The Working Group discussed reporting for the scenario where a loan is cancelled on the day of booking. The Working Group discussed rounding and truncation of numeric fields. The Working Group discussed the reporting of the sourceOfLoan field.
- Short Position Reporting. FIF hosted a call for the Short Sales / Reg SHO / Short Reporting Working Group to discuss a 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 comments from an FIF member on establishing an erroneous trade band for extended-hours trading. The Working Group discussed comments from an FIF member on ex-dividend adjustments for extended-hours trading. The Working Group continued its discussion of reporting requirements that could be impacted by extended-hours trading. The Working Group continued its discussion on corporate actions.
- Rule 605 Working Group. The Rule 605 Working Group discussed the current status on the implementation of Rule 605 reporting. The Working Group discussed the Rule 605 NMS Plan Amendments recently filed by the Rule 605 Plan Participants.
- TRACE / RTRS Working Group. The TRACE / RTRS Working Group discussed proposed rule changes filed by FINRA and the MSRB to maintain the 15-minute outer time limit for reporting to TRACE and RTRS. The FINRA rule filing also proposes a streamlined option for reporting allocations. The Working Group discussed comments to be submitted by FIF to the SEC in response to the rule filings.
- EBS Working Group. The EBS Working Group discussed the first draft of an FIF comment letter in response to a request for comment by the SEC on the renewal of EBS.
- Tax Information Reporting Working Group. Representatives from Wolters Kluwer discussed the reporting of crypto ETFs relative to Form 1099-DA.
- 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 presenters were Mike Collazo and Joe Gostomski from SIAC and Rob Vilardo from UTP, who discussed implementation of the SEC-mandated change for round lot reporting.
- Cybersecurity Working Group. The Cybersecurity Working Group discussed recent updates from the NSA and FINRA relating to cybersecurity. Monsurat Ottun from the Cybersecurity and Infrastructure Security Agency (CISA) discussed current threats to the financial industry.
- CAT PII and CAIS. FIF hosted a joint call for the CAT CAIS and CAT Transaction Reporting Working Groups to continue the discussion of the removal of PII from CAT. The Working Groups discussed comments from an FIF member relating to the replacement of the current EBS system. The Working Groups discussed the recent filing by the CAT Plan Participants for the removal of PII from CAT.
- 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 discussed the response from FINRA CAT relating to the applicability of the BFMM flag to block positioning activity. The Working Group discussed CAT reporting for pre-IPO orders. The Working Group discussed CAT reporting for fill-or-kill orders. The Working Group review the most recent updates to the CAT Technical Specifications and CAT Reporting Scenarios documents.
Eduard Kotlyar