09 June, 2025
Working Group Updates 6/9/2025
09 June, 2025
- SLATE Working Group. FIF hosted two calls this past week for the SLATE Working Group. The Working Group discussed a draft letter to the SEC and FINRA relating to the implementation of SLATE reporting, including the requirement for all SLATE Participants to obtain an MPID, the requirement to report the borrowerType of Bank, reporting the eventDateTime for manual loans, and reporting changes to party information after a loan has been reported.
- 24x7 Trading Working Group. The Working Group discussed recommendations to automate the process for notification and processing of corporate actions. The Working Group discussed changes to internal processes for setting internal risk limits in response to 24-hour trading. The Working Group discussed routing and best execution for 24-hour trading. The Working Group discussed clearance and settlement of trades executed after the evening reopening.
- 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.
- 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 Group discussed a planned change to the compliance rate calculation. Working Group members agreed that FIF should draft a letter requesting postponement of the planned changes to the compliance rate calculation pending the SEC’s decision on the rule filing by the CAT Plan Participants relating to the removal of PII from CAIS. The Working Group discussed historical Material Inconsistencies relating to year of birth.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed CAT Fee Alert 2025-2, relating to a change in the fee for prospective CAT costs. The Working Group discussed the CPR handlingInstructions value. The Working Group discussed a proposal from an FIF member to allow for filtering by date range in the CAT portal. The Working Group discussed CAT reporting for an equity swap scenario. The Working Gorup reviewed draft questions and comments for FINRA CAT relating to CAT reporting for Rule 15a-6 transactions. The Working Group reviewed the current status on CAT reporting of verbal quotes.
Eduard Kotlyar