27 May, 2025
Working Group Updates 5/27/2025
27 May, 2025
- SLATE Working Group. The SLATE Working Group discussed challenges with reporting the Bank value for the borrowerType field. The Working Group discussed reporting the eventDateTime for scenarios that involve a loan that is agreed to manually.
- Digital Asset Securities. FIF hosted a joint call for the Digital Asset Securities and Margin / Financial Risk Regulations Working Group to review the FAQs relating to custody of crypto assets published by the SEC on May 15.
- Regulatory Implementations Calendar. FIF hosted a joint call for the Compliance and Surveillance Working Group and the SEC FINRA Regulations Working Group to review and discuss an updated regulatory implementations calendar for 2025 and beyond.
- 24x7 Trading Working Group. The 24x7 Trading Working Group discussed operational and implementation issues relating to the planned expansion of trading hours for US equities.
- Rule 606 Working Group. The Rule 606 Working Group discussed revised draft Rule 606(a) FAQs to submit to the SEC. The Working Group discussed equal weighting of parent orders for Rule 606(a) reporting.
- Direct Reporting for Muni Trades. FIF has created a subgroup to discuss direct reporting of muni trades to the MSRB. The subgroup made final changes to an FIF letter to the MSRB to recommend that firms have the option to report trades directly to the MSRB RTRS system as opposed to reporting trades through the RTTM trade-matching system operated by FICC.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter was Nick Rupprecht from Virtu, who discussed current industry planning for future settlement of fractional shares through DTCC.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed CAT and EBS reporting for Rule 15a-6 transactions. The Working Group reviewed the letter submitted by the NYSE to the SEC with recommendations to lower CAT costs. The Working Group discussed potential amendments to the CAT NMS Plan relating to linkage.
Eduard Kotlyar