12 May, 2025
Working Group Updates 5/12/2025
12 May, 2025
- SLATE Working Group. The SLATE Working Group discussed reporting for max lot trades. The Working Group discussed the request for extension submitted by FINRA to the SEC. Working Group members discussed their current implementation plans for SLATE given the FINRA request for extension.
- Rule 606 Working Group. The Rule 606 Working Group discussed Rule 606(a) reporting for fractional share orders. The Working Group discussed revised draft Rule 606(a) FAQs to submit to the SEC. The Working Group discussed the current status of the Rule 11Ac1-6 FAQs, which preceded the 2018 amendments to Rule 606.
- LOPR Working Group. The LOPR Working Group discussed LOPR reporting for various OTC options, including knock-in options. The Working Group discussed reporting PII to LOPR.
- TRACE / RTRS Working Group. The TRACE / RTRS Working Group discussed TRACE reporting of factors. The Working Group decided not to submit comments to FINRA on this topic.
- Direct Reporting for Muni Trades. FIF has created a subgroup to discuss direct reporting of muni trades to the MSRB. The subgroup reviewed an updated draft of 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.
- Short Interest Reporting. FIF hosted a call for the Short Sales / Reg SHO / Short Reporting Working Group to review a revised draft comment letter to recommend changes to short interest reporting. The comment letter is in response to FINRA Regulatory Notice 25-04 (FINRA Launches Broad Review to Modernize Rules Regarding Member Firms and Associated Persons).
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed the scheduled unavailability of the CAT system from 8 pm on Friday May 16 to 8 pm on Sunday May 18. The Working Group discussed CAT reporting of route modifications that do not change any reportable values other than the routedOrderID and the eventTimestamp. The Working Group discussed reporting of the new BFMM flag. The Working Group discussed CAT reporting for an equity swap workflow. The Working Group continued its discussion of the letter submitted by Nasdaq and Cboe to the SEC with recommendations to reduce CAT costs.
Eduard Kotlyar