21 April, 2025
Working Group Updates 4/21/2025
21 April, 2025
- SLATE Working Group. FIF hosted three calls this past week for the Securities Lending Transparency (SLATE) Working Group. The Working Group continued its review and discussion of a draft letter to the SEC and FINRA relating to the implementation of SLATE. The Working Group discussed sections in the letter relating to termination events, cancels, borrowerType values, fields relating to collateral, fields relating to fees and rebates, the security list, LEIs, and cross-border scenarios.
- Short Position and Short Interest Reporting. FIF hosted a call for the Short Sales / Reg SHO / Short Reporting Working Group to discuss the current status on the implementation of short position reporting. The Working Group also discussed responding to FINRA Regulatory Notice 25-04 (FINRA Launches Broad Review to Modernize Rules Regarding Member Firms and Associated Persons) by recommending changes to short interest reporting.
- Back Office Committee; CME Treasury Cash and Repo Clearing Service. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. Representatives from the CME discussed their new Treasury cash and repo clearing service.
- Reg NMS. FIF hosted a call for the Equity Market Regulations Working Group to discuss the testing and implementation process for the upcoming changes to round lot sizes and dissemination of odd lot data.
- Joint Rule 605 and Rule 606 Working Group Call. FIF hosted a joint call for the Rule 605 and Rule 606 Working Groups. The Working Groups discussed Rule 605 reporting of stop orders. The Working Groups discussed the current status of the implementation of the Rule 605 amendments. The Working Groups discussed proposed Rule 6152 filed by FINRA with the SEC to provide for centralized reporting of Rule 605 reports to FINRA. Working Group members updated the full Working Groups regarding a call with SEC representatives relating to Rule 606 reporting of the percentage of orders routed to different venues. The Working Groups discussed potential draft FAQs to submit to the SEC relating to Rule 606(a) reporting.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed draft comments to FINRA CAT relating to the fee dispute resolution process. The Working Group reviewed the most recent updates to the CAT Billing Scenarios document. The Working Group discussed FAQ B24 relating to the STP handlingInstructions value. The Working Group discussed managing CAT costs.
Eduard Kotlyar