31 March, 2025
Working Group Updates 3/31/2025
31 March, 2025
- SLATE Working Group. FIF hosted three calls this past week for the SLATE Working Group. The Working Group discussed the applicability of SLATE reporting to the scenario where a broker-dealer long position settles a customer short sales, reporting by dual clearing firms and the SLATE compliance date. The Working Group discussed reporting for various termination scenarios. The Working Group discussed a draft letter to the SEC and FINRA relating to the implementation of SLATE reporting, including reporting for various termination scenarios and the applicability of reporting to settlement events.
- TRACE / RTRS Working Group. FIF members provided an update to the full Working Group on a call with MSRB representatives relating to one-minute reporting and the manual trade indicator. The Working Group discussed creating a new subgroup focused on Direct Reporting of Muni Trades. The Working Group discussed muni reporting scenarios relating to trading activity on the offering date and the free-to-trade wire.
- Fixed Income Venue Order Data. FIF hosted a joint call for the Fixed Income Regulations Working Group and the Compliance and Surveillance Working Group to discuss a draft standards document for fixed income venues to make available to each participant an end-of-day file containing the participant’s order activity.
- Front Office Committee; Texas Stock Exchange. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. The spotlight presenter was Scott Palmer of the Texas Stock Exchange. Scott discussed the Texas Stock Exchange’s plans for trading and listing and its current regulatory filing with the SEC.
- Data and Technology Committee; Green Impact Exchange. 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 presenter was Dan Labovitz of the Green Impact Exchange. Dan discussed the Green Impact Exchange’s plans for trading and listing and its current regulatory filing with the SEC.
- Options Regulatory Fee. FIF hosted a call for the Options Regulatory Fee subgroup to discuss the current status of planned changes relating to the Options Regulatory Fee.
- Removal of PII from CAT; EBS retirement. 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 the recent updates to the CAIS FAQs and CAIS Technical Specifications to suspend the periodic refresh requirement for CAIS. The Working Groups discussed the first draft of an FIF comment letter on the proposed amendment to the CAT NMS Plan filed by the CAT Plan Participants to remove PII from CAT.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed the PCTPX handlingInstructions value, CAT billing for give-up trades, proposed enhanced error feedback from FINRA CAT, auction-related handlingInstructions values, and the FIF request for exemption on representative order linkage. The Working Group reviewed the recent updates to the CAT Billing Technical Specifications, the other recent CAT billing updates from FINRA CAT, and the recent updates to the CAT Transaction Reporting Technical Specifications. The Working Group discussed the request for exemption relating to CAT timestamp granularity filed by the CAT Plan Participants.
- CAT Costs. FIF hosted an additional call for the CAT Transaction Reporting Working Group this week focused on CAT costs.
Eduard Kotlyar