24 March, 2025
Working Group Updates 3/24/2025
24 March, 2025
- SLATE Working Group. FIF hosted two calls this past week for the SLATE Working Group. The Working Group discussed reporting the Loan ID, reporting for corporate actions, reporting for intra-day events, the SLATE feedback files, identifying the reporting party for various scenarios that involve an intermediary, and whether SLATE reporting applies to the scenario where a broker-dealer uses a principal long position to settle a customer short sale.
- Implementation of Regulation NMS Amendments. FIF hosted a call for the Equity Market Regulations Working Group. The Working Group discussed issues and questions from FIF members relating to the implementation of the SEC’s Regulation NMS amendments, including the new round lot sizes and the dissemination of odd lot order information on the SIPs.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month.
- Removal of PII from CAT; EBS retirement. This past week, FIF hosted two joint calls for the CAT CAIS and CAT Transaction Reporting Working Groups to continue the discussion of the removal of PII from CAT and EBS retirement. The Working Groups continued their discussion of the CAT NMS Plan Amendment filed by the CAT Plan Participants with the SEC on March 7. The Working Group discussed issues and questions from FIF members relating to reporting PII for historical corrections, PII entered through ALERT, steps to implement the removal of PII from CAIS, and the impact of the recent CAIS changes on historical Material Inconsistencies. The Working Groups reviewed a draft letter to the SROs and FINRA CAT requesting a delay in implementation of the FDID Refresh report requirement.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed feedback from a recent call with FINRA CAT relating to the need for the SROs to file an extension of the current exemption for timestamp granularity beyond nanoseconds, reporting of route modifications, reporting for options error scenarios, adding a flag for options that is equivalent to the YE flag, portal log-in issues and the description of accountHolderType in the CAT Technical Specifications. The Working Group discussed CAT billing for options by the PHLX, reporting the auction handling instructions, proposed enhancements to the error feedback process, and potential strategies to address CAT costs.
Eduard Kotlyar