17 March, 2025
Working Group Updates 3/17/2025
17 March, 2025
- SLATE Working Group. FIF hosted two calls this past week for the SLATE Working Group. The Working Group discussed the applicability of SLATE to pay-for-hold transactions, reporting the par value field, reporting for corporate actions, the definition of intermediary, and reporting identifiers. The Working Group reviewed a list of implied SLATE validations prepared by an FIF member. The Working Group discussed reporting for corrections. The Working Group discussed reporting the sourceOfLoan and borrowerType fields.
- OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed reporting for Category 2 Covered Reporters. The Working Group discussed the circumstances where the OFR has requested the resubmission of previously submitted files.
- Rule 605 Working Group. The Rule 605 Working Group discussed Rule 605 reporting for various GTC order scenarios. The Working Group discussed a draft FIF letter to the SEC relating to the implementation of the 2024 amendments to Rule 605. The Working Group discussed a draft customer disclosure relating to the new Rule 605 summary report.
- SEC Transition Working Group. The SEC Transition Working Group continued its discussion of issues and recommendations for FIF to raise with the incoming SEC Chair during 2025, including proposed enhancements to the rulemaking process and recommendations relating to current rule implementations.
- 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 and EBS retirement. The Working Groups discussed 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 the reporting of free-form text fields in CAIS, PII in LOPR, EBS for fixed income and the potential impact of a “request and response” approach for the regulators to obtain PII.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed a draft request for exemption relating to the reporting by a routing firm of port settings applied by a receiving firm on a default basis. FIF submitted this draft request for exemption to the SEC. The Working Group discussed the reporting of the BFMM flag for market maker peg orders and for the equity component of options market making. The Working Group discussed the current FIF exemption request relating to CAT reporting of representative order linkage.
Eduard Kotlyar