10 March, 2025
Working Group Updates 3/10/2025
10 March, 2025
- SLATE Working Group. FIF hosted two calls this past week for the SLATE Working Group. During the first call, the Working Group discussed the applicability of SLATE to funding trades, requesting an extension for SLATE implementation, reporting the CRD and IARD fields, and cross-border scenarios. During the second call, the Working Group discussed SLATE validation of the lending fee, rebate rate and other fees fields, reporting the borrower type field, the timeframe for repairs, and the application of SLATE reporting to pay-for-hold transactions.
- OFR Repo Reporting Working Group. The Working Group discussed reporting when a transaction is split to comply with FICC settlement caps. The Working Group discussed feedback from the OFR on file submissions.
- Fixed Income Venue Order Data. FIF hosted a joint call for the Fixed Income Regulations Working Group and the Compliance and Surveillance Working Group call to discuss an FIF member proposal to establish an agreed set of order-related data fields that fixed income venues should make available to participants.
- Regulatory Implementations Calendar. FIF hosted a joint call for the Compliance and Surveillance Working Group and the SEC FINRA Regulations Working Group to review a calendar of regulatory implementations for 2025 and beyond.
- Schulte Law Firm Presentation on 2025 FINRA Annual Regulatory Report. William Barbera and Derek Lacarrubba from the Schulte law firm presented to the Compliance and Surveillance Working Group on the 2025 FINRA Annual Regulatory Oversight Report.
- CAT Monthly Update Working Group. The CAT Monthly Update Working Group reviewed guidance and updates from the CAT Plan Participants and FINRA CAT on CAT Transaction Reporting, CAT CAIS and CAT billing during the prior month. The Working Group reviewed the current areas of focus for FIF members and the current open issues for CAT Transaction Reporting, CAT CAIS reporting and CAT billing.
- 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 continued their discussion of a draft FIF letter to the SEC, the CAT Operating Committee and FINRA CAT on these two topics. FIF submitted this letter on March 5.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed reporting the BFMM Flag for buy trades, reporting the BFMM flag for market maker pegged quotes, and CAT and TRF reporting for negotiated trades. The Working Group discussed CAT billing scenarios from an FIF member. The Working Group reviewed and discussed a draft FIF request for exemption on port settings.
Eduard Kotlyar