16 December, 2024
Working Group Updates 12/16/2024
16 December, 2024
- Short Position Reporting. FIF members provided an update to the Working Group on a December 9 call with the SEC staff on the Technical Specification and EDGAR filing issues. The Working Group discussed whether firms are reporting FIGIs at the Global Share Class or Country Composite level. The Working Group discussed EDGAR filing issues.
- OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed reporting for cancels. The Working Group discussed a scenario where a repo is executed in the evening and the trade timestamp is after the file observation date, resulting in a validation error. The Working Group discussed a draft list of open issues to present to the OFR.
- Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter was Jackie Gude of DTCC, who discussed DTCC’s plans for extended trading hours. Please find this months agenda here.
- Regulation NMS Amendments. The SEC Equity Market Proposals Working Group discussed the Motion to Stay filed by Nasdaq and Cboe with the SEC to stay the SEC’s amendments to Rule 610 and 612 of Regulation NMS.
- Digital Asset Securities Working Group. The Digital Asset Securities Working Group discussed a draft FIF letter to the SEC on custody by special purpose broker-dealers.
- T+1 / Trade Date Affirmations Subgroup. The T+1 / Trade Date Affirmations subgroup discussed questions from an FIF member relating to trade date affirmations.
- Emerging Technologies Working Group. Bill Genovese of Kyndryl presented on Quantum Computing in Capital Markets.
- Tax Information Reporting Working Group. Stevie Conlon, Robert Schwaba and Anna Vayser from Wolters Kluwer discussed special broker reporting considerations for dual classification assets and tokenized securities.
- CAT Transaction Reporting Working Group. FIF members provided an update to the Working Group on the most recent discussion with SEC representatives relating to representative order linkage. The Working Group reviewed a draft FIF letter to the SEC on the reporting of default settings. The Working Group discussed CAT billing by FINRA. The Working Group discussed the applicability of the BFMM Flag to block positioning. The Working Group discussed options error scenarios.
Eduard Kotlyar