14 October, 2024
Working Group Updates 10/14/2024
14 October, 2024
- FIF Best Ex Webinar. FIF hosted a webinar on best execution. The moderator for the webinar was Chris Montagnino of Jordan & Jordan. The panelists were Ben Calev of BXS, Mark Davies of S3, and Ted Karn of The Karn Group. FIF would like to thank the moderator and panelists for their participation in the webinar.
- OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group completed its review and discussion of the OFR’s September 27 FAQ updates. The Working Group reviewed a September 27 note from the OFR relating to the updated FAQs. The Working Group discussed reporting the current cash amount for intraday trades and end date and settlement date reporting.
- Short Position Reporting. FIF hosted two calls this week for the Short Sales / Reg SHO / Short Reporting Working Group. During the first Working Group call, FIF provided an update on discussions with other industry associations. The Working Group discussed a scenario demonstrating that excluding long sales will result in under-reporting of gross short positions. The Working Group discussed an outline of requests to be submitted to the SEC. During the second Working Group call, the Working Group discussed a draft follow-up letter to the SEC on short position reporting.
- Rule 606 Working Group. The Rule 606 Working Group discussed recent guidance from the SEC on how to calculate the percentage of orders routed to each venue for Rule 606(a) reporting.
- Financial Data Transparency Act Working Group. The Financial Data Transparency Act Working Group reviewed the first draft of an FIF comment letter on the Notice of Proposed Rulemaking by the SEC and other financial regulators to implement certain requirements of the FDTA.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group reviewed updates to the FIF exemption request on representative order linkage, as requested by FINRA. The Working Group discussed the CAT system calculating separate error rates for weekend and holiday submissions. The Working Group discussed the option for firms to receive through SFTP certain summary files that are currently available through download from the portal.
Eduard Kotlyar