30 September, 2024
Working Group Updates 9/30/2024
30 September, 2024
- OFR Repo Reporting Working Group. FIF provided an update on a call with the Treasury Department’s Office of Financial Research (OFR) relating to implementation of the new requirement for reporting of non-centrally cleared bilateral repos. The OFR Repo Reporting Working Group discussed calculating the outstanding commitment for inter-affiliate transactions, calculating the outstanding commitment for the end date of a repo, reporting the minimum maturity date for terminated open repos, reporting for Rule 15a-6 transactions, and reporting the floating rate reset frequency. The Working Group reviewed and made final edits to a letter to the OFR. The Working Group continued its review of a draft outline of issues previously discussed by the Working Group.
- Financial Data Transparency Act Working Group. The Financial Data Transparency Act (FDTA) Working Group continued its discussion of the Notice of Proposed Rulemaking (NPRM) by the SEC and other financial regulators to implement certain requirements of the FDTA. The Working Group reviewed a list of data elements in various current reporting requirements that could be impacted by the proposed rule change.
- Tax Information Reporting Working Group. Stevie Conlon and Anna Vayser from Wolters Kluwer discussed the new draft Form 1099-DA for digital assets. Please find the Wolters Kluwer Presentation here.
- FIF Data and Technology Committee. The Data and Technology Committee reviewed capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. The spotlight presenter was Dmitriy Glinberg of the Options Clearing Corporation, who presented on the OCC’s Journey to the Cloud. Please find the meeting materials here and the full capacity stats here.
- Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. Please find the meeting agenda here.
- CAT CAIS Working Group. The CAIS Working Group discussed the CAIS survey results received to date. The Working Group discussed reporting of Other Government-Issued Identifiers. The Working Group discussed various Material Inconsistency scenarios.
- CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group reviewed the EBS survey results received to date. The Working Group discussed the status of the exemptive relief for senders to report the AUC and AOK handlingInstructions. The Working Group discussed report for price slide port settings. The Working Group discussed feedback from FINRA relating to FIF’s exemption request for rep order linkage. The Working Group discussed the scenario where an event occurs after an early close and the CAT system marks the event as late even though the event was submitted on a timely basis.
Eduard Kotlyar