16 September, 2024
Working Group Updates 9/16/2024
16 September, 2024
- OFR Repo Reporting Working Group. FIF hosted two calls this past week for the OFR Repo Reporting Working Group. During the first call, the Working Group continued its review and discussion of a draft letter to the OFR relating to reporting for bunched trades and allocations and reporting for subsidiaries. During the second call, the Working Group finalized this letter. The Working Group also discussed issues and questions from FIF members relating to the OFR FAQs, reporting the rate field and reporting for a U.S. branch of a foreign bank.
- Financial Data Transparency Act Working Group. The Financial Data Transparency Act Working Group discussed the recent joint rule proposal by the SEC and other financial regulatory agencies to implement the Financial Data Transparency Act.
- Emerging Technologies Working Group. FIF hosted a call for the Emerging Technologies Working Group. As the spotlight topic, representatives from Lightbits and IIS presented on Software-defined Storage for Databases, Real-time Analytics and AI.
- Digital Asset Securities Working Group. Shawn Sloves of Fundamental Interactions led a discussion of open issues for the broader adoption of trading in digital asset securities. The Working Group discussed current regulatory challenges relating to the custody of digital asset securities.
- CAT Transaction Reporting Working Group. FIF hosted two calls this past week for the CAT Transaction Reporting Working Group. During the first call, the Working Group discussed the current status of the SRO fee filings. The Working Group provided an update on a call with SEC representatives to discuss the FIF request for exemption relating to linkage of representative orders. The Working Group discussed the differences between the January and current SRO fee filings relating to historical CAT costs. The Working Group discussed reporting of port settings. The Working Group discussed an Order Fulfillment scenario where a firm does not create a principal order. During the second Working Group call, the Working Group discussed the expected CAT fees for 2024. The Working Group discussed the FIF survey on the volume of EBS requests. The Working Group reviewed a draft FIF letter to FINRA relating to the FINRA fee filings. The Working Group discussed next steps on the issue raised by FINRA relating to riskless principal transactions. The Working Group discussed CAT reporting for block positioner scenarios. The Working Group continued its review of the updates to the CAT Billing Scenarios.
Eduard Kotlyar