09 September, 2024
Working Group Updates 9/9/2024
09 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 reviewed and discussed the FAQs published by the OFR on August 30, including reporting for bunched trades and allocations and reporting for subsidiaries. During the second call, the Working Group discussed a draft FIF letter to the OFR relating to reporting for bunched trades and allocations and reporting for subsidiaries.
- FINRA Trade Reporting Notice on Fractional Share Transactions. FIF hosted a call for the Data and Technology Committee and the TRF/ORF Working Group to discuss next steps in response to the March 22 FINRA Trade Reporting Notice on Upcoming Trade Reporting Enhancements for Fractional Share Transactions.
- Treasury Clearing. Ignacio Sandoval of the Orrick law firm continued his review of the current status of the various rule filings by the Fixed Income Clearing Corporation (FICC) to implement the SEC mandates relating to centralized clearing of cash trades in Treasuries and Treasury repos.
- Electronic Blue Sheets. FIF hosted a joint call for the CAT Transaction Reporting and CAT CAIS Working Groups to discuss the retirement of Electronic Blue Sheets (“EBS”). The Working Group reviewed survey responses from FIF members relating to the volume of EBS requests from the SEC and FINRA subsequent to the Full CAIS compliance date. The Working Group discussed next steps for FIF and FIF members on this issue. FIF sent a follow-up survey request to FIF members.
- Stock Plans for Corporate Clients. At the request of an FIF member, FIF hosted a call for members to discuss managing stock plans for corporate clients, including whether they manage the activity at the omnibus level or the individual employee level.
- 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.
- 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 CAT fees for DVP settlements, the current status of the CAT fee filings, and standardizing supporting data for the pass-through of CAT fees by broker-dealers. During the second Working Group call, the Working Group reviewed and discussed a draft FIF comment letter on verbal quotes. The Working Group discussed billing by FINRA, application of the BFMM flag to the scenario where a firm relies on the block positioner exemption to the locate requirement, and reporting capacity for dually-listed securities executed by a foreign broker. The Working Group reviewed the calculations in the recent FINRA fee filings. The Working Group discussed feedback from FINRA and the SEC on the FIF exemption request relating to rep order linkage.
Eduard Kotlyar