26 August, 2024
Working Group Updates 8/26/2024
26 August, 2024
- FIF OFR Repo Reporting Working Group. FIF hosted two calls this past week for the OFR Repo Reporting Working Group. The Working Group discussed reporting for a foreign affiliate, the maximum file size and the definition of guarantee. The Working Group reviewed a matrix of cross-border scenarios. The Working Group discussed the exclusion of government securities dealers and government securities brokers for determining whether a firm qualifies as a Category 2 Covered Reporter. The Working Group completed its review and discussion of a draft supplemental letter to the OFR. FIF submitted this letter to the OFR. The Working Group reviewed a digest of issues discussed by the group. The Working Group discussed how to handle various open reporting issues given the lack of guidance from the OFR.
- FIF Rule 606 Working Group. The Rule 606 Working Group completed its review and discussion of a revised draft letter to the SEC requesting guidance on how to calculate the percentage of orders routed to different venues for Rule 606(a) reporting. FIF submitted this letter to the SEC.
- FIF SLATE Working Group. The SLATE Working Group completed its review and discussion of a draft FIF comment letter on the FINRA Rule filing and Participant Specification for SLATE. The Working Group discussed reporting for transactions that involve a variable fee or rebate. FIF submitted this comment letter to the SEC.
- FIF Financial Risk Regulations Working Group. FIF hosted a call for the Financial Risk Regulations Working Group to review the recent rule filing by the Options Clearing Corporation to establish a margin add-on charge to help mitigate the risks arising from intraday and overnight trading activity.
- FIF Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. Please find the meeting agenda here.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed reporting the pass-through of CAT fees under SEC Rule 606. The Working Group discussed the CAT system defaulting Boolean values to false. The Working Group discussed CAT billing and reconciliation, including whether and how firms intend to pass-through CAT fees to customers. The Working Group discussed EBS reporting for wash accounts. The Working Group discussed the draft plan amendment filed by the CAT Plan Participants to remove the requirement to report verbal quoting activity to CAT. The Working Group discussed CAT Alert 2024-01 relating to CAT reporting of port settings. FIF members provided an update to the Working Group on a call with FINRA CAT relating to enhancements to the CAT Transaction Reporting portal proposed by FIF members.
Eduard Kotlyar