01 July, 2024
Working Group Update 7/1/2024
01 July, 2024
- FIF OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed issues and questions from FIF members relating to reporting for a non-US branch of a US bank and restrictions in other jurisdictions on reporting counter-party information. The Working Group discussed how reporting would apply to various cross-border scenarios.
- 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. Please find the meeting materials here and the full capacity statistics report 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 agenda for this meeting here.
- FIF CAT CAIS Working Group. FIF members provided an update on a recent call with SEC representatives to discuss the future retirement of Electronic Blue Sheets (for equities and options) and large trader recordkeeping obligations for broker-dealers. The Working Group discussed collecting data about the current volume of Electronic Blue Sheets requests that firms are receiving. The Working Group reviewed guidance from the FINRA CAT helpdesk to an FIF member on steps to take to avoid formatting issues when downloading rejections from the CAIS portal. The Working Group discussed specific scenarios raised by FIF members where the CAIS system is generating rejections and Material Inconsistencies. FIF members provided an update on a call with FINRA CAT representatives relating to CAIS issues previously raised by FIF members. The Working Group discussed next steps to follow-up on comments previously submitted by FIF members to FINRA CAT relating to cascading errors.
- FIF CAT Transaction Reporting Working Group. FIF hosted three calls this past week for the CAT Transaction Reporting Working Group. During the first call, the Working Group reviewed and discussed a revised draft of an FIF exemption request relating to CAT representative order linkage. During the second call, the Working Group completed its review of the updates to the CAT Reporting Scenarios document. The Working Group also discussed issues and questions from FIF members relating to CAT reporting of Rule 144A securities and the AUC (auction) and AOK (auction or kill) handlingInstructions values. The Working Group also reviewed and discussed draft FIF members comments and questions for FINRA CAT. FIF submitted these comments and questions to FINRA CAT. During the third call, the Working Group discussed the response letter submitted by the CAT Plan Participants relating to the Executed Share Model.
Eduard Kotlyar