29 January, 2024
Working Group Update 1/29/2024
29 January, 2024
- FIF T+1 and Trade-Date Allocations Subgroup. The subgroup discussed issues and questions from FIF members relating to implementation of the requirements for T+1 settlement (amended SEC Rule 15c6-1) and trade-date allocation, confirmation and affirmation (new SEC Rule 15c6-2) that will take effect on May 28.
- FIF Digital Assets Working Group. The Working Group discussed the disclosure requirements for digital assets and applicable exemptions. The Working Group discussed the requirements of SEC Rule 15c2-11 (Publication or submission of quotations without specified information) as applied to communicating quotes for digital assets.
- FIF 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 here.
- FIF CAT CAIS Working Group. The CAIS Working Group discussed issues and questions from FIF members relating to feedback for Material Inconsistencies in the CAIS test environment, reporting of the affiliateFlag on order events where a CAT reporter has trading authority for a foreign affiliate account, deleting CAIS errors that were submitted in error, and collecting and validating foreignTIDType information. The Working Group reviewed the updates to CAT Alerts 2022-01 and 2023-01.
- FIF 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 continued its discussion of CAT billing and reconciliation. The Working Group also discussed the SEC’s requests for comment on the FINRA and other SRO fee filings for CAT. During the second call, the Working Group discussed issues reporting for modifications that do not change the Material Terms of an Order. The Working Group also discussed an Order Fulfillment scenario where a firm crosses customer buy and sell orders as riskless principal without creating a firm order. The Working Group continued its discussion of CAT reporting for rejected customer orders. The Working Group reviewed the recent updates to CAT FAQs F5, F6 and F7, relating to representative orders. The Working Group completed its review of the November 30 updates to the CAT Technical Specifications. An FIF member updated the Working Group on his discussions with SEC representatives relating to CAT reporting by a routing firm of port settings applied by a receiving firm. The Working Group continued its discussion of CAT fees, billing and reconciliation.
Eduard Kotlyar