22 January, 2024
Working Group Update 1/22/2024
22 January, 2024
- FIF TRACE Working Group. The TRACE Working Group reviewed and discussed the January 11 rule filing by FINRA to reduce to one minute the TRACE reporting timeframe for securities that are currently subject to a fifteen-minute reporting timeframe and the parallel rule filing by the MSRB on January 12. The Working Group discussed TRACE reporting for foreign sovereign bonds that trade dirty (i.e., with accrued interest included in the price).
- FIF Clock Synch for Fixed Income Subgroup. The subgroup reviewed a draft FIF letter to FINRA requesting confirmation about the supervisory obligations of a non-executing firm when reporting to TRACE the execution timestamp provided by the executing firm. FIF finalized and submitted this letter to FINRA.
- FIF Section 31 Fees Subgroup. The subgroup discussed the recent FIF member call with FINRA representatives on enhancing the reconciliation process for the FINRA Regulatory Transaction Fee (charged by FINRA to reimburse FINRA for the Section 31 fee it pays to the SEC). The subgroup discussed next steps on this issue.
- 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 agenda here.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed draft comments and questions for FINRA CAT relating to reporting of cross-border NIA RFQ responses, handlingInstructions values for auctions, and the time period covered by the CAT clock synchronization certification form. FIF submitted these comments and questions to FINRA CAT. The Working Group discussed CAT reporting for CASH orders and reconciliation of CAT invoices.
Eduard Kotlyar