04 December, 2023
Working Group Update 12/4/2023
04 December, 2023
- Clock Synchronization Requirements for Debt Securities. FIF hosted a follow-up call to continue the prior FIF member discussion of implementing clock synchronization requirements for debt securities based on FINRA Rule 4590, Supplementary Material .02.
- Tax Information Reporting Working Group; Crypto, Digital Assets and Blockchain Working Group. Stevie Conlon, Robert Schwab and Anna Vayser of Wolters Kluwer reviewed the recent proposed IRS regulations for reporting digital asset transactions.
- 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 here.
- FIF CAIS Working Group. The CAIS Working Group discussed the FINRA CAT November 29 webinar on upcoming CAIS releases, including: the historical data reload; the new one-time Outstanding Rejections feedback file; the re-enabling of inconsistency checks; the new feedback files for Material Inconsistencies; new inconsistency codes to distinguish between intra-firm and inter-firm inconsistencies; and expansion of the correctionAction of DELETE to cover all data validation errors
- FIF CAT Transaction Reporting Working Group. FIF hosted two calls last week for the CAT Transaction Reporting Working Group. The first call focused on a proposed request from FIF members that the CAT system provide a break-out of monthly invoice details based on the CAT Submitter ID and the CAT Reporter IMID. During the second call, the Working Group continued its discussion of CAT billing. The Working Group discussed the withdrawal by the CAT Plan Participants of the Revised Linkage Timeline proposal. The Working Group reviewed the FIF member survey responses on blocking customer pre-IPO orders. The Working Group discussed issues and questions from FIF members on: CAT reporting when routing an order for a foreign security that has a US-listed ADR; and exemptive relief from reporting beyond nanoseconds. A Working Group member provided an update on a recent RFQ vendor call with SEC representatives on CAT reporting for RFQ responses that are not immediately actionable. The Working Group reviewed recently revised FAQs relating to repairing rejected order events and data file rejections.
Eduard Kotlyar