05 June, 2023
Working Group Update 6/5/2023
05 June, 2023
- 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. The spotlight presenter was Roger Burkhardt from Broadridge, who discussed Broadridge LTX migrating corporate bond trading capabilities to AWS. Please find the meeting materials here and the full capacity report here.
- FIF Rule 606 Working Group. The Rule 606 Working Group reviewed a draft supplemental FIF comment letter to the SEC on the FINRA rule proposal to require reporting for routes in OTC equities. The FIF comment letter focuses on recent guidance from SEC staff to FIF members on Rule 606(a) reporting when a reporting firm routes a single parent order to multiple child execution venues and the current lack of clarity with respect to Rule 606(a) reporting.
- FIF Rule 605 Working Group. The Rule 605 Working Group reviewed and discussed a draft supplemental FIF comment letter on the SEC’s rule proposal on Disclosure of Order Execution Information.
- SEC Cyber, Reg SCI and Reg S-P Rule Proposals. FIF hosted a call to review and discuss a revised draft FIF comment letter on the SEC’s recent cybersecurity, Reg SCI and Reg S-P rule proposals.
- FIF CAT CAIS Working Group. The CAIS Working Group discussed responses from the FINRA CAT helpdesk to questions from FIF members about the resetting of the CAIS test environment. The Working Group reviewed the May 30 updates to the CAIS known issues list. The Working Group discussed the initial draft of a letter to the SEC and the CAT Operating Committee on the retirement of legacy reporting rules and systems.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group reviewed revised draft letters to the SEC, and to the SROs and FINRA CAT, relating to CAT reporting for non-executable RFQ responses. The Working Group discussed the CAT Operating Committee’s response to comments on the CAT Operating Committee’s proposed Executed Share Model. The Working Group reviewed additional survey responses from members relating to scheduled linkage in the CAT production mirror environment. The Working Group discussed a draft comment to FINRA CAT requesting removal of the MRP handlingInstructions value and other handlingInstructions values that are not used by industry members. The Working Group discussed (i) CAT reporting of port settings, and (ii) reporting linkage of representative orders to customer orders and linkage of order fulfillments to representative and principal orders. The Working Group discussed the retirement of legacy reporting systems.
- FIF CAT Monthly Update Working Group. The CAT Monthly Update Working Group reviewed guidance and updates from the CAT Plan Participants and FINRA CAT on CAT Transaction Reporting and CAT CAIS reporting during the prior month. The Working Group also reviewed the current areas of focus for FIF members and the current open issues for CAT Transaction Reporting and CAT CAIS reporting.
Eduard Kotlyar