30 May, 2023
Working Group Update 5/30/2023
30 May, 2023
- FIF Webinar on Fixed Income Trade Surveillance. FIF hosted a webinar on Fixed Income Trade Surveillance. The moderator for the webinar was Tom Jordan, Chair of the FIF Advisory Committee. The panelists were Ted Karn of The Karn Group, Alex Sedgwick of Abel Noser, and John Standerfer of S3. FIF would like to thank the moderator, panelists and attendees for their participation in the webinar and their insights on this topic.
- FIF Rule 606 Working Group. The Rule 606 Working Group discussed 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. The Working Group discussed Rule 606 reporting for a correspondent firm that routes most but not all orders to its clearing firm.
- SEC Cyber, Reg SCI and Reg S-P Rule Proposals. FIF hosted a call to review and discuss a revised draft of an FIF comment letter on the SEC’s recent cybersecurity, Reg SCI and Reg S-P rule proposals.
- FIF Crypto, Digital Assets and Blockchain Working Group. The Crypto, Digital Assets and Blockchain Working Group discussed the CRPTO Act recently proposed by the New York State Attorney General.
- 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 CAIS reporting for the scenario where a broker-dealer receives orders from another broker-dealer. The Working Group discussed a proposal for FINRA CAT to allow an industry member to optionally clear its CAIS production environment. The Working Group discussed submitting a letter to the Commission and the Plan Participants to request the retirement of legacy rules and systems, including electronic blue sheets and the large trader recordkeeping and transaction reporting requirements. FIF hosted an additional call for the CAIS Working Group for this week focused on the upcoming unavailability of the CAIS testing environment.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed the BIN and MRP handlingInstructions values. The Working Group discussed the SEC’s recent order extending from July 31, 2024 to January 31, 2025 the compliance date for (i) 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 recent exemptive request submitted by the CAT Plan Participants to the SEC relating to CAT reporting for non-executable RFQ responses.
Eduard Kotlyar