03 April, 2023
Working Group Update 4/3/2023
03 April, 2023
- FIF SEC Equity Market Proposals Working Group (Order Competition Rule). The Working Group discussed and incorporated final changes to the FIF comment letter on the SEC’s Order Competition Rule proposal.
- FIF SEC Equity Market Proposals Working Group (Reg NMS). The Working Group discussed and incorporated final changes to the FIF comment letter on the SEC rule proposal on Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders.
- FIF Rule 605 Working Group. The Rule 605 Working Group discussed and incorporated final changes to the FIF comment letter on the SEC’s rule proposal on Disclosure of Order Execution Information.
- 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 Mike Collazo of SIAC, who reviewed the scheduled expansion of OPRA data dissemination from a 48-line to a 96-line multicast network. Please find the agenda here.
- 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 the recent update to FAQ Q16 on submitting updates to CAIS when a CAT Customer record is associated to multiple FDIDs. The Working Group continued its discussion of CAIS reporting for various acquisition scenarios where a clearing firm maintains the same account. The Working Group continued its discussion of recommended changes to the CAIS Automated Transfer Procedure. The Working Group discussed a draft submission to FINRA CAT on CAIS reporting for corporate equity plan administration accounts.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed CAT reporting for non-executable RFQ responses. The Working Group discussed the potential impact of the SEC’s requirement for CAT reporting of non-executable RFQ responses on other regulatory requirements, including various Reg NMS requirements, Reg SHO and the market access rule. The Working Group discussed potential next steps for industry members.
Eduard Kotlyar