05 December, 2022
Working Group Update 12/5/2022
05 December, 2022
- FIF 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 Brent Yates of IEX, who discussed IEX cloudSwXtch. Please find the meeting materials here and the full capacity statistics deck here.
- CAT Monthly Update Working Group Call. The 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 reviewed the current areas of focus for FIF members and the current open issues for CAT transaction reporting and CAT CAIS reporting.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed the recent response filed by the CAT Operating Committee relating to the proposed Executed Shares Model for funding CAT. The Working Group discussed the recent announcement by FINRA CAT extending the compliance date for FDID validations. The Working Group discussed the recent exemptive request submitted by the CAT Operating Committee to the SEC relating to Financial Accountability Milestone 4. The Working Group reviewed a draft FIF exemptive request letter relating to CAT reporting of port settings.
- FIF CAT CAIS Working Group. The Working Group discussed the November 22 announcement from FINRA CAT that the compliance dates for the Full CAIS Phase will be extended to March 2023. The Working Group discussed issues and questions from FIF members relating to the recently announced CAIS delays and the impact of CAIS system changes and CAIS reporting requirements that are scheduled to take effect during December 2022 and June and July 2023. The Working Group reviewed a draft letter to the SEC and the CAT Operating Committee relating to Full CAIS compliance. FIF members participated on a call with FINRA CAT representatives to discuss CAIS reporting for employees of a governmental entity where a court appoints a governmental entity as custodian or guardian for an account. The Working Group reviewed a draft FAQ update on this issue to be sent to FINRA CAT. The Working Group discussed a proposed change to the CAT system for the scenario where an industry member reports an FDID that has been rejected by CAIS.
Eduard Kotlyar