29 August, 2022
Working Group Update 8/29/2022
29 August, 2022
- FIF OTC Options Reporting Working Group. The OTC Options Reporting Working Group continued its review of a draft FIF comment letter on FINRA Regulatory Notice 22-14, “OTC Options Reporting: FINRA Requests Comment on Proposed Trade Reporting Requirements for Over-The-Counter Options Transactions”.
- FIF Rule 606 Working Group. The Rule 606 Working Group discussed a proposal from an FIF member for Rule 606(a) reporting that would be an alternative to the current Rule 606(a) look-through reporting.
- FIF TRACE Working Group. The TRACE Working Group reviewed recent feedback from FINRA on TRACE reporting by Covered Depository Institutions. The Working Group discussed FINRA fees that apply to Covered Depository Institutions. The Working Group reviewed and discussed the recent SEC approval of FINRA’s rule filing to require TRACE reporting for trades in foreign sovereign bonds. The Working Group also reviewed the first draft of an FIF comment letter on FINRA Regulatory Notice 22-17 and MSRB Notice 2022-07. These Regulatory Notices propose to reduce to one minute the timeframe for reporting trades in corporate, agency and muni bonds.
- FIF Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges.
- 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 John Owens of IPC, who discussed Maximizing Infrastructure Performance for Rising Market Data Volumes.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed issues and questions from FIF members on fractional liquidations in connection with a customer sale or an ACAT transfer, reporting swap transactions, and reporting quantity-related fields for notional orders. The Working Group discussed reporting of verbal quotes. The Working Group discussed reporting of port and other default settings by a routing party and identifying specific CAT fields and values that could apply.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group discussed issues and questions from FIF members relating to errors during the Full CAIS interim reporting process. The Working Group reviewed draft comments and questions for FINRA CAT relating to reporting the fdidDate, reporting the roleStartDate, the CAIS Monthly Report Card Glossary for Full CAIS, computation of report card errors for Full CAIS, and the BD customerType value. FIF submitted these comments and questions to FINRA CAT.
Eduard Kotlyar