08 August, 2022
Working Group Update 8/8/2022
08 August, 2022
- FIF OTC Options Reporting Working Group. The OTC Options Reporting Working Group continued its discussion of FINRA Regulatory Notice 22-14, “OTC Options Reporting: FINRA Requests Comment on Proposed Trade Reporting Requirements for Over-The-Counter Options Transactions”.
- FIF Compliance Working Group. Ignacio Sandoval of the Morgan Lewis law firm discussed the SEC’s Semi-Annual Regulatory Agenda published in June, including planned rule adoptions, planned rule proposals and proposed long-term actions. The presentation focused on rules and proposals relating to trading and markets. FIF also invited members of the Back Office and Front Office Committees to participate on the call.
- FIF CAT Monthly Update Working Group. The CAT Monthly Update Working Group reviewed guidance and updates from the SROs 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 reviewed a draft write-up on the reporting of responses to RFQs. FIF submitted this to FINRA CAT. The Working Group discussed a request from FINRA CAT relating to clock synchronization and electronic timestamp increments. The Working Group reviewed and discussed the July 29, 2022 updates to the CAT Reporting Technical Specifications, including the following updates: the new deskOrderID and priorDeskOrderID fields; the updated CASH handlingInstructions value; new event types and fields for reporting ADF quotes; the new Multi-Leg Order Effective event; and the removal of the requirement to submit a metadata file.
- FIF CAT CAIS Working Group. The CAIS Working Group reviewed draft FIF member comments and questions for FINRA CAT relating to CAIS feedback changes proposed by FINRA CAT and DVP accounts that no longer have a dvpCustodianID. FIF submitted these comments and questions to FINRA CAT. The Working Group discussed issues and questions from FIF members relating to the recent change implemented to CAIS to address rejections resulting from added and removed customer records for an FDID where the customer records have overlapping dates and removal of the Inconsistency ID from the feedback files. The Working Group discussed an FIF member proposal to modify the CAIS system to allow simultaneous reporting of the same FDID for the LTID phase and the Full CAIS phase. The Working Group discussed the recent FINRA CAT presentations on Full CAIS Error Repairs, Corrections and Material Inconsistencies. The Working Group discussed the FDID Reconciliation Report and the full data replacement process.
Eduard Kotlyar