27 June, 2022
Working Group Update 6/27/2022
27 June, 2022
- Back Office Committee. The FIF Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter for the meeting was Allison Gott of Paxos, who provided an update on Paxos’ clearing agency filing. Please find the meeting agenda here.
- FIF TRACE/Fixed Income Working Group. The FIF TRACE/Fixed Income Working Group reviewed a draft comment letter on the recent rule filing by FINRA with the SEC (SR-FINRA-2022-013) to require reporting of transactions in U.S. Treasuries as soon as practicable, but no later than one hour after execution, and to require that electronic executions in U.S. Treasuries be reported to TRACE using the same time increment as recorded by the execution system for the transaction. FIF submitted the comment letter to the SEC. The Working Group reviewed draft questions for FINRA relating to TRACE reporting by Covered Depository Institutions, reporting the portfolio trade modifier to TRACE, and assessment of the Trading Activity Fee when an ATS utilizes the TRACE ATS reporting exemption.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed issues and questions from FIF members on reporting the ALG handlingInstructions value, reporting the affiliateFlag, and validation for the senderIMID. The Working Group reviewed a draft submission to the SEC on reporting of port settings. The Working Group continued its review of a draft submission to the SEC on linkage of rep and customer orders for unlinked systems.
- FIF CAT CAIS Working Group. The CAIS Working Group reviewed the letter that FIF sent to the CAT Operating Committee relating to the Full CAIS live date. The Working Group discussed updates from FINRA CAT representatives at the FIF in-person event. The Working Group discussed issues and questions from FIF members relating to legal entities with a US LEI but no US EIN and reporting the AUTH3RD role. The Working Group reviewed and edited a draft list of open issues to send to FINRA CAT. The Working Group discussed the updates from FINRA CAT during the June 22 CAIS Industry Testing Checkpoint Call relating to implementation of Full CAIS.
Eduard Kotlyar