16 May, 2022
Working Group Updates
16 May, 2022
- FIF TRACE/Fixed Income Working Group. The TRACE/Fixed Income Working reviewed new FAQs published by FINRA relating to TRACE reporting by covered depository institutions. The Working Group reviewed guidance provided by the Federal Reserve Board to an FIF member on this topic.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group reviewed draft FIF member comments and questions for FINRA CAT relating to DAY orders in non-US equities executed on T+2 or after, reporting the tradingSession for NAV orders, reporting the RLO and IDX handlingInstructions values, and the application of FDID validations to transaction events submitted prior to July 11, 2022. FIF submitted these comments and questions to FINRA CAT. The Working Group discussed historical guidance provided by the regulators for OATS reporting of mark-ups and mark-downs and the applicability to CAT reporting. The Working Group reviewed a revised submission to the regulators on reporting of verbal RFQ events and verbal quotes. FIF submitted this to FINRA CAT. The Working Group discussed scenarios relating to CAT reporting of port settings.
- FIF CAT CAIS Working Group. The CAIS Working Group held an additional call this week to review the May 4 and 5, 2022 updates to the CAIS Technical Specifications and to continue the review of the April 22, 2022 updates to the CAIS Reporting Scenarios. The Working Group discussed challenges firms have been facing in submitting test files to CAIS. The Working Group reviewed a draft letter to the CAT Operating Committee relating to the Full CAIS live date. FIF updated and submitted this letter to the CAT Operating Committee. The Working Group discussed issues and questions from FIF members relating to validation between accountHolderType values (for CAT Transaction Reporting) and accountType values (for CAIS), CAIS error correction deadlines, and CAT Transaction Reporting errors for missing or invalid FDIDs. The Working Group reviewed draft FIF member comments and questions for FINRA CAT relating to the RIC and BD customerType values for Legal Entities, reporting a foreign CAT Customer where a firm has no valid CAIS identifier, clearing out the CAIS testing environment, and a CAIS reporting scenario involving clearing and correspondent firms and a reporting vendor. The Working Group discussed the inclusion of city, state and country values within the CAIS address line fields.
Eduard Kotlyar