02 May, 2022
Working Group Update 5/2/2022
02 May, 2022
- FIF Short Sales/Reg SHO/Short Interest Reporting Working Group. The FIF Short Sales/Reg SHO/Short Interest Reporting Working Group completed its review of a comment letter on the SEC’s recent proposal to mandate a new buy to cover order marker.
- FIF Front Office Committee. The FIF Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. Please find the April agenda here.
- Data and Technology Committee. The FIF 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 for the meeting was Adrian Griffiths of MEMX, who discussed the launch of MEMX’s new options exchange.
- FIF CAT Transaction Reporting Working Group. The CAT CAIS Working Group discussed issues and questions from FIF members relating to DAY orders for foreign equities executed on T+2 or after because of a holiday in the local market and CAT reporting when the customer does not specify a trading session. The Working Group continued its review and discussion of scenarios involving linkage of representative orders to customer orders, including riskless crossing scenarios and price guarantee scenarios with unlinked systems. The Working Group reviewed a draft submission to the regulators on RFQ events and verbal quotes. The Working Group reviewed recent responses from FINRA CAT relating to the following issues previously submitted by FIF: reporting the symbol for a FLEX percent option; reporting the OPT handlingInstructions value; submitting corrections and unreported events for dates prior to Phase 2d; and CAT reporting for modifications where there is no change to a CAT reportable field other than the routedOrderID and the eventTimestamp.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group continued its discussion of the April 8, 2022 updates to the CAIS Technical Specifications, including updates relating to the following: replacement of TID; reporting the hasDiscretion field; and reporting the AUTHREP and AUTH3RD roles. The Working Group discussed issues and questions from FIF members relating to the following: length of address line fields; allowing submission of Authorized Trader records with incomplete information; reporting name suffixes; reporting the OTHBKR customerType; reporting addresses for DVP/RVP accounts; reporting the clearingBrokerID for a Relationship FDID; notifications to retail customers; and CAIS feedback files. The Working Group discussed draft comments and questions to FINRA CAT relating to the following: clearing firm reporting for a CAT Customer reported by a correspondent firm with an AUTHREP role; the requirement for a clearing firm to report uniform identifiers for a CAT Customer; reporting the hasDiscretion field; reporting the AUTHREP and AUTH3RD values; and reporting addresses that exceed 160 characters.
Eduard Kotlyar