18 April, 2022
Working Group Update 4/18/2022
18 April, 2022
- FIF Rule 606 Working Group. The FIF Rule 606 Working Group discussed recent guidance from the SEC staff relating to Rule 606 reporting for notional value orders that include fractional shares. The Working Group provided an update on a recent FIF discussion with FINRA relating to FINRA’s proposal to require Rule 606-type disclosures for routing in OTC equities and how reporting would apply for OTC Link scenarios.
- FIF Short Sales/Reg SHO/Short Interest Reporting Working Group. The FIF Short Sales/Reg SHO/Short Interest Reporting Working Group continued its review of a draft comment letter on the SEC’s recent proposal to mandate a new buy to cover order marker.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed updating the March 2018 cost projections for reporting verbal quotes to CAT. The Working Group agreed that FIF would create and distribute a survey to FIF members to update these cost projections. The Working Group discussed the CAT Operating Committee lawsuit against the SEC relating to port settings, linkage of representative and customer orders for unlinked systems, and other issues. The Working Group discussed issues and questions from FIF members relating to parent and child order timestamps, reporting dealer-to-dealer negotiations for listed stocks, and reporting when there is no change to a routed modification event other than the routedOrderID and eventTimestamp.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group discussed specific issues relating to the April 8, 2022 updates to the CAIS Technical Specifications, including the new Authorized Trader Name List and the expansion of the AUTHREP role to include Legal Entities. FIF agreed to draft comments to FINRA CAT relating to these issues to be reviewed during the next CAIS Working Group call.
Eduard Kotlyar