Working Group Updates 4/4/22

FIF 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 Lain Garrett, who discussed Cboe’s fixed income initiatives. Please find the meeting materials here and the full capacity statistics report here.

FIF Tax Information Reporting Working Group. The FIX Tax Information Reporting Working Group met this past week. The spotlight presenters for the meeting were Stevie Conlon, Kristofer Thompson, Anna Vayser and Bob Schwaba of Wolters Kluwer, who presented on crypto tax reporting.

FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed the March 29 FINRA CAT presentation on Costs Savings and Processing Efficiencies. The Working Group discussed a proposal by FINRA CAT to mandate the reporting of a deskOrderID when an order is internally routed partially and a new orderID is not created. The Working Group discussed the current exemption for certain telephone and other unstructured communications, which expires on July 31, 2023, and next steps for FIF. The Working Group discussed certain updates introduced in production on March 21 prior to a Technical Specifications update. The Working Group reviewed updates to the Technical Specifications on March 25 relating to the following: a new requirement to report the underlying symbol for an option; the addition of a new accountHolderType field in place of the TIDType field; updates to the description in the DVPCustodianID field; and new error codes relating to invalid or missing FDIDs.    

FIF CAT CAIS Working Group. The CAT CAIS Working Group continued its discussion of CAIS reporting for DVP/RVP accounts. The Working Group discussed the removal of the requirement that FDIDs reported in the CAIS LTID Phase be reported or terminated in the CAIS CCID Phase. The Working Group discussed reporting of the roleStartDate and complexities with CAT Customers that have multiple roles. The Working Group discussed issues and questions from FIF members relating to the following: acceptable error rates; coordinating Material Inconsistency testing; firm policies that prohibit the sending of production PII to a test environment; changes to CAT customer records; FDIDs submitted during the CAIS LTID Phase; the lookback period for active accounts; Error Code 22061: missing hasDiscretion; CAIS storage of hashed SSN values; EIN Material Inconsistencies; and clearing firm reporting FDIDs for correspondent accounts.