28 February, 2022
Working Group Update 2/28/2022
28 February, 2022
- 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. The spotlight presenter for the meeting was Hitesh Mittal, CEO of BestEx Research, who discussed his paper on Queue Jumping and Smart Order Routing for Passive Limit Orders in the US Equity Market. Find this month's agenda here.
- 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 presenters for the meeting were Robert Vilardo of Nasdaq/UTP and Brian Faughnan of SIAC, who provided an update on recent discussions about adding odd lots to the consolidated tape. Find this month's meeting materials here and the full capacity statistics report here.
- FIF Rule 606 Working Group. The Rule 606 Working Group reviewed a draft FIF comment letter in response to a recent solicitation by the SEC of comments on the request submitted by the SEC to the Office of Management and Budget for approval of the extension of Rule 606. In connection with this comment letter, the Working Group reviewed survey responses from FIF members relating to the volume of Rule 606(b)(3) requests that firms have received.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed the reporting of the manualFlag for CAT Trade events. The Working Group discussed ATS reporting for peg orders. The Working Group reviewed a draft submission to FINRA CAT on the reporting of CAT data based on port level settings. The Working Group discussed new FAQ K25 relating to the OPT handlingInstructions value.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group reviewed new FAQ Q57 on reporting for a CAT Customer with multiple valid identifiers. The Working Group discussed issues and questions from FIF members relating to CAIS feedback files, DTCC ALERT data, splitting CAIS and TID files to comply with file size limits, CAIS testing issues, validating TINs for DVP/RVP accounts, and reporting the customerType of TRUST for a Natural Person. The Working Group discussed a recent notification by FINRA CAT that the ADVISED and BROKERAGE accountType values will be removed. The Working Group reviewed a proposed submission to FINRA CAT and the SROs on the requirement to report a distinct address for each CAT Customer at the CAT Customer level.
Eduard Kotlyar