07 February, 2022
Working Group Updates
07 February, 2022
- FIF TRACE Working Group. The FIF TRACE Working Group discussed the rule adopted by the Federal Reserve Board to expand TRACE reporting for Treasury and Agency securities to certain depository institutions that are not broker-dealers, including a review of draft FIF member questions to FINRA relating to implementation of the new reporting requirements.
- CAT Monthly Update Working Group. The CAT Monthly Update Working Group discussed the FINRA CAT February 2 webinar on CAT processing and ongoing challenges with delayed feedback. The CAT Monthly Update Working Group reviewed guidance and updates from the SROs on CAT transaction reporting and CAT CAIS reporting during the prior month. The Working Group also reviewed the current areas of focus for FIF members and the current open issues for CAT transaction reporting and CAT CAIS reporting.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group reviewed an FIF member submission to FINRA CAT relating to CAIS reporting for the primeBrokerID and bankDepositoryID fields. FIF has scheduled a call with FINRA CAT to discuss this issue. The Working Group discussed issues and questions from FIF members relating to the following topics: reporting the EMPLOYEE customerType for independent contractors; client notifications about CAIS; clearing firm processes for collecting data for correspondent firm accounts; reporting for unparsed names; and reporting for CAT Customers with multiple roles. FIF submitted proposed extension requests to the regulators and had a call with the SEC, the SROs and FINRA CAT to discuss. The Working Group discussed the call with the regulators and proposed next steps.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed challenges with the current feedback delays and T+3 at 8 am timeframe for resolving linkage errors. The Working Group discussed feedback from FINRA CAT relating to the following topics: CAT reporting for modifications where there is no change to a CAT reportable field other than the routedOrderID and the eventTimestamp; RFQ responses and quotes; and further schema changes. The Working Group reviewed a draft response by FIF relating to the issue of CAT reporting for modifications where there is no change to a CAT reportable field other than the routedOrderID and the eventTimestamp. The Working Group held a separate call to review a draft FIF member submission to FINRA CAT relating to the requirement for linkage of representative orders to customer orders for unlinked systems.
Eduard Kotlyar