24 January, 2022
Working Group Update 1/24/2022
24 January, 2022
- FIF Back Office Committee. The FIF Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. Matt Cohen, CEO of Provable Markets, presented on his firm’s role as an Approved SFT Submitter for the DTCC Securities Financing Transaction Clearing Service, which is currently under review by the SEC. Please find the Agenda here.
- FIF Securities Lending Transparency Working Group. The Securities Lending Transparency Working Group completed its review and drafting of a comment letter on the SEC’s November 18 rule proposal to create a new reporting system for securities loans.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group reviewed FIF member survey responses on reporting addresses when there are multiple beneficial owners for an account and reporting for Authorized Traders. The Working Group reviewed new and updated FAQs relating to the following topics: reporting ltidEffectiveDate; resubmitting the same record every business day; Reporting Agent certification of broker-dealers; and reporting for employees of Legal Entity Authorized Traders. The Working Group discussed proposing specific extension periods to the SEC. The Working Group discussed the reporting of the bankDepositoryID and primeBrokerID fields.
- FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group reviewed responses from FINRA CAT relating to the following: stats on industry-wide reporting; optionally reporting an unsolicited cancel or modification; reporting the YE flag where there are no customer orders; the description of the DVPCustodianID field; the timestamp for rejection of route, route modification and route cancel requests; the eventTimestamp for an accommodation recorded as an order modification; and the eventTimestamp for Order Route, Route Modification and Route Cancel Events. The Working Group discussed issues and questions from FIF members on reporting routes of Canadian dual-listed symbols settled in USD and the reporting of unsolicited cancels by a receiving MPID that is part of the same broker-dealer as the routing MPID. The Working Group reviewed the 2022 Industry Member release schedule posted by FINRA CAT.
Eduard Kotlyar