15 November, 2021
Working Group Updates 11-15-21
15 November, 2021
- Back Office Committee. The FIF Back Office Committee met to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. Find this month's agenda here.
- FIF Rule 606 Working Group. The Rule 606 Working Group continued its discussion of FINRA Regulatory Notice 21-35, “FINRA Requests Comment on Proposed Order Routing Disclosure Requirements for OTC Equity Securities and Potential Steps to Facilitate Investor Access to Current Order Routing Disclosures for NMS Securities.”
- FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group discussed responses from FINRA CAT relating to the accountHolderType value of ‘E’ (Employee Account), pre-IPO symbols and the CMPX handlingInstructions value. The Working Group discussed FIF member linkage errors in Phase 2d testing for exchange route events, the ERP and RLO handlingInstructions, and reporting Route Cancelled and Order Route events in place of a Modification event. The Working Group reviewed draft comments and questions for FINRA CAT relating to exchange Order Modified and Exchange Order Cancelled events, reporting modification and cancel requests for Sponsored Broker scenarios, and IDQS reporting requirements. The Working Group reviewed and discussed new and updated FAQs relating to the following: cash orders; quotes entered directly into OTC Link IDQS via OTC Link IDQS’s Dealer Application; the cancelFlag for Option Trade (MOOT) events; reporting an algorithmic strategy involving multiple component securities (for example, a Vega algorithm), where the trading instructions do not include the full materials terms of an order for each or any component security; and reporting a scenario where at least one but not all legs of a multi-leg strategy are known at the time the instruction is given from one Industry Member to another Industry Member.
- FIF CAT CAIS Working Group. The CAIS Working Group reviewed issues and questions from FIF members relating to reporting Authorized Traders for Relationship FDIDs and process changes for onboarding natural person Authorized Traders. The Working Group reviewed draft comments and questions for FINRA CAT relating to Sections 3.3 (Customer Address), 3.4 (Changes to Customer Transformed Identifiers) and 3.5 (Multiple Versions of a Customer Within a Submission File) of the CAIS Reporting Scenarios document. The Working Group reviewed a draft outline of CAIS-required data that industry members might not have in reportable format. The Working Group completed its review of the most recent updates to the CAIS Reporting Scenarios document.
Eduard Kotlyar