01 November, 2021
Working Group Update 11/1/2021
01 November, 2021
- FIF Rule 606 Working Group. The Rule 606 Working Group discussed 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 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. Please find this month's agenda here.
- FIF Data and Technology Committee. Grant Leinberger from Exegy gave a spotlight presentation on growing bandwidth requirements for North American equities and commodities data. The Committee reviewed capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. Please find this month's meeting materials here and full capacity report here.
- FIF CAT Tech Specs Working Group. The CAT Working Group discussed issues and questions from FIF members relating to validation for when-issued securities for Phase 2d, the required date for implementing certain new and updated handlingInstructions, and reporting foreign broker-dealers for EBS. The Working Group reviewed a draft FIF member comment for FINRA CAT relating to the reporting of the accountHolderType value of ‘E’ (Employee Account). The Working Group discussed responses from FINRA CAT to previously submitted FIF member comments and questions relating to the following: messages that cannot be read or parsed by the destination venue; cancel and modification requests received prior to acceptance of a new order; and reporting cancelQty for full cancel after a partial execution. The Working Group reviewed updated FAQs relating to reporting responses to RFQs, the OPT and CND handlingInstructions values, and the priceType field on Multi-Leg events.
- FIF CAT CAIS Working Group. The Working Group discussed issues and questions from FIF members on CAIS reporting for trusts, estate accounts, ERISA Plans, single-member LLCs, third-party trading authorized individuals, and foreign individual and corporate accounts. The Working Group discussed CAIS reporting for CAT Transaction Reporting Scenarios 6.1.3 and 6.1.5. The Working Group discussed Table 24 (CAT CAIS Data File Validation Warnings) and Table 25 (CAT CAIS Identifiers File Validation Warnings) in the CAIS CCID Technical Specifications document. The Working Group discussed comments and questions from FIF members relating to the following: addresses for interested parties; the requirement to include a customer record when an FDID is ended; reporting the fdidDate; reporting when there is a change in a firm’s CRD number; reporting CAT customers with only one name; and scenarios where firms do not have a valid CAIS identifier.
Eduard Kotlyar