04 October, 2021
Working Group Updates
04 October, 2021
- FIF Data and Technology Committee. On the September 29, 2021, Data and Technology Committee call, Cboe's Angelo Evangelou discussed the recent paper by Cboe titled “Cboe Advocates for Targeted Equity Market Structure Reform”. The Committee also 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 the capacity statistics deck here.
- FIF Front Office Committee. On September 28, 2021, the 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 Rule 605 Working Group. The Rule 605 Working Group continued its discussion of recommendations to present to the SEC relating to the SEC’s plan to expand Rule 605 to cover options.
- FIF CAT Tech Specs Working Group. The Tech Specs Working Group reviewed additional FAQs posted by FINRA CAT relating to OATS retirement and EBS amendments, converting prices that are not in US-dollar currency, current options reporting, and allocations to an average price account for a specific customer. The Working Group reviewed responses from FINRA CAT to previously-submitted FIF member comments and questions relating to Sponsored Access and Direct Market Access, client-directed orders, the routeRejectedFlag, the definition of Multi-Leg Orders, the post and wait order type, and orders received the evening prior to an IPO, new option symbol or symbol change. The Working Group discussed questions raised by an FIF member relating to the OFF handlingInstructions value. The Working Group reviewed draft comments and questions from FIF members relating to RFQs, the multiLegInd field, order messages that cannot be read or parsed, and rejected cancel request scenarios. FIF submitted these comments and questions to FINRA CAT. The Working Group reviewed diagrams that illustrate CAT reporting for route modification request and route cancel request scenarios. The Working Group discussed a manual option reporting scenario.
- FIF CAT CAIS Working Group. The Working Group reviewed the list of significant CAIS open issues and agreed on the next steps for presenting the open issues to the SROs and FINRA CAT. The Working Group reviewed draft responses to follow-up questions from FINRA CAT relating to the CP and EMPLOYEE customerType values.
Eduard Kotlyar