28 June, 2021
Working Group Update 6/28/2021
28 June, 2021
- Front Office Committee. Chris Bok of OTC Markets presented on the upcoming implementation of the amendments to SEC Rule 15c2-11 (“Publication or submission of quotations without specified information”). Find the full agenda here.
- Rule 605 Working Group. The Working Group discussed a request from the SEC staff for FIF members to provide feedback on a Rule 605-like execution quality report for options that the SEC is considering.
- Rule 606 Working Group. The Rule 606 Working Group discussed final comments to an FIF letter requesting additional interpretive guidance relating to SEC Rule 606.
- FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed FINRA Regulatory Notice 21-21 relating to OATS retirement. The Working Group discussed draft comments and questions from FIF members for FINRA CAT relating to the following: openCloseIndicator on options Allocation events; eventTimestamp for Order Route, Route Modification and Route Cancel Events; eventTimestamp in Order Route Supplement event; and postponement of requirement to report rejections of Route Modification and Route Cancel requests. FIF submitted these comments and questions to FINRA CAT. The Working Group reviewed new and updated FAQs relating to customer accommodations, the SMT handlingInstruction, reporting Amended Allocation events (MEAA or MOAA) for allocations that occurred prior to Phase 2c (or Phase 2d for options), and reporting the side value ‘SX’ (Short Sale Exempt) in a MEPA event. The Working Group reviewed the June 18, 2021, updates to the Phase 2d Technical Specifications and Reporting Scenarios, including new and updated Reporting Scenarios relating to RFQ responses and options floor negotiated executions. The Working Group reviewed draft comments and questions from FIF members relating to the eventTimestamp for accommodations recorded as order modifications, the SMT handlingInstruction for Phase 2c, and the netPrice field.
- FIF CAT CAIS Working Group. The Working Group discussed the FIF call with the Plan Participants where FIF members requested an extension (until the full CAIS phase) for reporting tidType in Allocation events. The Working Group discussed open issues on reporting for Authorized Traders. The Working Group discussed a proposal to expand the legalName field to 200 characters. The Working Group discussed issues and questions from FIF members relating to correcting and replacing FDIDs and the definition of CAT Customer.
Eduard Kotlyar