24 May, 2021
Working Group Update 5/24/2021
24 May, 2021
- FIF CAT Tech Specs Working Group and CAT Committee. The CAT Tech Specs Working Group discussed industry member feedback on the FNRA CAT disaster recovery testing over the weekend. The Working Group reviewed FAQ updates relating to Phase 2b reporting for RFQs in listed options and reporting the side field for options events. The Working Group reviewed comments and questions from FIF members relating to two-sided responses to an options RFQ request, index options with synthetic equity legs, and challenges with reporting the pairedOrderID for the manual route of options orders to a floor broker. FIF submitted these comments and questions to FINRA CAT. The Working Group reviewed additional comments and questions from FIF members relating to the description of accountHolderType in the Technical Specifications, removing the DVPCustodianID field from options allocation events, challenges with the Phase 2d release being in December prior to the holidays, and orders received the evening prior to an IPO, new option symbol, or symbol change. FIF submitted these comments and questions to FINRA CAT. The Working Group continued its discussion of how to report to CAT when a routedOrderID changes and no other CAT-reportable field changes. The Working Group reviewed a draft supplemental comment letter on the CAT revised funding model proposal.
- FIF CAT CAIS Working Group. The Working group discussed issues and questions from FIF members relating to CAIS reporting for legal entities such as single-member LLCs and revocable trusts where a firm has an SSN (and not an EIN) on file, CAIS reporting for Relationship-level FDIDs, CAIS reporting for initial account set-up, and CAIS reporting for accounts that are deactivated and then reactivated. On May 17, FIF submitted to FINRA CAT a detailed list of CAIS open items. The Working Group reviewed new and recently-updated FAQs relating to Sensitive Identifiers, reporting the customerType for a Customer who has a US Taxpayer Identification Number but a foreign address or foreign identification/passport or is otherwise identified as foreign by the Industry Member, and the ADVISER customerType.
- Back Office Committee. John Abel of DTCC provided an update on Project STRIDE. Project STRIDE is a DTCC initiative to enhance equity settlement processes. Project STRIDE includes accelerated settlement, enhancements to look-ahead capability, partial bi-lateral transactions, a centralized transaction warehouse, and other initiatives. Please find this month's agenda here.
Eduard Kotlyar