17 May, 2021
Working Group Update 5/17/2021
17 May, 2021
- FIF CAT Tech Specs Working Group and CAT Committee. The CAT Tech Specs Working Group discussed the following issues and questions raised by FIF members: the scenario where the only CAT-reportable change is the routedOrderID; requesting an extension of the date for reporting TIDType; the change in the TIDType field to an Array type; reporting Allocation events for corporate buy-backs; reporting the accountHolderType of “F”; and errors discovered after OATS retirement. The Working Group reviewed draft comments and questions for FINRA CAT relating to separation of CAT transaction reporting and CAT CAIS. The Working Group discussed the following options-related issues: reporting a two-sided response to an options RFQ request where the response has one routedOrderID; reporting for FLEX options; and challenges with reporting a pairedOrderID for the manual route of options orders to a floor broker. The Working Group reviewed the May 10, 2021 updates to the Phase 2c Technical Specifications document.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group completed its review and discussion of the May 7 updates to the CAIS CCID Technical Specifications. The Working Group discussed the following issues raised by FIF members: limited information available for relationship-level FDIDs; CAIS reporting for initial account set-up and amending account information based on validation review; CAIS reporting for sole proprietorships; and CAIS reporting for activated and deactivated accounts. The Working Group discussed recent updates from FINRA CAT to move the customerType attribute off the FDID Record and on to the CAT Customer Record and to remove the customerType value of OTHER. The Working Group reviewed the list of CAIS open items to be submitted to FINRA CAT. The Working Group reviewed an updated version of the CAIS file format diagram prepared by FIF. The Working Group reviewed draft comments and questions from FIF members for FINRA CAT relating to phasing in the go-live for full CAIS reporting, separation of CAT transaction reporting and CAT CAIS, updates to the CAT CAIS Reporting Portal User Guide and inventory accounts reported to CAIS.
- TRF sub-group. FIF recently created a TRF sub-group. On May 13, the sub-group held a call to discuss recent guidance from FINRA on TRF reporting for NAV (Net Asset Value) trades.
Eduard Kotlyar