29 March, 2021
Working Group Updates 3/29/21
29 March, 2021
- FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group discussed FIF Member comments and questions relating to DMA rejected routes, reporting quantity for Multi-Leg orders, and reporting priceType for Multi-Leg orders. The Working Group discussed issues and questions raised by FIF members relating to the CenturyLink/Lumen failover, the FCUS, FDVP, FCSF and FDVF allocationTypes, a rejected route scenario involving two brokers and an exchange, DAY orders that can be executed in foreign venues on T+2, timestamp granularity, and the “O” senderType. The Working Group discussed the recent FINRA update on OATS retirement. The Working Group reviewed Phase 2d reporting scenarios relating to internal routes, cancellations, OTC trading and Multi-Leg orders. FIF submitted comments and questions to FINRA CAT relating to DMA rejected routes and other issues.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group reviewed and discussed the survey questions from the regulators relating to Authorized Traders. The Working Group reviewed the March 23 updates to the CAIS LTID Phase Technical Specifications. The Working Group discussed CAIS reporting of ULTIDs by an acquiring firm in an acquisition scenario. The Working Group discussed reporting of the ltidEffectiveDate. The Working Group discussed various error handling scenarios. FIF submitted comments and questions to FINRA CAT relating to error handling scenarios and other issues. The Working Group discussed new CAIS FAQs relating to accounts opened in the name of a prime broker f/b/o a customer, the scope of accounts that are subject to full CAIS reporting, updates to customer and account information that occur between January 11, 2022 and July 10, 2022, and ltidEffectiveDate. The Working Group reviewed the March 24 updates to the CAIS Onboarding Guide and the CAIS Reporter Portal User Guide. The Working Group discussed CAIS reporting for abandoned accounts and accounts in transfer status. The Working Group reviewed and discussed the revised survey questions from the regulators relating to Authorized Traders.
- FIF Rule 605 Working Group. The FIF Rule 605 Working Group continued its discussion of FIF member recommendations for modernizing the current Rule 605. The Working Group also discussed potential additional recommendations to enhance transparency.
- FIF Emerging Tech/CyberSecurity Joint Working Group Session. On March 23, Josh Burns of CitiHub presented on Secrets Management in the Financial Industry Using a Hashicorp Vault Implementation
- FIF Front Office Committee. On March 23, FIF held its monthly Front Office Committee meeting. Please find the meeting agenda/notices here. Our next meeting will be on April 27.
- Secured Overnight Financing Rate (SOFR). On March 26, FIF hosted a call with interested FIF Members to discuss industry best practices on trade confirmation language for repos executed at a spread to the SOFR rate.
Eduard Kotlyar