22 March, 2021
Working Group Update 3/22/2021
22 March, 2021
- FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed draft comments and questions for FINRA CAT relating to partial cancels, the OFF handlingInstruction, intra-day symbol files, and an error scenario where the introducing broker is not subject to OATS reporting. FIF submitted these comments and questions to FINRA CAT. The Working Group discussed issues and questions raised by FIF members relating to AWS connectivity, Phase 2f items and the YP representativeInd value. The Working Group commenced and completed a review of the FINRA CAT March 5 updates to the Phase 2d Technical Specifications. The Working Group reviewed draft comments and questions for FINRA CAT relating to allocation reporting for symbol change scenarios, mass cancels and the QCC workflow. The Working Group reviewed issues and questions raised by FIF members relating to Multi-Leg Orders and receiving a client cancel or modify request directly into the desk that currently holds the order. The Working Group discussed CAT reporting for the scenario where a DMA order is rejected and proposed comments to the Plan Participants relating to this scenario.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group reviewed updated CAIS FAQs Q3, Q20 and Q28 relating to the various effective dates for CAIS reporting. The Working Group discussed an industry questionnaire from the Plan Participants relating to accounts with authorized traders. The Working Group discussed the requirements for reporting ULTIDs when a firm acquires another firm.
- FIF Reg SHO Working Group. At the request of FIF members, FIF has created a Working Group to focus on interpretive and operational questions relating to Regulation SHO. The Working Group held its first call on March 18. Mark Fitterman of the Baker McKenzie law firm participated in the discussion The Working Group discussed buy-ins on long sales, marking of restricted share sales, buy-ins for restricted shares, CNS buy-ins, buy-ins executed after the open, re-using locates for hard to borrow securities, the potential impact of a shortened settlement cycle, and compliance best practices to evidence that a VWAP order for a buy-in is irrevocable. In order to join this group, update your working group subscriptions in your profile here: https://fif.com/index.php/profile. If you're having trouble, or forgot your password, email
This email address is being protected from spambots. You need JavaScript enabled to view it. for assistance. - 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 the potential expansion of Rule 605 reporting to include options, OTC equities, broker-level disclosure and trade-level disclosure.
- FIF Back Office Committee. On March 16, the Co-Chairs of the FIF Back Office Committee (Susan Crozier of FIS and Doug Gifford of Broadridge) led a discussion of the recent DTCC T+1 whitepaper, Advancing Together: Leading the Industry to Accelerated Settlement. Find the rest of the agenda here.
Eduard Kotlyar