08 March, 2021
Working Group Update 3/8/2021
08 March, 2021
- FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed new and updated FAQs from FINRA CAT relating to RFQs, the cancelFlag field in MEOT events and reporting a MEPA before the DVPCustodianID is known. The Working Group reviewed and discussed FIF member comments and questions for FINRA CAT relating to DVPCustodianID, Multi-Leg Order events in the Phase 2d Technical Specifications, multi-class spread orders, partial Multi-Leg cancels, cancelQty and leavesQty, RFQID, Route Supplement events, index options with synthetic equity legs, automatic investment programs, OATS retirement, reporting allocation events when the settlement date is not known, reporting for opening and closing IDQS quotes, and TRF reporting exception codes. An FIF member reviewed responses received from FINRA CAT relating to algo modifications. The Working Group reviewed guidance from FINRA on NAV trades. On March 3rd, the Co-Chairs of the FIF CAT Working Group participated on a call with FINRA CAT to discuss various IDQS reporting issues.
- FIF CAT CAIS Working Group. The CAT CAIS Working Group reviewed and discussed a document on account type mapping between CAT transaction reporting and CAT CAIS reporting prepared by an FIF member. The Working Group reviewed and discussed a workflow document prepared by an FIF member relating to LTID correction scenarios. The Working Group reviewed guidance provided by FINRA CAT during the March 2 Technical Specifications Working Group call. The guidance related to reporting the fdidDate and customerStartDate for acquired accounts, the source for bankDepositoryID, and the reporting of various custodian and clearing fields. The Working Group reviewed a draft FIF proposal to FINRA CAT relating to the reporting of the fdidDate for legacy accounts. The Working Group reviewed a matrix prepared by an FIF member relating to the fixing of CAIS rejections.
- FIF TRACE Working Group. On March 2, the FIF TRACE Working Group met to review a draft comment letter on a rule proposal by the Federal Reserve to expand TRACE reporting to certain depository institutions that are not broker-dealers. The comment letter is focused on the potential impact for broker-dealers that currently report to TRACE.
Eduard Kotlyar