Working Group Update 11/16/2020

FIF CAT Tech Specs Working Group and FIF CAT Committee. The FIF CAT Tech Specs Working Group reviewed new and updated FAQs from the SROs relating to buy-ins, OTC link messages, booking for allocations, and the OPT and CND handlingInstructions. The Working Group reviewed proposals to ensure that errors are not assigned to industry members that have reported correctly. The Working Group discussed reporting for various ESPP scenarios. The Working Group and Committee reviewed and discussed the updates to the Technical Specifications and Reporting Scenarios issued by FINRA CAT on November 6, including updates relating to the following: rejected routes; RFQ scenarios; stop loss orders; stock orders; the requirement to report a unique orderID for order modifications and a unique routedOrderID for route modifications;  the cancelQty field for partial cancels; the Order Effective event; amended allocation events; linkage outstanding feedback files; reuse of the firmROEID after a Delete; changes to linkage error codes; and updates to the Data Dictionary. FIF submitted comments to FINRA CAT on the Technical Specification and Reporting Scenario documents based on the FIF Working Group and Committee discussions.

FIF CAT CAIS Working Group. The FIF CAT CAIS Working Group discussed specific concerns relating to the reporting of CAIS data for Authorized Traders and relief to be requested from the regulators. The Working Group discussed issues relating to ULTID formatting and customer notifications relating to CAIS. The Working Group continued its review of, and responses to, the questions from FINRA CAT relating to inconsistency management.

FIF Back Office Committee. This month we had a spotlight topic by Greg Lee of Paxos who discussed Paxos’ clearing agency plan in leveraging blockchain for back office. Please find the rest of the agenda/notices here.