02 November, 2020
Working Group Update 11/2/2020
02 November, 2020
- FIF CAT Tech Specs Working Group and FIF CAT Committee: The FIF CAT Working Group and Committee participated on a call where FINRA provided guidance on the October 26 compliance dates for resolving equities and options interfirm, exchange and TRF linkage validations by 8 am on T+3. The Working Group continued a detailed review of the CAT Phase 2d requirements, including manual workflows for receiving and routing options and multi-leg orders. The Working Group and Committee reviewed various issues raised by FIF members, including aggregated orders where one of two component orders is cancelled, reporting of route rejects, reporting of order routes and route modifications, reporting of accountHolderType for principal trading, and various TRF linkage scenarios. The Committee reviewed recently issued and updated FAQs relating to the reporting of order terms provided through port and connection level default settings and the reporting of order handling events for algos and algo modifications. The Committee reviewed updates from the October 20 Industry Testing Checkpoint call, including new destinationType and senderType values to be introduced by FINRA CAT for OTC equity foreign routes.
- FIF CAT CAIS Working Group: The CAIS Working Group discussed and drafted responses to the questions from FINRA CAT relating to data submission, the error correction process, account transfers, and potential new account and customer type fields presented by FINRA CAT.
- FIF Rule 606 Working Group: A Working Group call has been scheduled for November 2nd to review responses received this week from the SEC on various outstanding issues, including the PDF renderer, the reporting of IOC orders as held or not held, and the reporting of executions that result from more than two levels of routing. The Working Group also will discuss issues recently identified by FIF members.
- FIF Data & Technology Committee: Our last meeting was on 10/28 where we were treated to a spotlight presentation from IEX, who went over their new O-Peg order type. Please find last month's Meeting Materials deck here and Capacity Statistics deck here.
- FIF Tax Information Reporting Working Group: The working group convened on 10/29 where we had a spotlight presentation from Wolters Kluwer on IRS Rule 1446(f)
Eduard Kotlyar