Working Group Update 10/12/2020

FIF CAT Tech Spec Working Group/CAT Committee: The Working Group and Committee discussed a recent notification from FINRA CAT removing the Phase 2d requirement to provide a new unique orderID on CAT Order Modification and Order Adjustment events and follow-up clarifications requested by FIF, discussed actions to be taken by FIF relating to the October 26 compliance date for firm to firm, exchange and TRF linkage validations, discussed various linkage error issues identified by FIF members, reviewed various questions to be submitted to FINRA CAT by FIF, reviewed various Phase 2c requirements, including the reporting of allocations, and reviewed the guidance provided by FINRA CAT on the October 6 Technical Specification Working Group Q&A call.

FIF CAT CAIS Working Group: The FIF CAT CAIS Working Group held two calls focused on challenges with reporting specific account and customer data elements required by CAIS and proposed feedback to FINRA CAT. The Working Group also focused on responses to specific questions raised by FINRA CAT relating to the reporting of customer and account information.

FIF Emerging Technologies Working Group: The Emerging Technologies Working Group met to take a deep dive into a FINRA White Paper on the role of AI in the Securities Industry. A panel discussion was held between the co-chairs and some guest speakers as we discussed the various uses of AI across different business lines, whether it be customer service, trading, operational, back office or administrative applications.