15 June, 2020
Working Group Update 6/15/2020
15 June, 2020
- FIF CSDR/EU Buy-In Working Group - FIF was joined by representatives from the DTCC and ICMA who provided members with CSDR interpretative and implementation guidance. Specifically, the ICMA and DTCC focused on ACATS/Conversions, Buy-In Penalities, Pass-Throughs etc... FIF will be holding a follow-up meeeting with ICMA and DTCC Representatives on June 23rd at 10am to cover remaining questions and issues.
- FIF/SIMFA/STA CAT Options Working Group - FIF reviewed the Paired Order business use cases (Single-Leg, Multi-Leg, Floor Broker) and the verbal/electronic duplicate message scenarios. The group also reviewed the meeting materials that were covered by the SROs during the Thursday, June 11, 11:00am et deep dive with the regulators on CAT Phase 2d. The meeting was will be bifurcated between order modification and cancel CAT Reporting Obligations (too late to cancel/modify, route modify/cancel), and multi-leg orders.
- FIF Order Routing Transparnecy Working Group - FIF reviewed the Petition for Rulemaking Regarding the Modernization of SEC Rule 605 letter to be sent to the SEC which summarizes FIF's Rule 605 modernization recommendations which are designed to provide investors and other interested parties with Rule 605 disclosures that more accurately reflect the current market ecosystem.
- FIF SEC Rule 606 Working Group - The group discussed rule authority concerning the publication of Staff Guidance (inclusive of FAQs) are intended to provide clarifying guidance but not approved by the Commission. The group also discussed the unit the rebate/fees for 606(a) should be represented in and the material aspects of 606(a) including the scope and breadth of the disclosure.
- FIF CAT Committee - FIF gave a high-level review of 6/11/20 Phase 2d Deep Dive with FINRA including the FINRA CAT recommendations fo order modifications/cancel scenarios and order route modify/cancel. The group also reviewed additional topics including CAT linkages and OET.
- FIF Emerging Technologies Working Group - The meeting had guest speaker Ted Dunning from HPE and continued the conversation on Big Data in the Cloud and about the broader topic of Data Fabric as a whole.
Eduard Kotlyar