04 November, 2019
Working Group Updates 11/4/19
04 November, 2019
- FIF/SIFMA/STA Options Subgroup – Complex Options Deep Dive - Reviewed several multi-leg options reporting models, with a focus on identifying gaps within the proposed reporting models. FIF will and updates to the multi-leg options industry recommendation deck.
- FIF Data & Technology Committee - This meeting featured a spotlight presentation from IPC on the Current Status of the Availability of CAT Connectivity through 3rd Party Extranet Providers. The meeting also covered the monthly Market Data Capacity Reports, summarize exchange and SIP technical notices and updates, and review recent or upcoming regulations that impact market data. Please find the full capacity report here.
- FIF/SIFMA/STA Options Subgroup – Paired Options Deep Dive - FIF continued to work through Paired Order scenarios and recommended reporting structure, including anticipated fields required including an identifier to properly identify that an order is to be crossed at an exchange (i.e. cross-reference ID).
- FIF CAT Tech Spec Working Group - FIF and industry members finalized our initial recommendations pertaining to CAT Phase 2c allocations. Industry members came to a consensus on the general scope of allocations reporting, including optional reporting of step-outs and correspondent flips. The meeting also highlighted the data that would be required to be captured in CAT to facilitate the ultimate retirement of Electronic Blue Sheets. FIF's second meeting requested final feedback on the DRAFT materials that will be presented during an upcoming in-person meeting with the SROs. FIF then began review of anticipated challenges with respect to reporting phase 2c/phase 2d cancellation scenarios, specifically 'too late to cancel' events.
- FIF Joint Cybersecurity & Cloud Technology Working Group Meeting - Cybersecurity chair, Jim Dolan, led a presentation on the FINRA Cybersecurity Alert on cloud-based email account takeovers. Cloud Technology Chairs, Tom Golway and Mike Mazza, followed with a discussion on the Capital One Breach and its key takeaways.
- FIF CAT Committee - This meeting highlighted important updates including the anticipated test roll-out schedule, review of the CAT Web Portal Mock-Ups, an overview of the recently published FAQs, review of recent changes to the Spec (V2.2.1 R1), and an overview of the CAT subgroups.
- FIF SEC Rule 606 Working Group - FIF focused on proposed delivery methods that should allow firms to provided the required 'look-through data' to other brokers (or their vendors). The meeting placed particular emphasis on the design of the delivery method that leverages the SEC Template/XML schema. FIF also discussed the understood expectations of reporting not held order flow that the broker intended another broker to further route v. reporting not held order flow that the broker intended another broker or execution venue to execute.
- FIF Front Office Committee - The spotlight topic examined a stock manipulation scheme discovered by the SEC. FIF also focused on order management and trading system issues resulting from proposed rule changes (SEC, FINRA, SROs). Find this month's agenda here
Eduard Kotlyar