FIF is excited to welcome Kingland Systems as members of the Financial Information Forum.  

FIF will be responding to FINRA's Engagement Initiative, which seeks feedback from industry members on potential enhancements to FINRA's Engagement Programs.  If your firm would like FIF to include any specific issues in our letter, please contact the program office at fifinfo@fif.com.  FIF will be holding a meeting soon to review a draft of the letter.

FIF CAT WG Members,

As we discussed on the FIF CAT WG call on May 5, group consensus is that there is much to be reviewed, learned, compared, and further defined regarding firm designated id as related to implementing CAT. As there may not be a uniform understanding of the firm designated id construct, the industry would be looking for a comprehensive understanding of it in order to correctly and consistently include as part of CAT reporting.

To address this, FIF is starting a small sub-group to work through the various and seemingly complex scenarios re: firm-designated id.  SIFMA and potentially STA have agreed to join us in this effort. The results of the sub-group will be shared with FIF CAT WG, SIFMA, and STA; and  if there is interest, with the Advisory Committee, Operating Committee and Plan Processor.

We are calling for participation from volunteer firms that will represent the broad spectrum of customer/account models across the industry – e.g., institutional, retail, intermediary (RIA’s, wealth management and managed accounts), service bureau, and clearing/custody firms. For planning purposes, you should assume the sub-group will meet once per week for several weeks.  The first meeting will take place during the week of May 22. Access to New Accounts experts within your firm would be very useful for this exercise.

The proposed approach for the working group will be to define and select use cases from your firms that may be representative of the industry. Each firm, using a few of their use cases, will then define customer/firm-designated id profiles and associated CAT reports for orders, executions, and allocations for those customers, using the Firm Designated ID Walk-thru document as a model. The sub-group will review each firm’s work, and discuss any issues/questions/conclusions.

The output of this sub-group will be a set of recommended use cases for incorporation into CAT specifications, documentation of additional firm-designated id scenarios that can be added to the Firm Designated ID Walk-thru document, identification of any potential CAT problems encountered in this exercise, and recommendations to better explain the firm-designated id and associated definition process.

Volunteers should submit their name/firm to fifinfo@fif.com by Wednesday, May 17.

March 2017 Market Data Capacity Statistics Available

FIF is excited to welcome Jane Street Capital as members of the Financial Information Forum.