FIF OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group continued its discussion of implementation of the new regulatory requirement to report non-centrally clearing bilateral repos to the OFR. The Working Group discussed calculating the threshold for Category 1 Covered Reporters, reporting for allocations, reporting for same-day cancels, reporting the trade timestamp, and reporting the state and end dates. FIF Short Sales / Reg SHO / Short Reporting Working Group. This past week, FIF hosted two calls for this Working Group to continue discussing the implementation of...

FIF Webinar on Trade Surveillance. On July 30, FIF hosted a webinar on trade surveillance for the Compliance and Surveillance Working Group. Tom Jordan, the FIF Advisory Committee Chair, moderated the panel. The panelists were Steve Bonanno of BXS, Ted Karn of The Karn Group, Chris Montagnino of Jordan & Jordan, and Jeremy Vest of S3. Topics discussed during the panel included: monitoring that the surveillance program is working as designed; configuration of alert thresholds; managing the exception handling process; outsourcing of surveillance and required oversight of vendors; and...

FIF OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed issues and questions from FIF members relating to Rule 15a-6 transactions, the start date for testing, onboarding for firms with multiple reporting entities, cross-border scenarios involving allocations, cash and position snapshot times, tri-party repos that involve a custodian other than BNY, and reporting the rate field for certain floating rate scenarios. FIF Short Sales / Reg SHO / Short Reporting Working Group. This past week, FIF hosted two calls for this Working Group to continue discussing the...

OFR Repo Reporting Working Group. FIF hosted two calls this past week for the OFR Repo Reporting Working Group. The Working Group reviewed a draft follow-up FIF letter to the Treasury Department’s Office of Financial Research relating to the new requirement to report non-centrally cleared bilateral repos. The Working Group continued its discussion of scenarios where transferred securities are substituted, a repo has multiple types of transferred securities, and securities are transferred as a pool to support a portfolio of related repos. FIF submitted this follow-up letter to the...

OFR Repo Reporting Working Group. FIF hosted two calls this past week for the OFR Repo Reporting Working Group. The Working Group continued its discussion of the implementation of the rule adopted by the Treasury Department’s Office of Financial Research to require reporting of non-centrally cleared bilateral repos. The Working Group discussed the scenarios where a repo has multiple types of transferred securities and where securities are transferred as a pool to support a portfolio of related repos. The Working Group reviewed and discussed a draft FIF letter to the OFR. FIF Securities...

FIF CFTC Large Trader Reporting Subgroup. FIF hosted a call for the CFTC Large Trader Reporting subgroup. The subgroup continued its review and discussion of the CFTC’s recent amendments to the CFTC Large Trader Reporting requirements and the Part 17 Guidebook published by the CFTC. FIF Securities Lending Transparency Working Group. The Securities Lending Transparency Working Group continued its review and discussion of the SLATE Participant Specification published by FINRA. FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group reviewed and made final...

FIF OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed issues and questions from FIF members relating to reporting for a non-US branch of a US bank and restrictions in other jurisdictions on reporting counter-party information. The Working Group discussed how reporting would apply to various cross-border scenarios. Data and Technology Committee. The Data and Technology Committee reviewed capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. Please find the meeting materials here and the full...

FIF OFR Repo Reporting Working Group. FIF hosted a call for the OFR Repo Reporting Working Group to review and make final changes to the FIF letter to the Treasury Department’s Office of Financial Research (OFR). The letter requests clarification on various issues and questions relating to the new requirement to report repos that are executed bilaterally and not centrally-cleared (NCCBR repos). FIF submitted the letter to the OFR on June 20. FIF Rule 605 Working Group. The Rule 605 Working Group reviewed and made final changes to an FIF  letter to the SEC relating to implementation...

FIF OFR Repo Reporting Working Group. FIF hosted two calls this past week for the OFR Repo Reporting Working Group. The Working Group continued its review and discussion of a draft FIF letter to the Treasury Department’s Office of Financial Research (OFR) requesting clarification on various issues and questions relating to the new requirement to report repos that are executed bilaterally and not centrally-cleared (NCCBR repos). FIF Rule 605 Working Group. The Rule 605 Working Group continued its review of a draft FIF comment letter to the SEC relating to implementation of the changes to...