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. The spotlight presenter was Kaitlyn Meyer of MIAX, who discussed various MIAX market data initiatives. FIF CAT Transaction Reporting Working Group. The CAT Transaction Working Group discussed the current exemption for reporting port settings, which is scheduled to expire on July 31, 2024. FIF submitted a letter to the SROs on reporting UAT testing results to CAT. FIF CAT CAIS Working Group. The CAIS...

Back Office Committee. The Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter was Peter Warms of the Global Legal Entity Identifier Foundation (GLEIF), who discussed current developments relating to legal entity identifiers (LEIs). The LEI is a 20-character alpha-numeric code based on ISO 17442 that enables clear and unique identification of legal entities participating in financial transactions. Find this month's agenda here. Tax Information Reporting Working Group. Cynthia Lapins and Robert...

FIF Rule 606 Working Group. The Rule 606 Working Group discussed issues and questions from FIF members on challenges with linking to exchange fee schedules, reporting fees in the Rule 606(a) material aspects disclosures, and Rule 606(a) reporting for FLEX option orders. FIF CAT CAIS Working Group. The CAIS Working Group discussed reporting for independent registered representatives, reporting accounts for the United Nations, CAIS production refresh requests, and Material Inconsistencies for multiple Customer records for the same underlying Customer. The Working Group discussed the...

FIF Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. The spotlight presenters were Matt Cohen and Rachel Andreassian of Provable Markets, who discussed FIX for stock lending. Please find the meeting Agenda here. FIF Compliance and TRACE/Fixed Income Working Groups. FIF hosted a webinar on SEC Rule 15c2-11 (Publication or submission of quotations without specified information). The webinar discussed application of the rule to quoting in unlisted equities and bonds, the expiration...

FIF TRACE Working Group. The TRACE Working Group discussed and provided final comments on a draft FIF comment letter on FINRA Regulatory Notice 22-17 and MSRB Notice 2022-07. These regulatory notices propose that trades in corporate, agency and municipal bonds be reported as soon as practical and no later than one minute after execution. Cybersecurity and Compliance Working Groups. FIF held a joint call for the Cybersecurity and Compliance Working Groups. The Working Groups discussed a request sent by the SEC to FIF to discuss a planned rule proposal by the SEC relating to...

FIF TRACE Working Group. The TRACE Working Group continued its review of a draft FIF comment letter on FINRA Regulatory Notice 22-17 and MSRB Notice 2022-07. These regulatory notices propose that trades in corporate, agency and municipal bonds be reported as soon as practical and no later than one minute after execution. FIF Rule 606 Working Group. The Rule 606 Working Group continued its discussion of a proposed alternative for Rule 606(a) reporting for options. The Working Group discussed recent guidance from FINRA to a firm on reporting routes to options floor brokers and options algo...

FIF OTC Options Reporting Working Group. The OTC Options Reporting Working Group continued its review of a draft FIF comment letter on FINRA Regulatory Notice 22-14, “OTC Options Reporting: FINRA Requests Comment on Proposed Trade Reporting Requirements for Over-The-Counter Options Transactions”. FIF plans to submit this comment letter later today. FIF Tax Information Reporting Working Group. Representatives from the EY Tax Team presented on IRC 1446(f), withholding on dispositions of interests in publicly traded partnerships. The next meeting will take place on 10/20 @ 2pm ET. FIF...

FIF TRACE Reporting Working Group. The TRACE Reporting Working Group reviewed the recent SEC approval of SR-FINRA-2022-013, which requires trades in Treasuries to be reported “as soon as practicable, but no later than … 60 minutes of the Time of Execution” and also requires that electronically executed transactions in Treasuries be reported “to the finest increment of time captured by the execution system”. FIF provided an update on an FIF call with FINRA relating to FINRA’s consideration of a requirement for firms to report quotes in fixed income securities to FINRA. The Working Group...

FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group held a call focused on whether firms include the mark-up and mark-down when reporting the price field in CAT Allocation events. FIF and FIF members participated on a call with FINRA CAT to discuss CAT clock synchronization and electronic timestamp increments.