FIF Data and Technology Committee. The FIF 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 for the meeting was Lain Garrett, who discussed Cboe’s fixed income initiatives. Please find the meeting materials here and the full capacity statistics report here. FIF Tax Information Reporting Working Group. The FIX Tax Information Reporting Working Group met this past week. The spotlight presenters for the meeting were Stevie Conlon, Kristofer Thompson, Anna Vayser...

FIF Front Office Committee. The FIF Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. The spotlight presenter for the meeting was Tim Sargent of CalcGuard, who discussed global trade data aggregation. Find the March Agenda here. FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group reviewed draft comments and questions for FINRA CAT relating to the OPT handlingInstructions value, FAQ B24 (ALO, OPO and STP handlingInstructions), FAQ D27 (reporting for DMA and Sponsored...

FIF Back Office Committee. The FIF Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter for the meeting was Dianne O'Boyle of Symbiont, who discussed industry solutions to solve credit market risk using blockchain. FIF Rule 606 Working Group. The FIF Rule 606 Working Group continued its discussion of the FINRA proposal to require Rule 606-type reporting for routes in OTC equities. FIF CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group held an additional call this...

FIF Short Sales/Reg SHO/Short Interest Reporting Working Group. The Short Sales/Reg SHO/Short Interest Reporting Working Group discussed the recent SEC rule proposal to create a new short interest reporting requirement, mandate a new buy to cover order marker, and require new CAT reporting modifiers for buy to cover orders and short sales that rely on the bona fide market making exception.  FIF Compliance Working Group. Satish Kini and Robert Dura from the Debevoise law firm provided an update on the recent OFAC sanctions against Russia, including recent Directives under Executive...

FIF Rule 606 Working Group. The Rule 606 Working Group continued its review of a draft FIF comment letter on the request submitted by the SEC to the Office of Management and Budget for approval of the extension of Rule 606. FIF submitted this comment letter on March 2. The Working Group discussed the FINRA proposal to require Rule 606-type reporting for routes in OTC equities.  FIF Cybersecurity Working Group. The Cybersecurity Working Group discussed state-sponsored cybersecurity threats from Russia, the 2022 report on FINRA's examination and risk monitoring program, a 2021...

FIF Front Office Committee. The FIF Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. The spotlight presenter for the meeting was Hitesh Mittal, CEO of BestEx Research, who discussed his paper on Queue Jumping and Smart Order Routing for Passive Limit Orders in the US Equity Market. Find this month's agenda here.  FIF Data and Technology Committee. The FIF Data and Technology Committee reviewed capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures...

FIF Back Office Committee. The FIF Back Office Committee reviewed applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter for the meeting was Patrick Barthel of DTCC, who discussed DTC’s new automated process for submitting instructions for voluntary corporate actions in ISO 20022 format. Please find the committee agenda here.  FIF Rule 606 Working Group. The Rule 606 Working Group reviewed a draft interchange report to facilitate options look-through reporting. The Working Group discussed the reporting of material aspects in...

FIF Rule 606 Working Group. The Rule 606 Working Group reviewed a draft interchange report to facilitate options look-through reporting for future periods, provided an update on recent discussions between an FIF member and the SEC staff relating to Rule 606(a) and 606(b)(3) reporting for principal value orders that involve fractional shares, and discussed Rule 606(a) reporting for complex orders. FIF TRACE/Fixed Income Working Group. The FIF TRACE/Fixed Income Working Group continued its review of draft FIF member comments and questions for FINRA and the Federal Reserve Board relating to...

FIF TRACE Working Group. The FIF TRACE Working Group discussed the rule adopted by the Federal Reserve Board to expand TRACE reporting for Treasury and Agency securities to certain depository institutions that are not broker-dealers, including a review of draft FIF member questions to FINRA relating to implementation of the new reporting requirements. CAT Monthly Update Working Group. The CAT Monthly Update Working Group discussed the FINRA CAT February 2 webinar on CAT processing and ongoing challenges with delayed feedback. The CAT Monthly Update Working Group reviewed guidance and...