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. Matt Cohen, CEO of Provable Markets, presented on his firm’s role as an Approved SFT Submitter for the DTCC Securities Financing Transaction Clearing Service, which is currently under review by the SEC. Please find the Agenda here. FIF Securities Lending Transparency Working Group. The Securities Lending Transparency Working Group completed its review and drafting of a comment letter on the SEC’s November 18 rule proposal to create a...

FIF Securities Lending Transparency Working Group. The Securities Lending Transparency Working Group reviewed a draft comment letter on the SEC’s November 18 rule proposal to create a new reporting system for securities loans. On January 10, Ignacio Sandoval of the Morgan Lewis law firm  presented a buy-side perspective on the SEC’s recent Securities Lending Transparency rule proposal. FIF CAT CAIS Working Group. The CAT CAIS Working Group reviewed the change announced by FINRA CAT to require the reporting of the accountHolderType in CAT Allocation events in place of reporting the...

FIF Rule 606 Working Group. The Rule 606 Working Group discussed recent feedback from the SEC staff relating to Rule 606 reporting for options and reporting for fractional shares. FIF Securities Lending Transparency Working Group. The Securities Lending Transparency Working Group continued its review of the SEC’s November 18 rule proposal to create a new reporting system for securities loans. FIF CAT Monthly Update Working Group. The CAT Monthly Update Working Group reviewed guidance and updates from the SROs on CAT transaction reporting and CAT CAIS reporting during the prior month....

No Working Group Meetings Were Held Last Week

FIF TRACE Working Group. The TRACE Working Group made final edits to a comment letter on SR-FINRA-2021-030, “Notice of Filing of Proposed Rule Change to Amend FINRA Rule 6730 to Require Members to Append Modifiers to Delayed Treasury Spot and Portfolio Trades When Reporting to TRACE.” FIF Securities Lending Transaction Working Group. The Securities Lending Transaction Working Group continued its discussion of the SEC’s November 18 rule proposal to create a new reporting system for securities lending. FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed updated...

FIF Cybersecurity and Compliance Working Groups. Alaina R. Clark, Assistant Director for Stakeholder Engagement at the Cybersecurity and Infrastructure Security Agency (CISA), presented to a joint call of the FIF Cybersecurity and Compliance Working Groups on the role and functions of CISA. CISA is an agency of the Department of Homeland Security. FIF Front Office Committee. The FIF Front Office Committee met to review applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. Please find this month's agenda here. FIF TRACE Working Group. The FIF...

Back Office Committee. The FIF Back Office Committee met on December 7 to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. Please find this months agenda here. FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed updated FAQs from FINRA CAT relating to modification and cancel requests and linkage of representative and customer orders. The Working Group discussed issues and questions from FIF members relating to Multi-Leg option order scenarios and the timestamp for route, route modification and route cancel supplement...

FIF Securities Lending Transparency Working Group. The Securities Lending Transparency Working Group discussed the SEC’s recent rule proposal to create a new regulatory reporting system to enhance transparency in the securities lending market. FIF TRACE Working Group. The TRACE Working Group discussed two recent filings by FINRA relating to TRACE reporting for ATS trades, delayed Treasury spot trades and portfolio trades. FIF Rule 606 Working Group. The Rule 606 Working Group provided final comments for the FIF comment letter on FINRA Regulatory Notice 21-35, “FINRA Requests Comment on...

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, exchange and SIP technical notices and updates, and regulatory changes that impact market data.Please find this month's meeting materials here and full capacity statistics report here.  FINRA Supplemental Liquidity Schedule. An FIF sub-group met to discuss member questions relating to the Supplemental Liquidity Schedule (SLS) recently adopted by FINRA (see FINRA Regulatory Notice...