FIF CAT Tech Specs Working Group. The Tech Specs Working Group reviewed draft comments and questions for FINRA CAT on reporting request events for sponsored broker workflows, rejections of route cancel requests, reporting the LCE handlingInstruction, reporting multiple cancel requests for a single orderID, reporting mass cancels, and the pairedOrderID field. The Working Group discussed new FAQ D37 relating to reporting the DIR handlingInstruction for sponsored access and DMA workflows. The Working Group discussed FINRA’s plans for retirement of EBS. The Working Group discussed issues and...

FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed best practices for reporting partial cancel scenarios. The Working Group reviewed issues and questions raised by FIF members relating to the following: the requirement to report multiple cancel requests for a single cancel; reporting mass cancels to CAT; DMA route modification and cancel scenarios; and FLEX options scenarios. The Working Group discussed decommissioning of EBS and EBS reporting for orders that are routed to and executed by an execution venue. The Working Group discussed responses from FINRA CAT to...

Back Office Committee. On August 17, 2021, representatives from DTCC presented on their Securities Financing Transaction (SFT) Clearing Service. The SFT service provides central clearing for equity lending and borrowing transactions. Data and Technology Committee. On August 18, 2021, John Ramsay from IEX reviewed changes to IEX’s retail program, which were approved recently by the SEC. IEX will be publishing a retail liquidity indicator on their prop feed and on the tape showing where there is trading interest for at least 100 shares willing to trade against retail orders at the...

FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed draft comments and questions for FINRA CAT relating to reporting accountHolderType field in Allocation events, CAT reporting for options errors, FAQ searches, additional Phase 2d Reporting Scenarios Relating to Multi-Leg Orders, reporting accountHolderType for Relationship FDIDs, the LCE and PBG handlingInstruction values, the isoInd field, Error Code 6029, and linkage validation for Route Cancel events. On August 14, 2021, FIF submitted comments and questions to FINRA CAT relating to these issues. The Working...

FIF CAT Committee. The FIF CAT Committee discussed OATS retirement, which is scheduled for the end of August. The Committee reviewed CAT Alert 2021-03, which provides guidance on the transition to Phase 2d, including coordinated industry testing. The Committee reviewed the recent CAT Operating Committee and SEC filings relating to the CAT Operating Committee’s Revised Funding Model proposal. The Committee reviewed recent updates to the Phase 2d Reporting Scenarios and Technical Specifications. The Committee reviewed the recently published CAT CAIS CCID Reporting Scenarios. The Committee...

FIF Data and Technology Committee. On Wednesday, July 28, Cboe gave an overview of the options industry today, and introdruced their new data and access solutions (DnA). Please find the spotlight presentation and the FIF monthly stats here: meeting materials  /   full capacity statistics report FIF Front Office Committee. On Tuesday, July 27, Jim Angel from Georgetown University came on as a guest speaker discussing his views on the recommendations for the SEC’s regulation of short selling published by Better Markets. Please find this month's Front Office...

FIF Reg SHO/Short Interest Reporting Working Group. The Working Group continued its discussion of FINRA Regulatory Notice 21-19, “Short Interest Position Reporting Enhancements and Other Changes Related to Short Sale Reporting”. The Working Group started its review of an initial draft of an FIF comment letter on the rule proposal. FIF Back Office Committee. On July 22, speakers from the DTCC and the committee co-chairs went over rule notices from the DTCC, OCC, FINRA, SEC and more. Please find the meeting materials here.  FIF CAT Tech Specs Working Group. The CAT Tech Specs Working...

FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group discussed issues and questions from FIF members relating to the new AVP allocationType for Phase 2d, the SLD handlingInstruction, and manual algo instruction scenarios. The Working Group continued its discussion of options error scenarios and reporting for partial cancels for Phase 2d, including a review of survey responses from FIF members relating to partial cancels. The Working Group reviewed responses from FINRA CAT to FIF member questions relating to options allocations, manual responses to options solicitations,...

FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group discussed additional guidance received from FINRA relating to OATS reporting for trades that occur after 4 pm on August 31. The Working Group discussed draft comments and questions for FINRA CAT relating to the cancelFlag for the MOOT event, repairing or correcting Phase 2c events after the Phase 2d live date, partial cancels, and reporting for the equity side of a bond swap negotiated through a broker’s broker. The Working Group discussed issues and questions from FIF Members relating to the reporting of minQty and paired...