FIF CAT Tech Specs Working Group. The Working Group reviewed new reporting scenarios published by FINRA CAT relating to the “too late to cancel” scenario and error handling for named errors, reviewed the issues addressed by FINRA CAT during the September 8 FINRA CAT Tech Spec Working Group call, reviewed the CAT clock synch survey prepared by FIF, and reported on upcoming FINRA CAT webinars. FIF CAT CAIS Working Group. The FIF CAT CAIS Working Group held its second call. The Working Group discussed how to report LTIDs for relationship FDIDs, the proposed CAT CAIS procedures for...

FIF CAT Committee -  The FIF CAT Committee call summarized the prior discussions of the CAT Tech Specs and CAT CAIS Working Group during the week. FIF TRACE Working Group - The group held a follow-up call to discuss FINRA's proposed changes to the TRACE reporting rules that were recommended by the Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee. The proposed changes relate to delayed reporting of Treasury spot trades and the reporting of certain portfolio trades. FIF CAT Tech Spec Requirements Working Group - The Working Group reviewed...

FIF CAT Committee -  The FIF CAT Committee summarized the FIF CAT Tech Spec meetings of the week and any important initiatives coming out of FINRA CAT. FIF TRACE Working Group - The group focused on FINRA's proposed changes to the TRACE reporting rules that were recommended by the Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee. The proposed changes would require firms to: (1) identify in TRACE corporate bond trades where the price of the trade is based on a spread to a benchmark Treasury security that was agreed upon earlier in...

FIF Front Office Committee - Please find the August Front Office Committee Agenda here. FIF CAT Committee -  The FIF CAT Committee went over summaries of the FINRA CAT Webinar on Industry Member Compliance Report Cards, the FINRA CAT Webinar on Interfirm Linkages, Recently Published Guidance, the FINRA CAT Open Issues List and the week's FIF CAT Tech Spec Working Group meetings FIF SEC Rule 606 Working Group - The group focused on issues with the PDF Renderer and the status of SEC’s progress on this issue, Solicitation of feedback from FIF members on 606(b)(3)...

FIF Back Office Committee - Please find the August Back Office Committee Agenda here. FIF Cybersecurity Working Group - The group discussed a SEC Ransomware Alert, NSA notices on configuring and securing your VPNs, and Zoom cybersecurity concerns. FIF CAT Tech Spec Requirements Working Group - FIF's first Tech Spec call of the week focused on summarizing the FINRA CAT IMTS Working Group meeting, CAIS Reporting, schema limitation, and the natural person customer record count field. The second meeting of the week focused on summarizing the FINRA CAT Industry Member...

FIF SEC Rule 606 Working Group - FIF introduces the new 606 Working Group chairs of Mark Davies (S3) and John Jannes (IHS Markit). The group then moved to review of RB/EB scenarios and issues as well as Q2 606(a) feedback from industry members. Additional topics discussed include IOC orders and Special Handling Conditions. FIF Tax Information Working Group - The group discussed Negative Interest Rates, 1042-S Reporting: Quasi-Intermediaries, and Quick IRS Publication & Guidance Updates. FIF CAT Committee - FIF discussed industry member feedback related to CAT...

FIF SEC Rule 606 Working Group - FIF announced the new Rule 606 Working Group Co-Chairs and reviewed the scenarios and follow-up questions to be presented to SEC T&M Staff, including the application of FAQ 12.02 (scope of Rule 606(a) obligations of executing brokers without customer order flow). FIF also reviewed a SEC Clarification which calls for Industry Members to add the rows for Market, Marketable Limit, Non-Marketable Limit, and Other Orders vetically to derive percentages, as mentioned in the rule text and the old FAQs. The group also discussed the percentage of orders -...

FIF Back Office Committee -  Please find this month's Back Office Committee agenda here;  FIF CAT-OATs Parallel Reporting Working Group - FIF reviewed the earlier FINRA TSWG discussion on the Phase 2d requirement mandating Unique Order IDs upon all Order Modify Events, incorporating FINRA CAT's description of the rationale.  The group discussed potential industry solutions and potential consequences from this requirement. FIF also reviewed rejection and corrections of TRF reports and asked for feedback regarding the Amendments to SRO...

FIF CSDR/EU Buy-In Working Group - FIF submitted a letter to ESMA requesting guidance in support of our members' continued efforts in meeting CSDR's mandatory buy-in provision on  February 21, 2021.   FIF raised several issues related to cross-jurisdictional settlement.   FIF CAT Committee - FIF began an initial review of the Phase 2d Technical Specification, with a focus on the Equities-only updates, including the new Phase 2d Requirement mandating a new OrderID be assigned when an order is modified and cancel/replaced. FIF also reviewed the issue...