FIF CSDR/EU Buy-In Working Group - FIF was joined again by Andy Hill, ICMA, and Matthew Johnson, DTCC, to continue the discussion on CSDR issues facing U.S.-domiciled broker-dealers. The European Union has requested ESMA to conduct a review of CSDR and FIF will be submitting a letter outlining these US-specific issues for ESMA to take into consideration.  FIF SEC Rule 606 Working Group - FIF held two meetings this past week to discuss various remaining issues including 606(a) fees, specifically how to report the percentage of routed orders and whether options...

FIF CSDR/EU Buy-In Working Group - FIF reviewed the guidance on ACATs/conversions, penalty fees, etc. received from the DTCC and ICMA during the June 8th discussion. The group discussed additional issues/questions to raise on the follow-up meeting with ICMA and DTCC Representatives on June 23rd at 10 am. If you are interested in joining this call, please reach out to the FIF Program Office. FIF/SIMFA/STA CAT Options Working Group - FIF's first Options Subgroup meeting provided a summary of the June 11 and June 12 FINRA CAT Phase 2d Deep Dive on Multi-Leg Orders, Paired...

FIF CSDR/EU Buy-In Working Group - FIF was joined by representatives from the DTCC and ICMA who provided members with CSDR interpretative and implementation guidance.  Specifically, the ICMA and DTCC focused on ACATS/Conversions, Buy-In Penalities, Pass-Throughs etc...  FIF will be holding a follow-up meeeting with ICMA and DTCC Representatives on June 23rd at 10am to cover remaining questions and issues.  FIF/SIMFA/STA CAT Options Working Group - FIF reviewed the Paired Order business use cases (Single-Leg, Multi-Leg, Floor Broker) and the verbal/electronic...

  FIF CSDR/EU Buy-In Working Group - FIF was joined by representatives from the DTCC and ICMA who provided members with CSDR interpretative and implementation guidance.  Specifically, the ICMA and DTCC focused on ACATS/Conversions, Buy-In Penalities, Pass-Throughs etc...  FIF will be holding a follow-up meeeting with ICMA and DTCC Representatives in a couple of weeks to cover remaining questions and issues.  FIF CAT-OATS Parallel Reporting Working Group - The group reviewed the first iteration of the CAT/OATS Primer which covered topics such as order...

  FIF Front Office Committee - Please find this month's Front Office Committee agenda here;  FIF Order Routing Transparency Working Group - The group reviewed the draft Comment Letter Requesting that the Commission publish a Concept Release based upon the FIF Rule 605 Modernization Recommendations, including review of the intended scope of the content. The group also worked through EQ-based enhancement recommendations.  FIF Data & Technology Committee - The meeting featured a spotlight topic by CME's Chief Economist, Blu Putnam, on Gauging the Evolution of...

  FIF Business Continuity Planning Committee - Given the implementaiton of BCP procedures over the past month in response to the global pandemic, FIF brought this group together to dicuss the shared experiences amongst member firms on topics such as employee dislocation and operational and technology challenges faced by firms. FIF also discussed the efficacy of FINRA Rule 4370 and other rules associated with BCP and Disaster Recovery.  FIF Tax Information Reporting Working Group - After the rush of Tax season, this group met to discuss the SECURE Act and the CARES Act....

FIF TRACE Working Group -  FIF gathered additional feedback pertaining to potential issues and challenges identifed pursuant to FINRA Reg Notice 19-25 (FINRA Proposal that U.S. Dollar Denominated Foreign Sovereign Debt be incorporated into TRACE Reporting). The group specifically focused on the execution time of trades settled overseas and setting up securities with FINRA to create symbols.  FIF will hold a follow-up working group meeting to discuss feedback provided by FINRA last week's meeting that focused in-part on Reg Notice 19-25. FIF Front Office Committee - Please...

  FIF Tax Information Reporting Working Group - The meeting featured a spotlight presentation by Paul Maliboeuf from KPMG on the Withholding and Reporting Regimes: Documentation, Withholding, and Deposits in Federal Tax Reporting. The group also discussed topics to be covered in 2020 and whether to hold off on further meetings until after tax season is over.  FIF Back Office Committee - Please find this month's back office agenda here.  FIF CAT Tech Spec Working Group - FIF discussed updates in the newest draft of the Phase 2c Industry Member Tech...

  FIF CAT Tech Spec Requirements Working Group - FIF summarized the December 3rd meeting with SROs on the CAT Phase 2c Allocation scope and reportable events, including challenges related to new data elements such as Time of Allocation and FDID on New Order Events. The group also discussed the concept of allocations in the retail space and potential challenges with respect to reporting back office booking events as part of allocations reporting expectations. FIF held a second meeting on Friday, December 6 to continue discussion on allocation reporting expectations.  FIF...