FIF CAT Tech Spec Working Group - FIF reviewed all recent additions and amendments to the CAT Technical Specifications/CAT Scenarios Document.  FIF held a second Tech Spec Working Group call to discuss several remaining issues, including the status of connectivity, and review of the recent Q&A session with FINRA CAT. CAT Options Deep Dive - Paired Options - FIF led a joint working group meeting with SIFMA and STA representatives on Paired Options Orders.  During this call, FIF reviewed the scoping materials provided by the SROs and began to work through solutions...

FIF CAT Tech Spec Working Group - FIF reviewed in detail Scenario 2.6.7 of the Scenarios Document (customer requested cancel of an order that has already been executed(. Based on industry member feedback, FIF is preparing to raise the challenges and workflow issues of the scenario to the regulators. FIF CAT Committee - Operations Focus - FIF provided a high-level overview of the CAT Onboarding Guide with a detailed review of the CAT user entitlement requirements and expectations. FIF also allowed for questions on the recently published CAT Reporter Agreement and...

FIF CAT Committee - FDID Focus - FIF held two working group meetings the week of 8/26 with the intent of gathering industry feedback questions, suggestions, and additional use cases pertaining to remaining gaps in FDID guidance.  As part of these discussions, FIF sought to provide members an opportunity to ask and discuss common questions related to the implementation of FDIDs.  FIF completed the feedback cycle and submitted our questions and recommendations to FINRA CAT on Thursday, August 29.  FIF believes much of our feedback will be discussed on the September 10...

FIF CAT Tech Spec Working Group - FIF reviewed the recently published CAT Connectivity Guidance and recently added scenarios. During the second meeting of the week, we opened the floor to questions pertaining to the tech spec and scenerios document, we then continued with review of the scenarios document beginning with section 2.11 (child orders) through clearing firm scenarios. FIF SEC Rule 606 Working Group - FIF reviewed the 606 FAQs with members and discussed next steps in formally requesting an extension to 606(a) and 606(b) reporting requirements to allow firms...

FIF CAT Tech Spec Working Group - FIF reviewed the recently published Industry Member Onboarding regarding CAT Connectivity published by FINRA CAT and next steps pertaining to connectivity as well as a preview of the Phase 2d Scoping regarding paired orders (options). The meeting also focused on the newly added CAT Industry Member Reporting Scenarios document and reviewed previously clarified scenarios.  FIF Cybersecurity Working Group - FIF provided a high-level overview of Wipro's State of Cybersecurity Report 2019, which presented detailed data on the...

FIF Data & Technology Committee - The meeting began with a spotlight presentation by Sync-n-Scale on CAT/MiFID II clock sync requirements. The spotlight topic was followed by a review of the monthly Market Data Capacity Reports and summary of exchange and SIP technical notes and updates. Finally, we reviewed recent or upcoming regulations that impact market data. Click here for the full capacity report. FIF CAT Working Group- FIF reviewed the recently published Industry Member Onboarding regarding CAT Connectivity published by FINRA CAT and next steps pertaining to...

FIF SEC Rule 606 -  FIF reviewed the revised draft of the FIF/STA comment letter pertaining to the industry's request that: 1) the compliance date for the reporting of non-look-through 606(b)(3) data elements be extended six months following the issuance of complete guidance; and 2) any and all requirements that look-through data be reported are eliminated from the current version of Rule 606(b)(3) until a later time. Should the Commission require firms to report look-through data, FIF and STA are recommending that those expectations be incorporated into a revised rule. FIF...

FIF Front Office Committee -  FIF was joined by FINRA who discussed the recent FINRA/SEC joint statement on broker-dealer custody of digital asset securities. FIF also focused on order management and trading system issues resulting from proposed rule changes (SEC, FINRA, SROs). Find this month's agenda here. FIF Cloud Technology Working Group - The meeting began with a spotlight presentation by FIF Cloud Technology Chair Tom Golway and Dave Larson from HPE who provided his perspective on the future of cloud technology.  The spotlight topic was followed by an...

FIF EBS Working Group - FIF updated a revised draft of an EBS comment letter by providing additional detail on the current time and resource burden required by broker-dealers to meet EBS reporting obligations. FIF also eliminated references to current issues with EBS and added additional detail on using CAT data to perform much of the market surveillance currently achieved through EBS.  FIF submitted the comment letter to the SEC on Wednesday, July 17. FIF Back Office Committee -  FIF was joined by DTCC Staff on considerations firms should be aware of leading up to...