SLATE Working Group. FIF hosted two calls this past week for the SLATE Working Group. The Working Group discussed a draft letter to the SEC and FINRA relating to the implementation of SLATE reporting, including the requirement for all SLATE Participants to obtain an MPID, the requirement to report the borrowerType of Bank, reporting the eventDateTime for manual loans, and reporting changes to party information after a loan has been reported. 24x7 Trading Working Group. The Working Group discussed recommendations to automate the process for notification and processing of corporate...

SLATE Working Group. FIF provided an update on a recent discussion with FINRA relating to SLATE reporting. The SLATE Working Group discussed the SLATE securities list to be made available by FINRA, batch and end-of-day submissions, reporting when there are multiple loan events for a single loan on the same date, changes in loan party information, and the current requirement for all SLATE participants to obtain an MPID. Front Office Committee. The Front Office Committee reviewed applicable updates and notices from the SEC, FINRA, FINRA CAT and the equity and option exchanges. Please find...

SLATE Working Group. The SLATE Working Group discussed challenges with reporting the Bank value for the borrowerType field. The Working Group discussed reporting the eventDateTime for scenarios that involve a loan that is agreed to manually. Digital Asset Securities. FIF hosted a joint call for the Digital Asset Securities and Margin / Financial Risk Regulations Working Group to review the FAQs relating to custody of crypto assets published by the SEC on May 15. Regulatory Implementations Calendar. FIF hosted a joint call for the Compliance and Surveillance Working Group and the SEC...

SLATE Working Group. The SLATE Working Group discussed the requirement for all participants to obtain MPIDs. The Working Group discussed reporting MPIDs and other participant identifiers. The Working Group discussed the requirement to include the file timestamp in the fileRecordId field for each event. The Working Group discussed reporting for settlement events, same-day cancels and forward-start loans. Reg NMS Amendments. The Equity Market Regulations Working Group reviewed recent notices and specification updates published by SIAC and UTP relating to testing and implementation of the...

SLATE Working Group. The SLATE Working Group discussed reporting for max lot trades. The Working Group discussed the request for extension submitted by FINRA to the SEC. Working Group members discussed their current implementation plans for SLATE given the FINRA request for extension.  Rule 606 Working Group. The Rule 606 Working Group discussed Rule 606(a) reporting for fractional share orders. The Working Group discussed revised draft Rule 606(a) FAQs to submit to the SEC. The Working Group discussed the current status of the Rule 11Ac1-6 FAQs, which preceded the 2018 amendments...

FIF Webinar on Current Developments in Electronic Communications Surveillance. On April 28 FIF hosted a webinar for the Compliance and Surveillance Working Group on Current Developments in Electronic Communications Surveillance. The moderator for the panel was Holly Dito of Daiwa. The panelists were Rajni Chidambaram of Interactive Brokers, Erin Clemens of StoneX, Donald McElligott of Global Relay, and Craig Warkol of the Schulte Roth law firm. FIF would like to thank the moderator and panelists for the informative discussion of these issues.  TRACE / RTRS Working Group. The TRACE /...

SLATE Working Group. FIF hosted three calls this past week for the Securities Lending Transparency (SLATE) Working Group. The Working Group continued its review and discussion of a draft letter to the SEC and FINRA relating to the implementation of SLATE. The Working Group discussed reporting for loans that involve pooled collateral, FINRA’s validation of the FINRALoanID for modifications, whether fees and rebates should be reported as positive or negative numbers, reporting modification and termination fees, reporting for loans novated to the OCC, and cross-border scenarios. Short...

SLATE Working Group. FIF hosted three calls this past week for the Securities Lending Transparency (SLATE) Working Group. The Working Group continued its review and discussion of a draft letter to the SEC and FINRA relating to the implementation of SLATE. The Working Group discussed sections in the letter relating to termination events, cancels, borrowerType values, fields relating to collateral, fields relating to fees and rebates, the security list, LEIs, and cross-border scenarios. Short Position and Short Interest Reporting. FIF hosted a call for the Short Sales / Reg SHO / Short...

SLATE Working Group. FIF hosted three calls this past week for the Securities Lending Transparency (SLATE) Working Group. The Working Group discussed issues and questions from FIF members relating to lending scenarios involving a non-US affiliate, cross-border scenarios, prime broker scenarios, the SLATE feedback process, reporting for terminations, reporting for a loan with no collateral, FINRA’s provision of a consolidated securities list, reporting when there are multiple modifications on the same day, reporting the quantity loaned, reporting for a loan that is cancelled on the same...