TRACE/Fixed Income Working Group. FIF and the FIF Co-Chairs provided an update on a June 7 call with FINRA, FIF and the FIF TRACE Co-Chairs relating to TRACE reporting by Covered Depository Institutions. The Working Group discussed the May 23, 2022 rule filing by FINRA with the SEC (SR-FINRA-2022-013) to require reporting of transactions in U.S. Treasuries as soon as practicable, but no later than one hour after execution, and to require that electronic executions in U.S. Treasuries be reported to TRACE using the same time increment as recorded by the execution system for the...

Treasury and technology teams from fourteen large banking groups, including NatWest Group, BNY Mellon’s corporate treasury function, Barclays, Citi and 10 additional banks have trialled a platform by London-based fintech Finteum. The solution helps banks to manage intraday liquidity through the development of new interbank markets. The platform will go live in 2023 according to a story in MarketsMedia news. The platform enables payment-vs-payment intraday FX swaps as well as delivery-vs-payment intraday repo transactions. The banks were headquartered across Europe, North America and Asia...

Citi, Bank of America, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, Wells Fargo and Moody’s Analytics have launched an open market electronic trading platform according to a story in The Trade news. The platform is for syndicated loans and collateralized loan obligations (CLOs), launching with the former originally with plans to add CLOs and credit products later down the line. It will offer straight through processing (STP) for trade booking and data and analytics provided by Moody’s. The launch comes at a time of ongoing growth in the CLO and syndicated loans market, the...

Intercontinental Exchange has doubled fixed income coverage for its Best Execution service to cover more than two million fixed income instruments. The new range covers both liquid and less liquid, hard-to-value instruments across sovereigns, investment grade and high yield corporates, emerging markets, money market, US municipals, agency pass-throughs, convertibles, and securitized assets including collateralized mortgage obligations (CMOs), asset backed securities (ABS) and mortgage backed securities (MBS). The new web-based platform offers a graphical interface and allows customers to...

Goldman Sachs has offered its first ever derivatives product linked to Ethereum (ETH), marking increased participation from major banks looking to embrace cryptocurrencies. According to a story in The Trade news, the bank also plans to offer over-the-counter Ether options trading to meet growing interest from clients for the for the digital currency. The move by Goldman Sachs follows the bank’s first trade of over-the-counter Bitcoin options almost 16 months ago. The bank executed its first trade of ETH non-deliverable forwards (NDFs) citing Marex Financial as its counterparty in this...

FIF is pleased to welcome Janney Montgomery Scott LLC to the FIF Community.

On Thursday June 16, 2022 FIF will host an in-person event focused on CAT. The event will take place at Refinitiv's offices at 28 Liberty Street, New York, NY 10005. The discussions will be from 5-6:30 pm with refreshments and networking afterwards from 6:30-8 pm. Please register prior to 12pm ET today if you would like a printed nametag, registrants after today at noon will have handwritten nametags. Attendees must provide proof of vaccination to attend this event. FIF would like to thank Refinitiv for sponsoring this event. FIF Members may register for free here. Non-members who are...

On June 7, 2022, FIF submitted a comment letter on the FINRA rule proposal to expand TRACE reporting to include foreign sovereign debt securities. FIF would like to thank the members of the TRACE/Fixed Income Working Group for their contributions in the drafting of this comment letter.

The FIF TRACE/Fixed Income Working Group will meet on Tuesday June 14, 2022 at 10 am ET to provide an update on a June 7 call with FINRA, FIF and the FIF TRACE Co-Chairs relating to TRACE reporting by Covered Depository Institutions. The Working Group also will discuss the May 23, 2022 rule filing by FINRA with the SEC (SR-FINRA-2022-013) to require reporting of transactions in U.S. Treasuries as soon as practicable, but no later than one hour after execution, and to require that electronic executions in U.S. Treasuries be reported to TRACE using the same time increment as recorded by the...