On August 12, 2021, FIF sent out a survey request to get feedback from FIF member firms on what they consider to be the most important open issues relating to CAT CAIS. The purpose for this survey is to assist the Working Group to identify the key open issues on CAIS and discuss any next steps for following-up with the regulators on these issues. All responses will be anonymized. If we receive your firm’s response by end-of-day on August 17, 2021, the Working Group will discuss your response during the August 18, 2021 CAIS Working Group call. If we receive your response after August 17,...

FIF CAT Tech Specs Working Group. The CAT Tech Specs Working Group reviewed draft comments and questions for FINRA CAT relating to reporting accountHolderType field in Allocation events, CAT reporting for options errors, FAQ searches, additional Phase 2d Reporting Scenarios Relating to Multi-Leg Orders, reporting accountHolderType for Relationship FDIDs, the LCE and PBG handlingInstruction values, the isoInd field, Error Code 6029, and linkage validation for Route Cancel events. On August 14, 2021, FIF submitted comments and questions to FINRA CAT relating to these issues. The Working...

Intercontinental Exchange, Inc. (ICE) and risQ, a Boston-based startup focused on geospatial climate, economic and demographic data, announced the launch of a new data service that is designed to allow users to understand and score the potential social impact of an investment. The social impact scores leverage dozens of variables from multiple public data sources and peer-reviewed statistical methods to help quantify multiple dimensions of socioeconomic vulnerability and need. These scores are designed to signal the potential social benefit of an investment within a specific area, with...

The Depository Trust & Clearing Corporation (DTCC) announced that its Global Trade Repository (GTR) service, via its legal entity, DTCC Data Repository (Singapore) Pte. Ltd. (DDRS), is ready to support in-scope Singapore firms with trade reporting services for the final phase of the Monetary Authority of Singapore’s (MAS) derivatives trade reporting requirements, which are scheduled to take effect on October 1, 2021. The final phase of MAS’ Reporting Regulations for over-the-counter (OTC) derivatives contracts marks the last step in trade reporting rules, set out in the Securities &...

Over 60% of fixed income institutional investors do not currently use an execution management system (EMS), a survey from Barclays has revealed, suggesting firms still heavily rely on their bilateral banking relationships. The investment bank’s global fixed income market structure research, which surveyed 130 institutions including central banks, asset managers, insurance companies and hedge funds, also found that less than half are looking to implement an EMS by the end of this year. According to a story in The TRADE news, Barclays said that while an EMS can potentially automate the whole...

Wells Fargo & Co. said that Charles Noski had stepped down as chairman of its board of directors and will be succeeded by Steven Black, a former JPMorgan Chase & Co. executive who joined the board last year. Mr. Noski, a former chief financial officer of Bank of America Corp. who joined the board in 2019, will remain on the board until his retirement at the end of September.

Broadridge Financial Solutions, Inc. announced the appointment of Annette L. Nazareth as an independent member of its Board of Directors, effective August 10, 2021. Following her appointment, Broadridge's Board consists of 12 members, 10 of whom are independent. Ms. Nazareth is a Senior Counsel of Davis Polk & Wardwell and until recently headed the Trading and Markets practice in Davis Polk's Financial Institutions Group. She is an experienced financial markets regulator, former SEC Commissioner, and recognized authority on financial markets regulatory issues. Ms. Nazareth has been a...

FIF is continuing its series of webinars on the SEC Market Data Infrastructure Rule. The sixth installment of the series will focus on the 311-page order issued by the SEC on August 6, 2021 approving the NMS Governance Plan Regarding Consolidated Equity Market Data, as modified. The upcoming webinar will also discuss the takeaways from the SEC meeting scheduled later today, where they are planning to discuss the Governance plan. FIF plans to announce the panelists, date, and time of this webinar in the following days.

Back Office Committee. On August 17th at 11am ET, a team from DTCC will come on our monthly committee call to present on their Securities Financing Transaction (SFT) Clearing Service. Data and Technology Committee. On August 18th at 10am ET, John Ramsay from IEX will come on to discuss changes to IEX’s retail program, which were approved recently by the SEC. They will be publishing a retail liquidity indicator on their prop feed and on the tape showing where there is trading interest for at least 100 shares willing to trade against retail orders at the midpoint.