FIF Weekly News - November 11, 2024
|
FIF News
Nov 11, 2024
FIF Year-End Holiday Event
FIF is excited to announce our 2024 Year-End Holiday Event, hosted by Société Générale on December 3rd from 3:00 pm to 7:30 pm ET. After opening remarks from Michael Walsh of Société Générale, there will be two panels. The first panel, on Regulatory Implementation Challenges for 2025, will feature Ian Park of n-Tier fs, Jacki Van Moer of Goldman Sachs and a representative from Société Générale. The second panel, on Retail Trading and Expanded Trading Hours, will feature Matt Billings of Robinhood, Gary Goldsholle of Charles Schwab, Venu Palaparthi of DriveWealth and Kevin Tyrrell of NYSE. FIF Managing Director, Howard Meyerson will moderate the regulatory panel while FIF Advisory Chair, Tom Jordan will moderate the retail trading/extended trading hours panel. The event will take place at the offices of Société Générale at 245 Park Avenue, New York, NY. Registration and networking begins at 3 pm ET. The panel discussions will be from 4-6 pm ET, with refreshments and networking afterwards from 6-7:30 pm ET. FIF would like to thank Société Générale for hosting this event and n-Tier fs for sponsoring. FIF Members may register for free here. Non-members who are interested may apply by contacting the program office at fifinfo@fif.com.
Nov 11, 2024
Short Position Reporting
FIF has scheduled a call for the Short Sales / Reg SHO / Short Position Reporting Working Group for Monday November 11 at 11 am ET. The Working Group will continue to discuss the implementation of short position reporting.
Nov 11, 2024
Back Office Committee
The Back Office Committee will have its next call on Tuesday November 12 at 11 am ET to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC and FINRA updates during the past month. The spotlight presenter will be Sheila Zak of the Options Clearing Corporation, who will provide an update on external testing for OCC Ovation.
Nov 11, 2024
LOPR Working Group
FIF has scheduled a call for the Large Options Positions Reporting Working Group for Tuesday November 12 at 1 pm ET. The agenda for the call will be to discuss current practices applied by reporting firms to identify In Concert groups for LOPR reporting. If you would like to participate on this call and are not a member of this Working Group, please update your FIF profile or send a note to fifinfo@fif.com.
Nov 11, 2024
OFR Repo Reporting Working Group
The OFR Repo Reporting Working Group will have its next call on Wednesday November 13 at 11 am ET. The Working Group will continue to discuss the implementation of the new requirement to report non-centrally cleared bilateral repos to the Treasury Department’s Office of Financial Research. FIF has moved this week’s call from Monday to Wednesday because of Veteran’s Day.
Nov 11, 2024
TRACE and RTRS One Minute Reporting
The next call for the TRACE Working Group will be on Wednesday November 13 at 1 pm ET. The Working Group will continue its discussion of the recent approvals by the SEC of the FINRA and MSRB rule filings that provide for one-minute reporting to TRACE and RTRS, subject to exceptions for manual activity and firms with limited trading activity.
Nov 11, 2024
Reconciliation of Section 31 Fees
FIF has scheduled a call for the Section 31 subgroup for Thursday November 14 at 1 pm ET. The subgroup will continue the discussion of a recent pilot by FINRA to provide trade-level details to support reconciliation of Section 31 fees. If you would like to participate on this call and are not a member of this subgroup, please send a note to fifinfo@fif.com, and we will include you in this discussion.
Nov 11, 2024
Rule 605 Working Group
FIF has scheduled the next call for the Rule 605 Working Group for Thursday November 14 at 2 pm ET. The Working Group will discuss responses from the SEC to the June 2024 FIF letter relating to the implementation of the SEC’s Rule 605 amendments.
Nov 11, 2024
Rule 606 Working Group
The next call for the Rule 606 Working Group will be on Monday November 18 at 1 pm ET. The Working Group will review a revised draft FIF letter to the SEC in response to verbal guidance from the SEC on how to calculate the percentage of orders routed to different venues for Rule 606(a) reporting.
|
Working Group Updates
-
Short Position Reporting. FIF hosted two calls this past week for the Short Sales / Reg SHO / Short Reporting Working Group to continue the discussion of the implementation of short position reporting. The Working Group reviewed and made final edits to a supplemental letter to the SEC. FIF submitted this letter to the SEC. The Working Group reviewed a draft request to the SEC for an extension of the compliance date for Form SHO reporting. FIF submitted this extension request to the SEC. The Working Group discussed a summary of the October 24 FIF member call with the SEC. The Working Group discussed proposed wording for the EDGAR site. FIF sent a survey to Working Group members on short position reporting for a firm with multiple principal accounts.
-
OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed issues and questions raised by FIF members relating to OFR validations, feedback from the OFR on test files and reporting for corporate actions. The Working Group discussed the September 25 updates to the Reporting Instructions and Technical Guidance documents. The Working Group reviewed a revised draft letter to the OFR on reporting lender and borrower identifiers, reporting rates based on 360 or 365 days, and data validations for open variable trades. The Working Group continued its discussion of an outline of issues discussed by the FIF Working Group.
-
Rule 606 Working Group; FINRA Rule 6470. The Rule 606 Working Group discussed a draft letter to the SEC in response to verbal guidance from the SEC on how to calculate the percentage of orders routed to different venues for Rule 606(a) reporting. The Working Group discussed a request for feedback from FINRA CAT on the implementation of FINRA Rule 6470 (OTC routing reports).
-
Rule 605 Working Group. The Rule 605 Working Group discussed Rule 605 reporting for GTC orders, mid-peg orders and discretionary and slide orders. Working Group members provided an update on a call with the Rule 605 NMS Plan Committee. The Working Group discussed reporting the symbol on the Rule 605 report and reporting order size and order type category labels.
-
CAT Monthly Update Working Group. The CAT Monthly Update Working Group reviewed guidance and updates from the CAT Plan Participants and FINRA CAT on CAT Transaction Reporting, CAT CAIS and CAT billing during the prior month. The Working Group reviewed the current areas of focus for FIF members and the current open issues for CAT Transaction Reporting, CAT CAIS reporting and CAT billing.
-
CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed feedback from the SEC on CAT reporting of port settings by a routing firm. The Working Group discussed next steps on port settings. The Working Group discussed a draft FIF temporary exemption request on representative order linkage. FIF submitted the draft exemption request to the SEC. The Working Group discussed representative order linkage for options.
|
FIF Member News
Nov 11, 2024
UBS Pilots Blockchain-Based Digital Cash
UBS has successfully piloted a blockchain-based payment system, UBS Digital Cash, designed to improve the speed and efficiency of cross-border transactions for corporate and institutional clients. According to a story in MarketsMedia news, transactions with multinational clients and banks were successfully carried out, including domestic transactions within Switzerland and cross-border payments...
Nov 11, 2024
J.P. Morgan Report Assesses Blockchain for Institutional Space
Kinexys by J.P. Morgan (formerly known as Onyx by J.P. Morgan) released a whitepaper examining the state of institutional on-chain privacy and identity, including Avalanche-based AvaCloud Privacy Solutions (APS) – Project EPIC: Fueling tokenized finance with on-chain enterprise privacy, identity and composability. The report, authored by Kinexys Digital Assets (formerly known as Onyx Digital...
Nov 11, 2024
MIAX Options Exchange Details Network Refresh for 10G ULL Extranet
MIAX Options will upgrade the 10G ULL extranet switches and related network analytics infrastructure beginning in March of 2025. The 10G ULL Extranet upgrade is intended to improve the network’s latency performance and precision of the analytics infrastructure’s timestamp measurements. The upgraded MIAX Options Extranet will be available in parallel with the existing MIAX Options Extranet from...
|
FIF Calendar
Monday, Nov 11, 2024 11:00 am
Short Position Reporting
Tuesday, Nov 12, 2024 11:00 am
FIF Back Office Committee
Tuesday, Nov 12, 2024 1:00 pm
FIF LOPR Working Group
Wednesday, Nov 13, 2024 11:00 am
OFR Repo Reporting Working Group
Wednesday, Nov 13, 2024 1:00 pm
FIF TRACE Working Group
Wednesday, Nov 13, 2024 2:00 pm
FIF CAT Transaction Reporting Working Group
Thursday, Nov 14, 2024 1:00 pm
Section 31 Subgroup
Thursday, Nov 14, 2024 2:00 pm
FIF Rule 605 Working Group
|
You are receiving FIF Weekly News as a registered member of this distribution list. To be removed from the news mailing list, reply to this email with “Remove” in the subject.
______________________
Financial Information Forum
fifinfo@fif.com
FIF URL: www.fif.com
|
