FIF Weekly News - December 02, 2024

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FIF Weekly News - December 02, 2024

FIF News

Dec 02, 2024

FIF Year-End Holiday Event: Sold Out

Update: For the second year in a row the popular FIF Year-End Holiday event has sold out. FIF will hold 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 Vaibhav Bang of Société Générale, Tom Hochleutner of Clear Street, Ian Park of n-Tier fs and Jacki VanMoer of Goldman Sachs. 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. 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. If you have any questions or concerns surrounding the event, please contact the program office at fifinfo@fif.com.

Dec 02, 2024

OFR Repo Reporting Working Group

FIF has scheduled two calls for this week for the OFR Repo Reporting Working Group. The first call will be on Monday December 2 at 10 am ET; the second call will be on Thursday December 5 at 10 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.

Dec 02, 2024

Regulation NMS Amendments

FIF has scheduled a call for the SEC Equity Market Proposals Working Group for Monday December 2 at 1 pm. The Working Group will continue the discussion of the implementation of the SEC’s amendments to Regulation NMS.

Dec 02, 2024

CAT Transaction Reporting Working Group

FIF has scheduled two calls for this week for the CAT Transaction Reporting Working Group. The first call will be on Monday December 2 at 2 pm ET; the second call will be on Thursday December 5 at 11 am ET. The Monday call will focus on draft FIF comment letters on verbal activity and CAT cost savings; the Thursday call will focus on the reporting by a routing broker of default settings applied by a receiving firm.

Dec 02, 2024

Short Position Reporting; Reg SHO

FIF has scheduled a call for the Short Sales / Reg SHO / Short Reporting Working Group for Wednesday December 4 at 10 am ET. The Working Group will continue to discuss the implementation of short position reporting, including an update on a call with the SEC on December 2. The Working Group will also discuss a question from an FIF member relating to the bona-fide market making exception from the Reg SHO locate requirement.

Dec 02, 2024

CAT Monthly Update Working Group

The CAT Monthly Update Working Group call for December will be on Thursday December 5 at 2 pm ET. The Working Group will review 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 will also review the current areas of focus for FIF members and the current open issues for CAT Transaction Reporting, CAT CAIS reporting and CAT billing.

Dec 02, 2024

Back Office Committee

The Back Office Committee will have its next call on Tuesday December 10 at 10 am ET to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month.

Dec 02, 2024

Tax Information Reporting Working Group

FIF has scheduled the next call for the Tax Information Reporting Working Group for Wednesday December 11 at 3 pm ET. Representatives from Wolters Kluwer will discuss special broker reporting considerations for dual classification assets and tokenized securities. 

Dec 02, 2024

Digital Asset Securities Working Group

The next call for the Digital Asset Securities Working Group will be on Thursday December 12 at 11 am ET. The Working Group will review a draft FIF letter to the SEC on custody by special purpose broker-dealers.

Dec 02, 2024

Emerging Technologies Working Group

The Emerging Technologies Working Group will have its next call on Thursday December 12 at 4 pm ET. The spotlight presenter will be Bill Genovese of Kyndryl, who will discuss Quantum Computing in Capital Markets.

Working Group Updates

  • Short Position Reporting. The FIF Short Sales / Reg SHO / Short Reporting Working Group continued its discussion of the implementation of short position reporting. FIF members provided an update to the Working Group on a November 22 call with representatives from the SEC’s Division of Trading and Markets and Division of Economic and Risk Analysis relating to the calculation of Form SHO reportable amounts. The Working Group discussed reporting requirements relating to LEIs, CUSIPs and FIGIs, calculating whether a firm meets Threshold A for a security, and how settlement dates should be defined. The Working Group discussed next steps with the SEC.
  • Securities Lending Transparency Working Group. The Securities Lending Transparency Working Group discussed the recent FINRA rule filing for SLATE fees. The Working Group discussed Partial Amendment No. 1 for SLATE recently filed by FINRA. The next step for the Working Group will be to review and discuss the revised Participant Specification when it is published by FINRA. 
  • OFR Repo Reporting Working Group. The OFR Repo Reporting Working Group discussed sending a letter to the OFR to request a conformance period for NCCBR repo reporting. Working Group members updated the Working Group on their respective discussions with the OFR relating to corrections, validations and the upcoming live date for reporting. The Working Group discussed reporting of corrections. The Working Group discussed reporting for a scenario where additional collateral is submitted for a portfolio of loans. The Working Group discussed points that FIF members want FIF to raise on an upcoming call with the OFR. The Working Group continued its discussion of the new FAQs published by the OFR on November 15.
  • Data and Technology Committee. The Data and Technology Committee reviewed capacity, latency and volume data for the prior month for the equity, options, currency, crypto and futures markets. Please find the meeting materials here and the full capacity statistics here. 
  • CAT Transaction Reporting Working Group. The CAT Transaction Reporting Working Group discussed an update from FINRA CAT on separating the CAT Billing Trade Details files into separate files for TRF and exchange records. The Working Group discussed CAT Fee Alert 2024-3. The Working Group discussed a scenario where a customer sends a long sale that the broker-dealer determines to be a short sale. The Working Group discussed the Order Instituting Proceedings published by the SEC on November 18 relating to the proposed CAT amendment to exempt reporting of verbal activity. The Working Group discussed the CAT cost estimates for 2025 published by FINRA CAT on November 20. The Working Group continued the review of feedback from FINRA CAT relating to early close scenarios, error rates for weekend and holiday submissions, the timeout period for the CAT portal, adding the ability for users to filter on the portal by CRD number, download file names, and the exchOriginCode in option route modification events.  

FIF Member News

Dec 02, 2024

Cboe Clear Europe Secures Regulatory Approval to Launch Securities Financing Transactions Clearing

Cboe Clear Europe announced that it has received regulatory approval to clear European Securities Financing Transactions (SFTs). This was granted by De Nederlandsche Bank (DNB) and the Autoriteit Financiële Markten (AFM). With this approval, Cboe Clear Europe is set to introduce a first-of-its-kind service for European SFT transactions in cash equities and ETFs, which includes central clearing,...

Dec 02, 2024

LTX, A Broadridge Company, Announces Strategic Partnership with TransFICC

AI-powered fixed income trading platform backed by Broadridge Financial Solutions Inc. announced its strategic partnership with TransFICC, a provider of e-trading technology for fixed income markets. This collaboration enables dealers to more quickly and efficiently onboard and connect to LTX, via TransFICC’s One API for eTrading platform. Venue onboarding can be a complex and time-consuming...

Dec 02, 2024

Société Générale Connects to CLS’s Cross Currency Swaps Service

Société Générale has gone live on market infrastructure group CLS’ cross currency swaps (CCS) service. According to a story in The Trade news, CCS trades have notable settlement risk exposure linked to the high value of the initial and final principal exchanges. Settling these trades on a gross bilateral basis also results in operational inefficiencies and liquidity constraints. The CCS service...

Dec 02, 2024

StoneX Financial Awarded General Clearing Member Status by ECC

StoneX Group announced that its wholly owned subsidiary, StoneX Financial Limited has been awarded General Clearing Member (GCM) status by European Commodity Clearing AG (“ECC”). According to a story in MarketsMedia news, ECC is the leading clearinghouse specializing in energy and commodity products in Europe, providing clearing and settlement services for exchanges and over-the-counter markets, ensuring...

FIF Calendar

Monday, Dec 2, 2024 10:00 am
OFR Repo Reporting
Monday, Dec 2, 2024 1:00 pm
Reg NMS Amendments
Monday, Dec 2, 2024 2:00 pm
FIF CAT Transaction Reporting Working Group
Tuesday, Dec 3, 2024 3:00 pm
FIF Year End Holiday Event
Wednesday, Dec 4, 2024 10:00 am
Short Position Reporting; Bona-Fide Market Making Exemption
Thursday, Dec 5, 2024 10:00 am
OFR Repo Reporting
Thursday, Dec 5, 2024 11:00 am
CAT Port Settings
Thursday, Dec 5, 2024 2:00 pm
FIF CAT Monthly Update Working Group

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