FIF Weekly News - December 09, 2024
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FIF News
Dec 09, 2024
FIF Year-End Holiday Event
Last week FIF held one of its largest events ever at the offices of Societe Generale. After opening remarks from Michael Walsh of Société Générale, there were two fantastic panels. The first panel, on Regulatory Implementation Challenges for 2025, featured 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, featured Matt Billings of Robinhood, Gary Goldsholle of Charles Schwab, Venu Palaparthi of DriveWealth and Kevin Tyrrell of NYSE. FIF would like to thank Société Générale for hosting this event and n-Tier fs for sponsoring. Please follow the link to this article to see some photos from event night.
Dec 09, 2024
FIF Submits Comment Letter to SEC on CAT Reporting of Verbal Activity
On December 6, FIF submitted a comment letter to the SEC in support of the proposed plan amendment by the CAT Plan Participants to permanently exempt verbal pre-order communications from CAT reporting. FIF would like to thank the members of the CAT Transaction Reporting Working Group for their contributions in the drafting of this comment letter.
Dec 09, 2024
Short Position Reporting
FIF has scheduled a call for the Short Sales / Reg SHO / Short Reporting Working Group for Monday December 9 at 11 am ET. The Working Group will continue to discuss the implementation of short position reporting.
Dec 09, 2024
Back Office Committee
The Back Office Committee will have its next call on Tuesday December 10 at 11 am ET to review applicable FICC, DTC, NSCC, SEC, MSRB, OCC, IRS and FINRA updates during the past month. The spotlight presenter will be Jackie Gude of DTCC, who will discuss DTCC’s plans for extended trading hours.
Dec 09, 2024
T+1 / Trade Date Affirmations Subgroup
FIF has scheduled a call for the T+1 / Trade Date Affirmations subgroup for Tuesday December 10 at 2 pm ET. The subgroup will discuss a question from an FIF member relating to trade date affirmations. If you would like to participate on this call and are not a member of this subgroup, please contact fifinfo@fif.com, and we will include you on this call.
Dec 09, 2024
OFR Repo Reporting Working Group
The next call for the OFR Repo Reporting Working Group will be on Wednesday December 11 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.
Dec 09, 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 09, 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 09, 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.
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Working Group Updates
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Short Position Reporting; Reg SHO. 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 December 2 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 a Form SHO reporting scenario where an account changes from negative to positive. The Working Group discussed the most recent updates to the Form SHO Technical Specification. The Working Group discussed a question from an FIF member relating to the exception from the locate requirement for bona-fide market making activity.
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OFR Repo Reporting Working Group. FIF hosted two calls this past week for the OFR Repo Reporting Working Group. The Working Group discussed reporting for repos with central bank counter-parties. The Working Group discussed the OFR’s validation when a covered reporter reports a value of 0 for certain fields. The Working Group completed its discussion of the OFR’s FAQ updates published on November 14, including reporting for forward-start repos and repos that have multiple types of collateral. The Working Group discussed a draft FIF letter to the OFR relating to the current reporting status, the process for submitting corrections, and reporting the Securities Quantity. The Working Group discussed responding to exceptions identified by the OFR’s DCU group. The Working Group discussed feedback from the OFR on production filings. The Working Group discussed reporting controls implemented by covered reporters.
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Regulation NMS Amendments. FIF hosted a call for the SEC Equity Market Proposals Working Group to continue the discussion of the implementation of the SEC’s amendments to Regulation NMS. The Working Group discussed calculation of the TWAQS (Time Weighted Average Quoted Spread) for stocks that trade above and below $1, stocks that are subject to a trading halt and stocks that have crossed and locked markets. The Working Group discussed determination of the minimum price increment for newly-listed stocks and stocks that are subject to a merger, stock split or other corporate event.
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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.
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CAT Transaction Reporting Working Group. FIF hosted two calls this past week for the CAT Transaction Reporting Working Group. During the first call, the Working Group discussed Rule 10b-10 disclosure for the pass-through of CAT fees. The Working Group reviewed a draft FIF comment letter on the rule filing by the CAT Plan Participants to reduce CAT operating costs. FIF submitted this comment letter to the SEC. The Working Group reviewed a draft FIF comment letter on a rule filing by the CAT Plan Participants to permanently exempt certain pre-order communications from CAT reporting. FIF submitted this comment letter to the SEC. The Working Group discussed the correction of issues that are outside the books and records timeframe. The Working Group discussed reporting for options error scenarios. The second Working Group call focused on CAT reporting by a routing firm of default settings applied by a receiving firm.
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FIF Member News
Dec 09, 2024
Jordan & Jordan Introduces GARD: Revolutionizing Market Data Compliance with a Generative AI Rights Database
Jordan & Jordan announced the launch of GARD (Generative AI Rights Database), an innovative, AI-powered platform designed to transform the way organizations access and analyze rights within market data agreements. GARD is built to help firms manage the complexities of exchange agreements and vendor contracts, utilizing generative AI and Retrieval-Augmented Generation (RAG) methods to quickly and accurately extract key provisions and contract details. GARD eliminates the need for firms to manually sift through agreements to determine their rights and obligations and consolidates all this information, making it instantly accessible and actionable. End-Users can query specific contract clauses through the AI Insights section facilitating rapid insights. Quality control is provided through J&J’s expert licensing analysts, who will review and verify information to enhance the power of AI technology and ensure accuracy of information. If you are interested in receiving a demonstration of GARD, please contact Kathy McGovern at kathy.mcgovern@jandj.com
Dec 09, 2024
StoneX Group Approved to Operate Digital Asset Business in Ireland
StoneX Digital International Limited, a subsidiary of StoneX Group Inc.has been approved by the Central Bank of Ireland, as a Virtual Asset Service Provider (“VASP”) to operate a digital asset business. The approval marks the latest step in the StoneX group’s continued global expansion into digital asset services for institutional clients. The StoneX Digital platform will provide execution and...
Dec 09, 2024
Northern Trust Servicing Aims for Clients to Reach Zero-Touch Processing
Northern Trust has partnered with technology provider CloudMargin to launch an enhanced active collateral management platform, so that the majority of clients will have zero-touch processing in 12 months’ time according to a story in MarketsMedia news. Barney Binder, head of collateral management at Northern Trust Asset Servicing, said that collateral management for over-the-counter derivatives...
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FIF Calendar
Monday, Dec 9, 2024 11:00 am
Short Position Reporting
Tuesday, Dec 10, 2024 11:00 am
FIF Back Office Committee
Tuesday, Dec 10, 2024 2:00 pm
T+1 Subgroup
Wednesday, Dec 11, 2024 11:00 am
OFR Repo Reporting Working Group
Wednesday, Dec 11, 2024 2:00 pm
FIF CAT Transaction Reporting Working Group
Wednesday, Dec 11, 2024 3:00 pm
FIF Tax Information Reporting Working Group
Thursday, Dec 12, 2024 11:00 am
FIF Digital Asset Securities Working Group
Thursday, Dec 12, 2024 4:00 pm
FIF Emerging Technologies Working Group
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