August 20, 2024 - FIF Back Office Committee Agenda
Meeting Details
- When: Tuesday August 20, 2024 11am et
Meeting Agenda
- DTCC Updates
- FICC
- FIF Presentation Slides on SEC mandates relating to centralized clearing of cash trades in Treasuries and Treasury repos
- August 12, 2024: 34-100693 - Notice of Designation of Longer Period for Commission Action on Proposed Rule Change to Modify the GSD Rules Relating to the Adoption of a Trade Submission Requirement
- August 8, 2024: GOV1748-24 - FICC Labor Day Holiday Schedule
- August 6, 2024: GOV1733-24 - Capped Contingency Liquidity Facility (“CCLF”) – Annual Attestation
- August 2, 2024: GOV1743-24 - API Upgrade to OAuth-Based Authentication
- DTC Updates
- August 7, 2024: 20586-24 - DTC Proposed Rule Change – Modify the DTC Operational Arrangements (Necessary for Securities to Become and Remain Eligible for DTC Services) (SR-DTC-2024-008)
- July 24, 2024: 20555-24 - DTC Will Convert its ISO20022 Corporate Action Messaging to the SWIFT SR2024 Version on November 17, 2024
- NSCC Updates
- July 31, 2024: A9463 - ACATS SETTLE PREP REMOVAL / MUTUAL FUND DAY 2 CONFIRM REMOVAL
- FICC
- OCC
- August 7, 2024: Customer Margins For CFE
- August 6, 2024: Customer Margins For Cboe
- August 6, 2024: 34-100664 - Notice of Filing of Proposed Rule Change by the Options Clearing Corporation to Establish a Margin Add-On Charge That Would Be Applied to All Clearing Member Accounts to Help Mitigate the Risks Arising from Intraday and Overnight Trading Activity
- August 5, 2024: MIAX Sapphire Options Exchange - Update
- July 24, 2024: 34-100584 - Notice of Filing of Proposed Rule Change by The Options Clearing Corporation Regarding Its Backtesting Framework and to Establish a Resource Backtesting Margin Charge
- MSRB
- August 1, 2024: 34-100632 - Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the MSRB’s Real-Time Transaction Reporting System and Price Dissemination Information Facility to Retire the Transmission Control Protocol Secure Socket Connection
- July 25, 2024: 34-100589 - Notice of Filing of Amendment No. 1 to Proposed Rule Change Consisting of Amendments to MSRB Rule G-14 to Shorten the Timeframe for Reporting Trades in Municipal Securities to the MSRB
- SEC
- August 2, 2024: Financial Data Transparency Act Joint Data Standards
- July 31, 2024: 34-100631 - Notice of Filing and Immediate Effectiveness of Amendment to the National Market System Plan Governing the Consolidated Audit Trail to Add MIAX Sapphire, LLC as a Participant
- July 31, 2024: 34-100622 - Notice of Filing and Immediate Effectiveness of Amendment to the Plan for the Purpose of Developing and Implementing Procedures Designed to Facilitate the Listing and Trading of Standardized Options to Add MIAX Sapphire, LLC as a Plan Sponsor
- CAT Updates
- August 14, 2024: Self-Reporting Deviations Of Clock Synchronization Standards Form
- August 14, 2024: Annual Clock Synchronization Certification Form (2024)
- August 14, 2024: CAT Alert 2020-03 - Options Market Maker Quote Sent Time
- August 8, 2024: CAT Fee Alert 2024-2
- August 6, 2024: SEC Approved CAT NMS Plan as of 7/31/2024
- August 6, 2024: 2024 Annual FINRA CAT User Account Certification Process For CAT Reporting Agents (CRAs)
- July 31, 2024: CAT Alert 2023-02 - CAT Billing
- July 26, 2024: CAT CAIS Industry Member Report Card- Known Issues List
- July 24, 2024: CAT Industry Member Technical Specifications (2d) v4.1.0 r3 (Clean)
- July 23, 2024: CAT Alert 2024-01: Mapping of Exempted Port-Level Settings
- TMPG
- June 25, 2024: Meeting Minutes
- FINRA Updates
- TRACE
- August 8, 2024: FINRA TRACE Data Feeds Production Parallel
- August 6, 2024: Reminder - FINRA API Reference Data Multi Factor Authentication (MFA) Production Access
- August 2, 2024: FINRA TRACE Data Feeds Nightly Replay Data
- August 1, 2024: User Acceptance Test FINRA TRACE Corporate/Agency Replatform and Data Feed Protocol Changes
- July 24, 2024: FINRA Testing Protocol Reminders
- Additional FINRA Updates
- August 5, 2024: 34-100655 - Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule to Adopt the FINRA Rule 6500 Series (Securities Lending and Transparency Engine (SLATE™) View Received Comments
- July 30, 2024: Regulatory Notice 24-10 - FINRA Reminds Members of its Policy Prohibiting Members From Recording FINRA Calls and Meetings
- TRACE
- FIF Member Questions
- If you would like to submit anonymized questions for the group to discuss, email us at fifinfo@fif.com and we will include it on the next agenda.
- FIF Working Group Updates: Please click here to Join Working Groups
- CAT Transaction Reporting
- Recent Developments
- On August 2 the CAT Plan Participants submitted a rule filing to the SEC to exclude certain verbal activity (including verbal quotes) from CAT reporting
- FIF plans to submit a comment letter to the SEC in support of this rule filing
- FIF areas of focus
- On March 21 FIF submitted an exemptive request letter to the SEC on port settings; the exemptive request letter incorporates by reference the points made by FIF in a January 25 letter to the SEC
- On May 7 FIF submitted a comment letter in support of the CAT NMS plan amendment filed by the CAT Plan Participants to reduce CAT operating costs
- On May 14 FIF members participated in a meeting with SEC, CAT Plan Participant and FINRA CAT representatives on linkage of representative orders to customer orders and linkage of order fulfillments to representative and principal orders
- On July 2 FIF submitted an updated exemptive request letter to the SEC relating to linkage of representative orders to customer orders and linkage of order fulfillments to representative and principal orders
- On July 19 FIF submitted comments and questions to FINRA CAT relating to the recent changes to the auction-related handling instructions
- Recent Developments
- CAT Billing
- Recent Developments
- On July 31 FINRA CAT published updates to CAT Alert 2023-02 relating to CAT fee assessments
- On August 1 FINRA CAT published CAT Fee Alert 2024-1 relating to a prospective CAT fee assessment
- On August 8 FINRA CAT published CAT Fee Alert 2024-2 relating to Historical CAT Assessment 1
- FIF Areas of Focus
- The FIF Working Group continues to discuss CAT billing and reconciliation processes and challenges
- Recent Developments
- CAT CAIS
- FIF areas of focus
- With Full CAIS now live, the FIF Working Group is focused on proposing enhancements to the CAIS reporting system
- On August 8 FIF submitted a letter to FINRA CAT proposing various enhancements to CAIS
- FIF areas of focus
- EBS Retirement
- During June, FIF members participated on a call with SEC representatives to discuss EBS retirement
- FIF plans to schedule a follow-up call with the SEC in September
- FIF also plans to conduct a survey of FIF members on the volume of EBS requests after the Full CAIS compliance date
- Rule 605
- On June 24 FIF submitted a letter to the SEC relating to implementation of the SEC’s amendments to Rule 605
- Rule 606
- The Rule 606 Working Group is working on a letter to the SEC to request guidance on how firms should calculate the percentage of orders routed to different venues for Rule 606(a) reporting
- FINRA Rule 6470 (OTC Routing Reports)
- FIF members are awaiting further guidance from FINRA on FINRA Rule 6470
- TRACE and MSRB RTRS
- During January 2024 FINRA and the MSRB submitted separate filings with the SEC to reduce from 15 minutes to one minute the timeframe for reporting trades to TRACE and RTRS
- On July 18 the SEC published notices extending to September 20 the date for a decision by the SEC on the FINRA and MSRB rule filings
- On July 18 FINRA and the MSRB filed Partial Amendments to provide an additional year for firms to transition to five-minute reporting
- SLATE Reporting Systems for Securities Loans
- On May 1 FINRA submitted a rule filing with FINRA to establish the new SLATE (Securities Lending and Transparency Engine) reporting system for securities loans
- During May FINRA published a draft Participant Specification for SLATE
- The SLATE Working Group is working on a comment letter on the FINRA rule filing and the draft Participant Specification; FIF plans to submit the comment letter during the week of August 19
- Short Positions and Short Activity Reporting
- On June 24 FIF submitted a letter to the SEC relating to implementation of the SEC’s new Form SHO reporting requirements
- On July 15 FIF members participated on a call with SEC representatives to discuss the questions and issues raised in the FIF letter
- On August 9 FIF submitted a follow-up letter to the SEC relating to the implementation of Form SHO reporting
- Fractional Shares on the TRF
- On March 22 FINRA published a Trade Reporting Notice for an upcoming change to allow for reporting of fractional share transactions to the TRF and ORF
- In connection with the FINRA Trade Reporting Notie, the SIAC and UTP plans published updated technical specifications to provide for dissemination of fractional share trades
- These changes will take effect no earlier than the first quarter of 2025
- FIF has hosted a Working Group call to review the FINRA notice and the updated SIAC and UTP documentation
- On May 16 FIF submitted a letter to FINRA with comments and questions relating to the implementation of this new reporting requirement
- FIF has scheduled a Working Group call for September 3
- CFTC Large Trader Reporting
- On April 30 the CFTC adopted changes to its large trader reporting requirements
- FIF hosted calls to discuss the CFTC’s recent amendments to this reporting requirement
- OFR Repo Reporting
- On May 6 the Treasury Department’s Office of Financial Research adopted a new requirement for firms that exceed specified thresholds to report repos that are executed bilaterally and not centrally-cleared (NCCBR repos)
- On June 20 FIF submitted a letter to the OFR with issues and questions relating to implementation of the new reporting requirement
- On July 17 FIF submitted a supplement letter to the OFR with additional issues and questions relating to implementation of the new reporting requirement
- The FIF Working Group is currently working on another supplemental letter to the OFR with additional issues and questions relating to implementation
- Compliance and Surveillance
- On July 30 FIF will host a webinar on trade surveillance
- Tom Jordan, the Chair of the FIF Advisory Committee, moderated the panel; the panelists were Steve Bonanno of BXS, Ted Karn of The Karn Group, Chris Montagnino of Jordan & Jordan, and Jeremy Vest of S3
- FIF Digital Asset Securities Working Group
- The next call will be on September 10th at 11am ET.
- Tax Information Reporting Working Group
- The next meeting will be on September 24th, where the Wolters Kluwer team will present on New Draft Form 1099-DA
- The next meeting will be on September 24th, where the Wolters Kluwer team will present on New Draft Form 1099-DA
- Emerging Technologies Working Group
- The next meeting will be on September 10th where the focus will be on IT and storage challenges of financial services companies
- Cybersecurity Working Group
- Matt Weinberg of CISA will present on September 19th at 3pm ET on the Current Threats to the Financial Industry. The group will also cover some notable releases from FINRA and the NSA.
- Data & Technology Committee
- FIF Industry Solutions Offering
- FIF Retail Execution Quality Statistics
- FIF Regulatory Initiatives Tracking Site - (Requires FIF Website Login)
- FIF Monthly Reports
- Market Data Capacity Statistics – (Requires FIF Website Login)
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Next Meeting Date: September 17, 2024 @ 11am ET
__________________
Financial Information Forum
fifinfo@fif.com
FIF URL: www.fif.com
- CAT Transaction Reporting
FIF has a policy of strict compliance with federal, state, and international antitrust laws. This policy applies to all meetings and events conducted by FIF and all meetings attended by representatives of FIF. FIF members should avoid discussing certain subjects when they are together – both at formal FIF events and membership, committee, and other meetings as well as during informal contacts with other industry members.
Under no circumstances should the meetings be used as a means for competing companies or firms to reach any understanding – expressed or implied – that restricts competition or in any way impairs the ability of meeting participants to exercise independent business judgment regarding matters affecting competition. It is the responsibility of all meeting participants to be aware of antitrust regulations and to prevent any written or verbal discussions that violate, or appear to violate, these laws.
