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FIF/FPL Regulatory Reporting Working Group: Gaining Traction

Most recently, the group has discussed implications of the SEC proposed Large Trader Reporting System, Consolidated Audit Trail (CAT) and Short Sale Amendments. Both FIF and FIX Protocol Ltd. submitted comment letters to the SEC on CAT, supporting standardization utilizing FIX for reporting purposes, highlighting quicker implementation times and simplified data aggregation utilizing FIX.
The group has also identified areas where the FIX Protocol can assist broker dealers in complying with the upcoming Short Sale restrictions, which go into effect on Nov 10, 2010. Specifically, the group believes adding functionality and standardizing Short Sale reason codes for internal use and Order Audit Trail System (OATS) reporting could benefit broker dealers, especially during regulatory inquiries. A draft gap analysis discussing the introduction of Short Sale reason codes will be published shortly.
The recently enacted Dodd-Frank Bill will revolutionize financial services, and with the SEC and other regulatory agencies working on regulatory responses to the May 6 Flash Crash, the FIF/ FPL Regulatory Reporting WG expects to address new regulatory filings on an ongoing basis.

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