2024-06-21 Meeting notes
- Elisa Kendall
Date
Jun 21, 2024
Participants
@Elisa Kendall
@Rob Warren
@Dan Gillman
@Tahoe Blue
Discussion
We discussed some of the work on statistics this morning, since Dan joined the call at the start. He believes that the ontology we developed overlaps with some other work that would be input to the new OMG statistical RFP. We could submit the ontology to the process, and then reconcile with other submitters.
We also continued working on SEC-113.
US-Specific: Security Short Sale Flag - This field indicates whether the short sale circuit breaker is in effect. The Securities and Exchange Commission (SEC) short sale alternative uptick rule (Rule 201) requires the establishment of a short sale-related circuit breaker in the event a security's price decreases by ten percent or more from the previous day's closing price. Once activated, the short sale restriction will remain in effect for the remainder of the day as well as the following day. Values are A - "Flag in Effect/Activated", C - "Flag Continued" and N - "Flag Not in Effect". If not given the default is "N - Flag Not in Effect".
SEC Rule 201, also known as Regulation SHO or the alternative uptick rule, is a circuit breaker that limits short sales to prevent them from causing a security's price to drop further after a significant decline
Rule 201 is triggered for a stock when the stock's price declines by 10% or more from the previous day's close. When a stock is triggered, traders can only execute short sales of the stock above the National Best Bid (NBB) price.
EU-Specific: EU Short Selling Eligibility Flag - This field indicates whether the security has been marked restricted for short selling by the EU Short Sell Regulation.
What is the EU Regulation 236 12?
236/12 on short selling and certain aspects of credit default swaps, known as SSR Regulation) sets out the conditions under which net short positions on equity are notified to the competent authorities and made public.
For the Q2 release - we agreed to complete this by adding the corresponding EU ontology, and update the MIC and FpML codes (which Pete has already compiled).