Archived FAQs

Currently, the Participants are funding the CAT-related costs themselves. The CAT NMS Plan, however, contemplates a funding model in which both Participants and Industry Members contribute to the funding of the CAT. Although the Participants have filed fee filings with the SEC to impose CAT Fees on Participants and Industry Members, the Participants have withdrawn these fee filings at this time. The Participants anticipate filing revised fee filings in the near future.

This FAQ was retired on October 12, 2023.

While SEC Rule 613(a)(3) and Section 6.7(a) of the CAT NMS Plan require that Participants begin reporting to the CAT by November 15, 2017, Industry Members (other than Small Industry Members) begin reporting to the CAT by November 15, 2018, and Small Industry Members begin reporting to the CAT by November 15, 2019, the CAT System currently is not ready to accept data from Industry Members. Although the SEC has not granted an extension to these dates the Operating Committee anticipates that Large Industry Members and Small Industry Members currently reporting to OATS will begin reporting to the CAT in April 2020 and Small Industry Members that are not currently reporting to OATS will begin reporting in December 2021.

This FAQ was retired on May 21, 2020.

If a Reportable Event is priced in a non-U.S. dollar currency, CAT Reporters are required to convert such prices into U.S. dollars based on the conversion rate applicable at the time that the Reportable Event occurred and report the prices in US dollars to the CAT. Although a specific conversion methodology is not prescribed, any methodology must be applied consistently by the Industry Member. The treatment of prices in non-U.S. dollar currencies is consistent with FINRA’s treatment of such prices under OATS reporting requirements (See Compliance FAQ C71 available at: http://www.finra.org/industry/faq-oats-compliance-faq).

This FAQ was retired on September 23, 2020.

For Phase 2c, “if available in the booking system” means that the FDID is either directly available in the booking system, or can be made available through a simple reference data lookup, or can be readily accessed by the booking system through an existing system integration. For example, if the FDID is directly stored or can be directly queried by the booking system, the newOrderFDID field should be populated. In contrast, if, in order to supply the FDID, a new system integration would be required or if new data element(s) were required in the booking record, then the newOrderFDID field would not be required to be populated. It should also be noted that requirements for populating this field may be expanded in future phases of CAT.

This FAQ was retired on July 17, 2020.

No.  As noted in FAQ K4, options assignments and exercises are not orders, as defined by SEC Rule 613, and therefore are not required to be reported to CAT.  Therefore, Industry Members are also not required to report the resulting booking of shares into a customer account resulting from an options assignment or exercise.  Similarly, Industry Members are not required to report the booking of shares or contracts into a customer account resulting from other non-CAT Reportable events (e.g., conversions of a convertible bond into an equity).  As noted in the Industry Member Technical Reporting Specifications, Industry Members may voluntarily report clearing events to CAT that are not required as long as they are properly identified as set forth in the Industry Member Technical Reporting Specifications.

This FAQ was retired on March 9, 2021.

OATS reporting obligations are separate and distinct from CAT reporting obligations, and a firm’s CAT reporting obligation may be different from its OATS reporting obligation. If a firm’s system captures timestamps in nanoseconds, then its CAT events must be reported to nanosecond granularity, even though its OATS submission will only reflect millisecond granularity since OATS does not accept nanoseconds.

This FAQ was retired on November 12, 2021.

In this scenario, Industry Members must populate the orderType as ‘LMT’ and the price as “0”. Refer to FAQ E9 for instructions on orders routed with handlingInstructions that include pricing criteria.

This FAQ was retired on July 1, 2020.

Routes not accepted by the receiving market participant will be required to be reported to CAT beginning in Phase 2c. These routes must be reported with a flag indicating they were not accepted by the receiving market center.

This FAQ was retired on August 27, 2020.

The Order Route Event for orders routed as Stop orders should include an OrderType of either market or limit and a handling instruction of STOP or other appropriate handling instruction as applicable. 

This FAQ was retired on July 1, 2020.

If an order is received/originated or routed without a specific limit price but includes handlingInstructions that may include certain pricing criteria, such as a ‘PEG’ or options related order, the orderType field may be populated as either ‘MKT’, or ‘LMT’ with a price of ‘0’. The ‘PEG’ or other instruction must be included in the handlingInstructions field on the event. If an order is not a market order but is received or originated without a specific limit price and does not have handlingInstructions that include pricing criteria, such as an order that is originated to represent multiple customer orders but does not have a set limit price, the orderType field must be populated as ‘LMT’ and the price must be ‘0’.

This guidance does not apply to Stop or Stop Limit orders - refer to FAQ B57 for additional information on the orderType field for Stop, Stop Limit, Stop on Quote, Stop Limit on Quote, Trailing Stop, and Trailing Stop Limit orders.
 

This FAQ was retired on July 1, 2020.

Members that have either facilitated a basket trade or crossed two customers’ baskets and submitted the information to NYSE’s Crossing Session II, should report these transactions to CAT as a Trade Event. The event timestamp reported to CAT should be the time the member crossed or facilitated the basket and not the acknowledgment time received back from NYSE. Further, the Trade event must contain the marketCenterID of “N” to designate the New York Stock Exchange and the tapeTradeID should be populated with “NYSE CS2” to denote the transaction was reported to the Crossing Session II.

This FAQ was retired on July 3, 2024.

A firm may file a fee dispute by submitting a written application to the FINRA CAT Helpdesk at [email protected] within 15 business days after being notified of such disputed CAT fees. The application is required to identify the disputed CAT fees, state the specific reasons why the applicant takes exception to such CAT fees, and set forth the relief sought. FINRA CAT will forward all fee dispute applications to CATLLC. For more information on fee dispute resolution procedures, please see the “CAT Compliance Rule” provisions on fee dispute resolution that are set out in each of the Participants’ rulebooks (e.g. FINRA Rule 6898).

This FAQ was retired on October 28, 2024.