If an equity order is tied to stock, fixed income, futures, or another product that is not reportable to CAT at a net price (or other formula such as a specific delta no later than Phase 2d), Industry Members must populate the appropriate handlingInstructions value of ‘TTS’, ‘TTF’, ‘TTO’, ‘TTU’, or ‘FUT’. This activity does not meet the definition of a multi-leg order, as these trading strategies do not contain an option leg, and must continue to be reported to CAT as equity order events in Phase 2d.

If a simple equity is tied to a simple option at a net price (or other formula such as a specific delta no later than Phase 2d) as part of a pairs trading strategy that does not meet the definition of a multi-leg order, the equity order must contain a handlingInstructions value of ‘TTSO’, and the option must contain a handlingInstructions value of ‘TTS’.

The equity leg of a multi-leg order is reportable in Phase 2a/2b/2c, and must include the handlingInstructions value of 'OPT', as outlined in FAQ B12. This activity will be reported to CAT as multi-leg order events in Phase 2d, and the handlingInstructions values ‘OPT’ and ‘TTSO’ will not be required to be captured on multi-leg order events. 

If a single, simple option order is tied to futures, fixed income, or another product that is not reportable to CAT, Industry Members must populate the appropriate handlingInstructions values of ‘TTF’, ‘TTO’, or ‘FUT’ in Phase 2b.

If an option order is tied to stock and meets the definition of a multi-leg order, Industry Members will be required to report this activity to CAT in Phase 2d. The handlingInstructions value of ‘TTS’ will not be required to be captured on multi-leg order events. 

While this multi-leg activity may be optionally reported to CAT beginning in Phase 2b, the option legs must be reported as simple option events with a handlingInstructions value of ‘CMPX’.  The handlingInstructions value of ‘TTS’ is not required. 

Beginning in Phase 2d, Industry Members will be required to populate the netPrice field on equity or simple option order events with the net price of the order if the order is tied to stock, fixed income, futures, or another product that is not reportable to CAT at a net price. The netPrice field will not be required if the order is tied to stock, fixed income, futures, or another product that is not reportable to CAT with another formula such as a specific delta.