In Phases 2a, 2b and 2c the ‘OPT’ handlingInstructions value is to be used in instances involving a combination trade in which the cash leg is the second leg of the transaction and the terms and conditions of the cash order are contingent upon the related option trade. In other words, the ‘OPT’ value is appropriate when the price or size of a cash order is contingent upon a related option trade. The value is not intended to be used in conjunction with option exercises or assignments, which do not constitute CAT Reportable Events. The value would only be appropriate for a Buy/Write if, as explained above, the terms and conditions of the cash order were contingent upon the related option transaction. The reporting requirements of this scenario will change in Phase 2d when Buy/Writes are required to be reported as multi-leg/complex options orders.