What is the definition of customer under the CAT NMS Plan? Who is the customer for purposes of the CAT: the end customer, the introducing broker or the clearing broker?
The CAT NMS Plan defines a “Customer” as (a) the account holder(s) of the account at a registered broker-dealer originating the order; and (b) any person from whom the broker-dealer is authorized to accept trading instructions for such account, if different from the account holder(s). This is the same definition as set forth in Rule 613(j)(3).