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For CAT reporting purposes, the accountHolderType value of market maker (value ‘O’) is used to identify orders originated by registered market makers or firms displaying quotes on an IDQS in their market making account. The value of ‘O’ is not limited to activity only on the exchange where a market maker is registered. It should be used for any order originated by a market maker in its market making account for a security in which it is registered, regardless of where the order is ultimately routed or executed.
- FAQC6. What is the definition of a “cabinet” order for purposes of the “orderType” field for Exchange-listed options in the CAT Reporting Technical Specifications for Industry Members?
The “orderType” field when used in reference to Exchange-listed options in the CAT Reporting Technical Specifications for Industry Members provides that the type of order being submitted may be, for example, a market, limit or cabinet order. For purposes of the “orderType” field, a “cabinet” order designation would be applicable for an order that is represented on/routed to a given Options Exchange as a cabinet order under the rules of that Options Exchange. See, for example, Cboe Options Rule 5.85(h) for cabinet orders represented on/routed to the Cboe Options Exchange.
- FAQC2. What is the definition of "foreign broker-dealer" for purposes of populating the destination type field for Industry Member reporting?
For purposes of reporting to the CAT, the Participants have adopted the definition of “foreign broker-dealer” as set forth in SEC Rule 15a-6(b)(3). In particular, SEC Rule 15a-6(b)(3) states: “The term foreign broker or dealer shall mean any non-U.S. resident person (including any U.S.
- FAQC7. Are orders received or routed via instant message (IM) or email considered “manual” or “electronic” for purposes of reporting to the CAT?
Orders received or routed outside of an electronic order handling or execution system, such as via telephone, IM or email, are considered to be manual for purposes of reporting to the CAT. For purposes of reporting to CAT, electronic receipt of an order refers to the initial receipt of an order by an Industry Member directly into an electronic system for further routing and execution. Electronic routing of an order refers to the routing of an order directly from a firm’s electronic system to the routing destination.
- FAQC4. The affiliateFlag requires the designation of an affiliate. How should CAT Reporters determine who is an "affiliate" for these purposes
For purposes of the affiliateFlag, an "affiliate" of the firm would include a person or entity that (i) directly or indirectly controls the firm, (ii) is controlled by the firm, or (iii) is under common control with the firm. Employees of the firm would not be considered "affiliates" for purposes of CAT.
- FAQC3. What is the definition of institution for purposes of the Account Type Code value of "A" Institution?
For purposes of CAT Account Type Code, "institution" has the same meaning as the term "institutional account," as defined in FINRA Rule 4512(c).
The Operating Committee has determined that “Trading Day” shall have the following meaning for all Eligible Securities. For Participant CAT Reporters the Trading Day is defined as beginning after midnight on one trade date and ending at midnight the next trade date. For Industry Member CAT Reporters, Trading Day is defined as beginning immediately after 4:15:00 p.m. and no fractions of a second Eastern Time on one trade date and ending at exactly 4:15:00 p.m. and no fractions of a second Eastern Time on the next trade date.