- Reference MaterialTopics
- Reference Material
- FAQK8. When an Industry Member receives a complex order including an equity leg and solicits interest in the execution of the order, is the equity leg component of the solicitation and the responses to the solicitation reportable in Phase 2a?
Suppose that an Industry Member receives a complex order including an equity leg. The Industry Member then engages in a solicitation process to identify a contra party to pair the order against, and one or more market participants respond to the solicitation of interest. The Industry Member selects one or more of the responding market participants’ order(s) to execute against the original order, and sends a paired order(s) to an exchange for execution.
Consolidated Audit Trail, LLC and FINRA CAT, LLC will host a Monthly CAT Implementation Update on the third Thursday of every month at 4:15 pm ET beginning on September 17, 2020 until further notice. The Monthly CAT Implementation Update meetings provide the industry with a high level overview of materials and guidance published on the www.catnmsplan.com website during the month.Audio file
On Wednesday, December 16, 2020 at 3:30 pm ET, Consolidated Audit Trail, LLC and FINRA CAT, LLC will host an industry webinar to provide an overview of the November 2020 Industry Member Compliance Report Card with addition of Interfirm, Exchange and TRF reporting statistics.Audio file
- Technical Specifications
Consolidated Audit Trail, LLC and FINRA CAT, LLC will host Weekly Industry Testing Checkpoint Calls every Tuesday at 4:15 pm ET beginning on January 7, 2020 until further notice. The events will be held at 4:15 pm ET.
Please note that FINRA CAT, LLC is now utilizing Zoom to conduct industry webinars. Please check your firewall to ensure your firm has the ability to view Zoom content. If you are unable to download and run Zoom, please click the “join from your browser” link. The presentation document and recording will be posted.Audio file
- FAQD36. Should the handingInstructions value of ‘CSC’ (Contingent on a Spread Condition) be reported to CAT if an order is being worked by an algorithm that may utilize strategies that work the order in a way similar to a spread condition?
No, the handlingInstructions value of ‘CSC’ (Contingent on Spread Condition), introduced in the November 2020 Industry Member Technical Specifications, must not be reported on the New Order or Order Accepted events submitted to CAT if such spread conditions are associated with a particular algorithm.Topics
- FAQB70. How should the price and eventTimestamp fields be populated on a Trade Event (“MEOT”) for a trade priced at the Net Asset Value (“NAV”) with no offset?
For NAVs with no offset, the eventTimestamp on the MEOT should reflect the date and time of execution of the trade at the calculated NAV and should match the date and time of execution reported in the trade report submitted to the FINRA trade reporting facility. The price should be the calculated NAV.Topics
Section 6.4(d)(iii) of the CAT NMS Plan, which describes the exemption for Options Market Maker quotes, states that “[w]ith respect to the reporting obligations of an Options Market Maker with regard to its quotes in Listed Options, Reportable Events required pursuant to Section 6.3(d)(ii) and (iv) shall be reported to the Central Repository by an Options Exchange in lieu of the reporting of such information by the Options Market Maker.” Section 6.4(d)(iii) also requires that, pursuant to the Compliance Rules of the Options Exchanges, Options Market Makers are required to report to an Optio