OATS Frequently Asked Questions - Development
P1. My firm uses more than one MP ID to transact business in Nasdaq and OTC Listed Securities. Do I need a separate OSOID for each of these MP IDs?
If you want to be able to view reporting statistics and ROE rejections on the Web separately for each MP ID, you must obtain a separate OSO ID for each MP ID, which involves completing a separate registration form for each MP ID. If, however, it is acceptable that all statistics and ROE rejections on the Web concern every record for all MP IDs submitted, only a single OSO ID is required. NOTE: Regardless, of the number of OSOIDs requested, reportable order events for a single MP ID must be packaged in a separate file for each MP ID. (Last updated 03/30/09)
P2. If I transmit Execution Reports to OATS for orders received before my Reporting Date, will the Execution Reports be rejected?
Yes. All reports submitted to OATS must relate to an existing New Order Report in OATS. If you submit to OATS an Execution Report for a limit order received before your Reporting Date, it will be rejected because it does not relate to any New Order Report that was previously submitted to OATS. Firms need not repair these rejections or submit the original New Order Report; however, they will be considered rejections in OATS Statistics. (Last updated 11/03/98)
P3. Is there a space in the permitted value of the Version Description field contained in the Header Record?
Yes. There is a single space between OATS and D1999-01 in the Version Description. (Last updated 02/16/99)
P4. We receive limit orders that are good for one day. However, if the limit is not reached during the day, the customer has indicated that the orders should be executed at the market price as close as possible to the end of the trading day. How do I convey these instructions to OATS?
You can use up to five special handling codes for any order, including any limit or stop order. For your example, in the New Order Report or Combined Order/Execution Report indicate that the order is a limit order by putting a value in the Limit Price field and use the Special Handling Code "MOC". (Last updated 11/23/98)
P5. If we need to correct an execution price in an ACT report, are we required to send a correction to OATS?
No. There is no execution price in the OATS Execution Report. OATS will obtain this price from the ACT report; therefore, in this circumstance, no correction would be required in OATS. (Last updated 11/23/98)
P7. If a customer changes the terms of an order, can I submit a Cancel Report and a New Order Report in lieu of a Cancel/Replace Report?
No. OATS must reflect the fact that the customer changed the order; therefore, a Cancel/Replace Report is required. However, there is one exception, when you begin reporting to OATS, you can file a New Order Report in lieu of a Cancel/Replace Report for an order that was originated prior to your Reporting Date. This will allow all future Cancel/Replace, Routing, Cancel, and Execution reports to match with a New Order Report in OATS. (Last updated 03/08/99)
P8. Am I required to fill the Special Handling Codes in sequence? For example, can I leave the First Special Handling Code blank, but put a code in the Fifth Special Handling Code?
You are not required to fill the Special Handling Codes in sequence. If you leave the First Special Handling Code blank and put a code in the Fifth Special Handling Code, your report will not be rejected by OATS. (Last updated 02/16/99)
P9. Is the Order ID in the New Order Report case sensitive?
Yes. Therefore, if New Order Reports containing Order ID AAAA1234 and Order ID aaaa1234 were submitted to OATS by the same firm on the same day, they would not be considered duplicates. (Last updated 03/02/99)
P10. In the scenario for routing an order to a Nasdaq Execution System, the Sent To Firm MP ID field is blank. If we preference a firm on a Nasdaq Execution System order, should we populate that field with the firm's MP ID or just leave it blank?
Yes, if you are preferencing a firm, you must populate the Sent To Firm MPID with the preferenced firm's MPID. (Last updated 06/13/02)
P11. The OATS Technical Specifications specifies a 14-character timestamp accurate to the second. However, our present system uses a 17-digit timestamp that records to the millisecond. Should we modify our timestamp to meet the OATS specifications or will your system accept a timestamp with the extra digits?
You must report a 14-character timestamp to OATS (i.e., truncate the milliseconds portion of your timestamp). If the length of any fields in an OATS record exceeds the field length specified in the OATS Reporting Technical Specifications , OATS will reject the record. In some cases, one rejected record will cause other records to be rejected. (Last updated 05/07/99)
P12. Am I supposed to use the Customer Instruction Flag to indicate whether or not a limit order is displayed?
Yes. However, be cautious because the Customer Instruction Flag indicates whether or not a customer has given specific instructions about whether or not an order should be displayed. The Customer Instruction Flag of "Y" is only used to indicate if a customer has given a specific instruction that a limit order is not to be displayed or if a customer has given a specific instruction that a block order is to be displayed. If the customer has not given one of these specific instructions, then use the Customer Instruction Flag of "N". For Non-ECNs, the Customer Instruction Flag must be provided if a Limit Price is provided or both a Limit Price and a Stop Price are provided. (Last updated 03/30/09)
P13. Can I use a "0" in the Limit Price or Stop Price fields when the order is a market order?
No. To indicate that an order is a Market Order you must leave both the Limit Price and Stop Price fields blank (null). If you supply any number, including "0" in those fields, OATS will interpret that the order is a Limit Order. (Last updated 06/04/99)