ROE Rejection Feedback

Beginning October 17, 2011 with the implementation of the OATS for all NMS Stocks release in OATS Production, firms will receive feedback related to ROE rejections as per the following:

  • Syntax and semantics rejections will be available within four hours of receipt of an accepted FORE status message.
  • Context rejections will be available no later than 24 hours after the OATS reporting deadline.1
  • Firms will have five business days from the date when context rejections are made available to repair both syntax/semantics and context rejections.
  • Rejections not requiring repair, as determined by FINRA, will be provided back to firms in summary only. If a firm would like to obtain the detail data for unrepairable rejections, it may contact the OATS Business Support Helpdesk to obtain this data after October 17, 2011.
  • For all transmission types, as soon as a firm receives rejections back from FINRA, it may immediately begin re-submitting repairs.
  • Refer to Appendix C of the OATS Reporting Technical Specifications for additional information related to ROE Rejection files.
     

Syntax and Semantics Rejections

For each field in the ROE, the OATS syntax and semantics validation process determines if the format and length are correct, valid values are used, and required fields are populated. Syntax and semantics rejections will be available within four hours of receipt of an accepted FORE status message. The following rules apply:
 

Transmission MethodDetails
FTP, SFTP, or IFT
  • Once syntax and semantics processing is complete for a FORE, a rejection file for each FORE transmitted via FTP, SFTP or IFT will be created, including FOREs with zero rejections.
  • Rejection file name:
    Syntax_<FirmFOREID>_<FOREGenerationDate>_
    <OATSProcessingDate>-<Sequence#>.reject
    Example: Syntax_FORE12345_20110310_20110311-1.reject
  • Rejection file maximum size is 25MB. If the Syntax Rejections file maximum size is exceeded, then another rejection file will be created with the same name and incremented sequence number.
  • ROE rejection files with an original submission method of FTP, SFTP or IFT are available only to the OSO that originally submitted the ROE. OSOs must designate a recipient to receive rejections.
Web
  • Once syntax and semantics processing is complete for a FORE, rejections will be made available to users for both view and download via the ‘Rejections & Repair’ link. Users may view and download rejections by Rejection Code or FORE ID.
  • ROE rejection feedback is available via the OATS Web interface to all firms, Transmitting OSOs, and Reporting OSOs.
  • ROE rejection feedback is available on the OATS Web interface for all methods of ROE submission.

 

Context Rejections

The OATS context validation process compares a ROE against previously received ROEs to identify duplicates or secondary events without an originating event. Context rejections will be available no later than 24 hours after the OATS reporting deadline. The following rules apply:

 

Transmission MethodDetails
FTP, SFTP, or IFT
  • Once context processing is complete, a rejection file for all context rejections for ROEs originally transmitted via FTP, SFTP or IFT will be created, including a rejection file with zero rejections. 
  • Rejection file name: Context_<OATSProcessingDate>-<Sequence#>.reject
    Example: Context_20110311-1.reject.
  • Rejection file maximum size is 25MB. If the Context Rejections file maximum size is exceeded, then another rejections file will be created with the same name and incremented sequence number.
  • ROE rejection files with an original submission method of FTP, SFTP or IFT are available only to the OSO that originally submitted the ROE.
Web
  • Once context rejection processing is complete, reporting statistics will be made available via the ‘Reporting & Feedback’ link.
  • Once context rejection processing is complete, rejections will be made available to users for both view and download via the ‘Rejections & Repair’ link. Users may view and filter rejections by Rejection Code or FORE ID.
  • ROE rejection feedback is available via the OATS Web interface to all firms, Transmitting OSOs, and Reporting OSOs.
  • ROE rejection feedback is available on the OATS Web interface for all methods of ROE submission.

 



 

1 If an order is received prior to market close on Monday, October 17, the data is due to OATS by Tuesday, October 18 at 8 a.m. OATS will have context rejections to firms by Wednesday, October 19 at 8 a.m.