Requirements Regarding the Reporting of Routed Order IDs Transmitted Between Firms and ECNs

December 17, 2004

 

Beginning February 14, 2005, ECNs will be required to capture and report Routed Order Identifier information to OATS  (See NASD Notice to Members 04-85).  On that date, NASD, for routing firms, will begin including orders routed to ECNs as part of the Interfirm Route Matching statistics posted on the OATS Web Interface.  Stats for ECNs and other order-receiving firms will be posted beginning in April 2005.

 

To ensure orders routed to an ECN can be matched in OATS, both the route and new order must be reported as outlined in the tables below and must contain identical Routed Order Identifiers.  Failure to properly report the data elements necessary to match may result in disciplinary action for the applicable party.

 

Routing Firm Reporting: When routing an order to an ECN, the routing firm must code the following key fields on its Route or Combined Order/Route Report:

 

Route Combined Order/Route Report Field Populate With
Sent to Firm MPID The MPID of the ECN to which the order is routed.
Routed Order ID(Route Report) The identifier* passed to the ECN by the routing firm.
Sent to Routed Order ID(Combined Order/Route Report) The identifier* passed to the ECN by the routing firm.
Routing Method Code Must be populated with E when transmitted electronically to the ECN.
Destination Code Must be reported as E if transmitted to an ECN.
Order Sent Timestamp The time the order was routed to an ECN.

ECN Reporting: ECNs must report the following key fields on the New Order, Combined/Order Route or Combined Order/Execution Reports:

 

New Order Type Field Populate With
Routing Firm MPID The MPID of the firm transmitting the order.
Routed Order ID The identifier* passed to the ECN by the routing firm.
Received Method Code Must be populated with E if the order is received electronically by the ECN.
Member Type Code Must be populated with M if received from a member firm or with a C if received from another ECN.
ECN Flag Must be set to Y if the submitting organization is an ECN.

*NASD recommends that firms not use spaces, leading zeroes or other delimiters in the Routed Order ID reported to OATS in order to avoid translation issues that may prevent matching.

 

More information will be included in the next version of the OATS Reporting Technical Specifications to be published in early December.

 

Should you have any questions or concerns regarding this article, or on OATS in general, please contact the OATS Helpdesk at 1-800-321-NASD.

Last Updated: 12/17/2004