NASD Notice to Members 04-46 - June 2004

Mandatory Changes to OATS New Order, Combined New Order/Route, and Combined New Order/Execution Reports

Executive Summary

Given the recent significant increase in Order Audit Trail System (OATS) volume, NASD is implementing several changes to the OATS reporting requirements for orders received and subsequently routed, executed, or canceled in full on the same business day. Specifically, pursuant to the phase-in schedule described below, members will be required to populate two additional fields that are being appended to the New Order and Combined New Order/Route Reports to provide for the reporting of cancellation information within these reports when an order is canceled in full on the same day it was received. These additional fields will eliminate the need to create and submit a separate Cancel Report when an order is canceled in full on the same day it was received. Further, the current optional use of Combined New Order/Route and Combined New Order/Execution reports will become mandatory for orders that are fully routed or executed on the same business day they are received. This will eliminate the need to create and submit separate Route and Execution Reports for these orders. NASD believes these changes will result in more efficient recording, reporting, and processing of OATS information.

 

Questions concerning this Notice may be directed to:

  • OATS Helpdesk: (800) 321-NASD
  • NASD Market Regulation: (240) 386-5126