OATS Report - April 19, 2001

April 19, 2001

OATS maintains an active file of the most current five business days for Market, GTT, and DAY orders ("the DAY Order file"). The Day Order file includes both New Order Reports and Cancel/Replace Reports and is used to validate subsequent order events. Reporting members have five business days from the date a Market, GTT, or DAY order is accepted by OATS, including the date the New Order is accepted, to repair or to submit any subsequent order events. Subsequent order events generally include Route Reports, Cancel Reports, Cancel/Replace Reports, or Execution Reports related to the original New Order or Cancel/Replace Report.

If a reporting member is unable to resubmit by the five-day deadline, any attempt to submit the subsequent order events will result in the data being rejected by OATS for no new order event on file. Should this occur, the staff offers the following guidance. Members should retransmit to OATS a duplicate New Order Report as well as any related subsequent events that were rejected or were not submitted previously. The New Order Report, as well as any previously rejected order events, should have the ROE Reject Resubmit Flag set to "Y". Any subsequent order events not previously submitted should be submitted without the ROE Reject Resubmit Flag.

OATS also maintains a file for a year for GTC, GTD, and GTM orders ("the GTC file"). Similar to the Day order file, "GTC-type" new orders and cancel/replaces scroll off after one year. Occasionally, a reporting member may have had an open order that is older than a year on the GTC file that was purged by OATS. When the member submits a subsequent order event, such as an execution, a cancel, or a route, the event rejects for no new order on file. Should this occur, the staff offers the following guidance. Members should submit a duplicate New Order Report and any rejected subsequent order event, each with the ROE Reject submit Flag set to "Y".

Questions regarding this article should be directed to the OATS Business Support Help Desk at (800) 321-NASD.