OATS Technical Specifications

The OATS Reporting Technical Specifications document covers the requirements and procedures for clock synchronization; system access requirements for supplying OATS files to FINRA; order reporting scenarios that describe, from a business perspective, responsibilities for reporting to OATS; details regarding the required layout of OATS files; procedures for providing corrections to OATS data and for receiving feedback from FINRA; and the procedures for registration, self-administration, and testing and certification. It also contains a data dictionary that describes all of the data elements in OATS files; a list of report formats, including field names, data types, and lists of permissible values; examples of order reports; and a glossary. The OATS Reporting Technical Specifications is not intended to provide information about how to develop an electronic system that reports order information; it is only intended to describe what such a system must deliver to FINRA.

FINRA released a new edition of the OATS Reporting Technical Specifications dated September 12, 2016. This edition includes the following updates to the OATS Reporting Technical Specifications dated June 10, 2016:

  • New Destination codes for ISE Mercury and BATS EDGX Options Exchange:
    • OK BATS EDGX Options Exchange
    • OY ISE Mercury
  • The following fields have been modified to Numeric(8) from Numeric(11)
    • NBBO Matching Engine Lookup Date
    • NBBO Matching Engine Lookup Date at Execution
  • The following attributes have been modified to allow zero as a permissible value. The value zero may be used when a quote is not available at the time of NBBO Matching Engine Lookup or when a one sided quote is being reported.
    • NBBO Bid Price
    • NBBO Ask Price
    • NBBO Bid Price at Execution
    • NBBO Ask Price at Execution
  • The following allowable value has been added for NBBO Source and NBBO Source at Execution.
    • ā€˜Nā€™ (Not applicable for ATS Order Type) ā€“ This value may be used when NBBO Matching Engine Look up is not applicable for the ATS Order Type and the related NBBO fields must be left blank.

Other than the new allowable values for Destination Code, all other changes described in the September 12, 2016 edition of the OATS Reporting Technical Specifications apply only to ATSs for orders in NMS stocks. Firms who are not ATSs and ATSs that do not receive orders in NMS stocks are not required to make any changes related to FINRA Rule 4554.

The changes described in this edition are scheduled to be available for testing in the OATS Certificate Test environment on September 26, 2016 and are scheduled to go into the OATS Production environment on November 7, 2016.

View OATS Reporting Technical Specifications (9/12/2016 edition) (PDF 2.25 MB)

View our archive of past specifications.

If you are having problems accessing these files, please contact FINRA Business and Technology Support Services at 1-800-321-6273.