NASD Notice to Members 04-80 - November 2004

NASD Seeks Comment on Proposed Changes to the OATS Rules; Comment Period Expires January 20, 2005

Executive Summary

NASD is issuing this Notice to Members to solicit comments from members and other interested parties on proposed changes to the OATS Rules (Rules 6950 through 6957). The OATS Rules impose obligations on member firms to record in electronic form and report to NASD on a daily basis certain information with respect to orders originated or received by NASD members relating to securities listed and traded on The Nasdaq Stock Market, Inc. (NASDAQ). NASD staff is seeking comment on three proposed changes to the OATS Rules,which would require members to record and report to OATS:

  • Order information relating to exchange-listed and OTC equity securities (OTC Bulletin Board (OTCBB) and PinkSheets);  

  • Enhanced information, including execution data, relating to orders routed to non-members or exchanges; and

  • Order information relating to proprietary orders generated during the course of market-making activities.
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The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments.

Comments By Date Received
Emily Vitale (PDF 26 KB) 11/24/2004
ML Stern & Co., LLC (PDF 29 KB) 1/14/2005
Ameritrade, Inc. (PDF 23 KB) 1/18/2005
Royalblue Financial Corporation (PDF 35 KB) 1/20/2005
Jed Bandes (PDF 25 KB) 1/20/2005
Instinet Group (PDF 89 KB) 1/20/2005
Securities Industry Association (PDF 67 KB) 1/20/2005
The Financial Information Forum (PDF 24 KB) 1/21/2005