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Order Audit Trail System (OATS)

FINRA has established the Order Audit Trail System (OATS), as an integrated audit trail of order, quote, and trade information for all NMS stocks and OTC equity securities. FINRA uses this audit trail system to recreate events in the life cycle of orders and more completely monitor the trading practices of member firms. Under FINRA Rules 7410 - 7470, FINRA member firms are required to develop a means for electronically capturing and reporting to OATS specific data elements related to the handling or execution of orders, including recording all times of these events in hours, minutes, and seconds, and to synchronize their business clocks. These Rules were approved by the SEC on March 6, 1998.

FINRA’s OATS Helpdesk is the primary source of information about OATS. Technology support is available from 8 a.m. Monday to 8 a.m. Saturday. Business support is available from 8 a.m. to 6 p.m. Monday through Friday.

Contact FINRA’s OATS Helpdesk

  • by email
  • by phone at (800) 321-6273
  • by fax at (888) 345-6275.

Please provide your name, title, firm's name, firm's Broker-Dealer Number (if applicable), and a phone number when contacting FINRA’s OATS Helpdesk by phone, fax or email.

  • SEC Approval of FINRA Rule 4554 (Alternative Trading Systems—Recording and Reporting Requirements of Order and Execution Information for NMS Stocks)
  • SEC Approves Rule Change to Reduce the Clock Synchronization Tolerance for Computer Clocks Used To Record Events in NMS Securities and OTC Equity Securities
  • SEC Approves OATS Amendments to Require Identification of Non-FINRA Member Broker-Dealers
  • Rules Requiring the Identification of Non-Member Broker-Dealers in Order Audit Trail System (OATS) Reports and the Reporting of Additional Order Information by Alternative Trading Systems (ATS)
  • FINRA Requests Comment on a Proposal to Tighten Business Clock Synchronization Requirements
  • SEC Approves Amendments to Equity Trade Reporting and OATS Rules
  • FINRA Expands the Order Audit Trail System to All NMS Stocks
  • SEC Approves Amendments Regarding OATS Routing Method Code for Intermarket Sweep Orders Effective Date: February 4, 2008
  • NASD Extends Compliance Date for Recent Amendments to NASD's Order Audit Trail System Rules
  • SEC Approves Expansion of NASD's Exemptive Authority under the OATS Rules
  • SEC Approves Amendments to the OATS Rules
  • Short Sales in Pilot Securities and Order-Marking Requirements under SEC Regulation SHO
  • SEC Approves Amendments to Rule 6954(c) Requiring ECNs to Capture and Report Routed Order Identifier Information to OATS
  • NASD Seeks Comment on Proposed Changes to the OATS Rules (Comment Period Expired January 20, 2005)
  • Mandatory Use of Combined New Order/Route and Combined New Order/Execution Reports Delayed until April 4, 2005
  • SEC Approves Amendments to Rule 6954 Requiring Members to Record and Report Execution Price and Firm Capacity in OATS Execution Reports
  • Mandatory Changes to OATS New Order, Combined New Order/Route, and Combined New Order/Execution Reports
  • NASD Seeks Comment on Proposed Changes to the OATS Rules
  • NASD Regulation Reiterates Requirement That Members Correctly Report Order Audit Trail Information
  • Order Audit Trail System Phase 2 Firms Required To Register
  • Revised OATS Reporting Technical Specifications Released
  • SEC Approves Amendments To Automated Confirmation Transaction Service And Transaction Reporting Rules
  • Firms Required To Register For Order Audit Trail System
  • SEC Approves New Order Audit Trail System (OATS)
  • Compliance Tools
    Small Firm Resources for OATS
    August 31, 2017
  • Guidance
    As previously announced in the March 21, 2007 OATS Reporting Technical Specifications, a new Routing Method Code of “I” (Intermarket Sweep Order) became available on June 11, 2007. As of February 4, 2008, the Routing Method Code of “I” will be required in the OATS Route and/or Combined Order/Route Reports for all OATS reportable orders routed to another market center that are identified to the receiving market center as an ISO.
    July 12, 2007
  • FAQ
    Following are "Frequently Asked Questions" regarding the Order Audit Trail System (OATS).
  • FAQ
    Following are "Frequently Asked Questions" regarding the Order Audit Trail System (OATS).
  • FAQ
    Frequently asked questions related to OATS reporting requirements to OTC equity securities.
  • Compliance Tools

    The OATS Compliance Report Card is a monthly status report on the number and percentage of:

  • FAQ

    1. How does a firm determine which Relicensing filing type to select?

    Relicense All: Relicense All is for an individual who wishes to register with a new firm within thirty (30) days from the date of termination with the previous firm(s), and intends to be registered solely with the new firm. All other firms with which the applicant was registered must submit a Full Form U5 to terminate his or her employment.

  • FAQ
    Following are "Frequently Asked Questions" regarding the Order Audit Trail System (OATS).
  • FAQ
    OATS Phase III Frequently Asked Questions
  • Compliance Tools

    The Daily Total Summary Data and Detail Data Download files for the OATS Compliance Report Card provide underlying totals and detail of the data contained in the monthly summary OATS Compliance Report Card.

    The tables below represent the data within the Daily Totals Summary Report Card and the Detail Data Download files.

    Summary Definitions and Data Fields

    Term

    Definition

  • FAQ
    Frequently asked questions related to OATS reporting requirements to OTC NMS Stocks.
  • FAQ
    Following are "Frequently Asked Questions" regarding the Order Audit Trail System (OATS).
  • FAQ
    Following are "Frequently Asked Questions" regarding the Order Audit Trail System (OATS).