Validation of Time in Force Code and the Addition of the Trading Session Code
The May 18, 2015 version of the OATS Reporting Technical Specifications includes changes to support the capture of more granular information about when an order is eligible to trade. Specifically, a new Trading Session Code has been added that will identify the specific market session(s) during which an order is eligible to trade. Firms will provide this new Trading Session Code in the existing Receiving Terminal ID field on all New Order Type Reports (New Order, Combined Order/Route, Combined Order/Execution, Cancel/Replace) and Receiving Terminal ID will no longer be required. The document also includes the removal of "GTX" (Good Through Extended Hours) as an allowable value in the Time in Force Code field since eligibility in the pre-market and post-market sessions will be now be reflected by the Trading Session Code. Additionally, in order to identify which trading day the Trading Session Code applies to, the Expiration Date and Expiration Time fields are now mandatory in certain conditions and not allowed in others as reflected in the table below.
To assist programmers with system coding for the OATS changes detailed in the May 18, 2015 OATS Reporting Technical Specifications, FINRA is publishing this companion document to show acceptable combinations of the new codes populated on New Order Type Reports. This document should be used in conjunction with the May 18, 2015 version of the OATS Reporting Technical Specifications. Additional information on the associated validations can be found in Appendix B of the OATS Reporting Technical Specifications.
Field names referenced in the grid are defined below:
- Trading Session Code – The trading session(s) during which an order is eligible to trade.
- Time in Force Code – The length of time when an order is valid.
- Expiration Date – The date on which an order expires.
- Expiration Time – The time at which an order expires.
| Trading Session Code | Time in Force Code | Expiration Date | Expiration Time |
|---|---|---|---|
|
FOR To be executed only on a Foregn Market PRE Pre-Market Only PREREG Pre-Market and Regular REG Regular Only REGPOST Regular and Post-Market POST Post-Market Only PREPOST Pre-Market and Post-Market ALL All Sessions |
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| DAY Day Order | Expiration Date must be equal to or one business day greater than the Order Received Date of the order. If the Trading Session Code field is populated with 'FOR', then the Expiration Date must be equal to or greater than the Order Received Date of the order. |
Must be Blank | |
| <blank> Market Order | Must be Blank | Must be Blank | |
| GTM Good This Month | Must be Blank | Must be Blank | |
| GTC Good Till Cancel | Must be Blank | Must be Blank | |
| GTD Good Till Date | Must be Populated | Must be Blank | |
| GTT Good Till Time | Must be Populated | Must be Populated |
The changes described in this document are scheduled to be available for testing in the OATS Certificate Test environment on August 17, 2015 and are scheduled to go into the OATS Production environment on September 28, 2015.
Please contact the OATS Helpdesk at (800) 321-6273 with any questions.