Under CAT, Industry Members must determine whether trading interest falls within the definition of an “order” for CAT purposes. Specifically, CAT Reporters must consider the definition of an order under Exchange Act Rule 613(j), and any related SEC guidance. As stated in FAQs B3 and B38, non-firm expressions of trading interest that contain one or more of the following elements: security name, side, size, capacity and/or price, are not reportable to CAT. Thus, a key consideration in determining whether trading interest is reportable to CAT is whether it is firm. For example, certain trading interest, sometimes referred to as “conditional orders,” available on some alternative trading systems (ATSs) must have their terms and conditions “firmed up” or otherwise confirmed by the sender before they can be executed against a potential contra-side. Such trading interest would not be reportable to CAT by either the sender or the receiving ATS until it was firmed up/confirmed by the sender. The conditional order becomes reportable once it is firmed up/confirmed and the time of receipt/origination for the sender would be the time the order was firmed up/confirmed by the sender and the time of receipt for the ATS would be the time the ATS receives the firmed up/confirmed order from the sender.