On June 16, 2025, the SEC approved amendments to the CAT NMS Plan, certain categories of verbal and manual activity are exempt from CAT reporting requirements including: 

(i) until July 31, 2030, floor broker verbal announcements of firm orders on an exchange that are otherwise reported as systematized orders; 

(ii) until July 31, 2030, market maker verbal announcements of firm quotes on an exchange trading floor; 

(iii) telephone discussions between an Industry Member and a client that may involve firm bid and offer communications; and

(iv) unstructured electronic and verbal communications that are not currently captured by Industry Member order management or execution systems (e.g., electronic chats, text messages).

However, certain verbal and manual activity will be required to be reported to CAT, as the SEC’s order expires on July 31, 2030. These activities include: (1) floor broker verbal announcements of firm orders on an exchange that are otherwise reported as systematized orders; (2) market maker verbal announcements of firm quotes on an exchange trading floor. See CAT FAQ C7 for additional information on orders considered “manual” or “electronic” for purposes of reporting to the CAT.