Beginning in Phase 2c (equities) and Phase 2d (options), the Order Effective event/Option Order Effective event (MEOE/MOOE) is required to be reported to CAT when all underlying conditions of an order are met such that the order becomes and remains effective until it is fully executed or cancelled. Examples of orders requiring the MEOE/MOOE event include:

• Stop, Stop Limit, Stop on Quote, Stop Limit on Quote, Trailing Stop, and Trailing Stop Limit orders. 
• Conditional Orders wherein an order is contingent on the execution of another order.
• Orders contingent on the occurrence of a market condition (e.g., once symbol ABCD trades X# of shares, the order becomes executable).

In all of the above examples, one and only one MEOE/MOOE would be reported by the Industry Member holding the order at the time all underlying conditions are met (i.e., the stop).

The MEOE/MOOE should not be used in instances when an order has conditions that can become activated and inactivated multiple times throughout the day. Examples of the types of orders where the MEOE/MOOE should not be used include:

• Orders originated or generated utilizing a specific Trading Algorithm, as defined in the Industry Member Technical Specifications, that may cause it to move in and out of specific conditions or parameters. 
• Orders with spread conditions. For example, an Industry Member receives or originates Order A to purchase 200,000 shares of XYZ with the instructions that the order only be acted upon when the market price of security XYZ is within a $10.00 spread from the price of security ABC. 

In both of the above examples, Industry Members would not report an MEOE/MOOE event. 

See also:

• See FAQ B57 regarding how the orderType and handlingInstructions fields must be populated for Stop, Stop Limit, Stop on Quote, Stop Limit on Quote, Trailing Stop, and Trailing Stop Limit orders.  
• See FAQ B59 for information related to the reporting requirements when a Stop, Stop Limit, Stop on Quote, or Stop Limit on Quote order is triggered.
• See FAQ B60 regarding which party has the obligation to report the Order Effective event/Option Order Effective event (MEOE/MOOE) to CAT.
• See FAQ B62 for information related to the reporting requirements for Trailing Stop and Trailing Stop Limit orders.
• See FAQ B67 for information related to Stop orders when the exact stop price is unknown because it is either based on an underlying condition or will be determined by the destination venue.
• See FAQ D26 regarding ‘CND’ and ‘CMC’ handlingInstructions.