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Are all messages, as represented in order routing protocols such as FIX, required to be reported to CAT by Industry Members?

Are all messages, as represented in order routing protocols such as FIX, required to be reported to CAT by Industry Members?

No. Industry Members only are required to report the “details for each order and each Reportable Event, as applicable,” as set forth in Section 6.3(d) of the CAT NMS Plan, as applied to Industry Members by Section 6.4(d)(i) of the CAT NMS Plan. The definitions of “orders” and “Reportable Events” are set forth in Section 1.1 of the CAT NMS Plan. If a message in an order routing protocol does not meet the definition of an order or a Reportable Event, then details related to that message do not have to be reported to the CAT. For additional information on reporting to the CAT, please see the CAT Reporting Technical Specifications for Industry Members.