Orders received or routed outside of an electronic order handling or execution system, such as via telephone, IM or email, are considered to be manual for purposes of reporting to the CAT. For purposes of reporting to CAT, electronic receipt of an order refers to the initial receipt of an order by an Industry Member directly into an electronic system for further routing and execution. Electronic routing of an order refers to the routing of an order directly from a firm’s electronic system to the routing destination.

Please note that the above general definition of electronic order is broader than the Phase 2b options electronic order definition that states that an order must be received in a standard format (e.g., FIX) directly into an order handling or execution system. The general definition includes all electronically received orders, such as an order entered online by a customer that is captured directly into an electronic order handling and execution system, and not just those received in a standard format. See also CAT FAQs G1 to G4 regarding manual orders.