An Industry Member providing sponsored access or direct market access must populate the deptType on its New Order or Order Accept event with SA (sponsored access) or DMA (direct market access) as prescribed in the Technical Reporting Specifications to indicate the Industry Member was acting as an SA or DMA provider and no other handling instructions are required to be reported on the New Order or Order Accept event. An Industry Member CAT Reporter being sponsored would be required to report relevant handling instructions on its CAT New Order or Order Accept event in Phases 2a and 2b, and on its Order Route event in Phases 2c and 2d, to the Industry Member providing the sponsored access as well. The receiving market center would report all relevant handling instructions received from the sponsored party on its Order Accept event to CAT. Reporting of specific handling instructions on new order events and order route events by SA and DMA providers will be evaluated by regulators during Phases 2a and 2b and may become reportable in Phase 2d for both equities and options.
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Are firms that provide sponsored access/direct market access required to report handling instructions on their new orders for handling instructions not intended for the sponsored access/direct market access provider but for the destination market center?
Are firms that provide sponsored access/direct market access required to report handling instructions on their new orders for handling instructions not intended for the sponsored access/direct market access provider but for the destination market center?