Yes, for each order, the “material terms of the order” (as that term is defined in SEC Rule 613(j)(7)), including those material terms that may be defaulted at a port or connection level, must be reported to CAT. This includes implicit or default instructions agreed to between the Industry Member and its customer or client that are material terms.

Under SEC Rule 613(j)(7) “material terms of the order” includes, but is not limited to, “the NMS security symbol; security type; price (if applicable); size (displayed and non-displayed); side (buy/sell); order type; if a sell order, whether the order is long, short, short exempt; open/close indicator; time in force (if applicable); if the order is for a listed option, option type (put/call), option symbol or root symbol, underlying symbol, strike price, expiration date, and open/close; and any special handling instructions.”