In Phases 2a/2b/2c, the ‘SMT’ handlingInstructions value is only applicable to Order Route events (MEOR/MOOR) and is used to indicate that an order is routed out via a Smart Order Router. Thus, Industry Members must not populate the ‘SMT’ handlingInstructions value on New Order events (MENO/MONO) or Order Accepted events (MEOA/MOOA) when an order is originated or received with instructions to use a specific Smart Order Router, and must not populate the ‘SMT’ handlingInstructions value on Order Route events (MEOR/MOOR) when an order is routed to another Broker-Dealer with instructions to use a specific Smart Order Router, as the ‘SMT’ value is only intended to identify Order Route events sent by a Smart Order Router.

While the handlingInstructions field is not required to be populated on Order Route events until Phase 2c (equities) and Phase 2d (options), the ‘SMT’ value may optionally be populated in this field on Order Route events in Phase 2a (equities) and Phase 2b (options).

Beginning in Phase 2d, the ‘SMT’ handlingInstructions value is being retired and will no longer be accepted.