Yes, if the Industry Member routes an order to another Industry Member or a Participant, the Industry Member must report the routing of the order to the CAT. The details that must be reported for the routing of an order are set forth in Section 6.3(d)(ii) of the CAT NMS Plan, as applied to Industry Members by Section 6.4(d)(i) of the CAT NMS Plan. While all routes are required to be reported to CAT, Order Route events for orders that were rejected by the Industry Member or Participant to which the order was routed are not required to be reported in Phases 2a (equity) or 2b (options).

Beginning in Phases 2c (equity) and 2d (options), Industry Members will be required to report an Order Route event with the routeRejectedFlag populated as 'true.' An Order Route Supplement Event may be used in Phase 2c or 2d to populate the routeRejectedFlag. Further, beginning in Phase 2d, if a request to modify or cancel a route that was sent to another broker-dealer, exchange or ATS is rejected, Industry Members are required to report a Route Modified (MEMR)/Route Cancelled (MECR) event with the routeRejectedFlag populated as 'true.' A Route Modified Supplement (MEMRS)/Route Cancelled Supplement (MECRS) event may optionally be used to populate the routeRejectedFlag.

If an Industry Member chooses to optionally report an Order Route event for a rejected route early in Phases 2a or 2b, the routeRejectedFlag must be populated as ‘true’. As with all data reported to the CAT, Phase 2c or 2d activity voluntarily reported in Phase 2a or 2b must be timely, accurate and complete and will be included in the firm’s error rate. Any Order Route event representing a rejected route that is optionally reported in Phase 2a or 2b with a routeRejectedFlag of ‘false’ will result in an unlinked event that must be corrected and resubmitted accordingly.