Does Section 6.3(d)(ii) of the CAT NMS Plan, which sets forth the reporting requirements with regard to the “routing of an order,” apply to both internal and external routes?
Yes. Section 6.3(d)(ii) of the CAT NMS Plan applies to both internal and external routes. Specifically, when Section 6.3(d)(ii) refers to “the routing of an order,” it includes routing orders internally within an Industry Member and routing orders by an Industry Member externally to an exchange or another broker-dealer. FAQ E.1 describes in more detail the types of internal routes that must be reported to the CAT.