Exchange origin code is required to be reported on CAT Order Route events when routing orders to an options exchange. However, it is not required by all options exchange protocols for certain market maker orders. In these cases, with what should Industry Members populate the exchOriginCode field on the Options Order Route Event?
The exchOriginCode field is a required text field on the CAT Options Order Route Event (“MOOR” event) and CAT will reject the record if the field is not populated. In instances where the market maker sends a market maker order through an options exchange protocol that does not require an exchange origin code, Industry Members must populate the exchOriginCode with “MM.”