What handling instructions must be applied to order events designated for participation in auctions?
There are designated handlingInstructions values for various auction-related order instructions. These values are intended to be mutually exclusive, and the CAT reporting requirements for each depends on the facts and circumstances of the scenario, as outlined in the below table:
| Paired Option Orders | Offsetting orders sent to an options exchange crossing mechanism must be reported with pairedOrderID. See FAQ K20. The ‘AUC’ handlingInstructions value must not be used, even if the paired orders will initiate an auction at the exchange. |
| Auction-eligible by default | Some exchanges will trigger auctions and consider orders to be ‘auction-eligible’ by default if they meet certain criteria. If no explicit auction instruction is given, then auction-related handlingInstructions values must not be used. |
| Equity Opening or Closing Cross | Orders must be marked with one of the following handlingInstructions values: ‘LOO', ‘LOC', ‘MOO', ‘MOC', ‘IO’ as applicable. ‘AUC’ or ‘AucResp’ must not be used. |
| Responses to Option Auctions | Orders that are routed in response to an active options exchange auction must be reported with a handlingInstructions value of ‘AucResp’ and the Auction ID must be reported in a Name/Value Pair. See FAQ K3. ‘AUC’ must not be used. |
| “Other” auctions | Single-sided orders received, originated, or routed with specific instructions to participate in an auction not listed above must include the ‘AUC’ handlingInstructions value. May include periodic auctions, complex order auctions, re-opening after a regulatory halt, secondary offerings, or other types of auctions for either equities or options. |