A representative order is defined as an order originated by an Industry Member for the purpose of working one or more orders. Representative orders may be originated in firm owned or controlled accounts or a customer or client account.  

Examples of representative orders in firm owned or controlled accounts:

1. Order originated in a proprietary account to work an order on a riskless principal basis.
2. Order originated in a proprietary account to work an order on a net basis.
3. Order originated in a proprietary account to work one or more proprietary orders.
4. Order originated in a firm owned agency average price account to work an order(s) on an average price basis.
5. Order originated in a firm owned omnibus or agency average price account to aggregate and work multiple customer or client orders as a single order.

Example of a representative order in a customer or client account:

Order originated in a customer or client account or for a single Relationship ID to aggregate and work multiple orders from the same customer or client as a single order. In these instances, the Industry Member must report representative orders with representativeInd value of ‘Y’. Also, the resulting fulfillment events must be reported with fulfillmentLinkType value of ‘Y’.

See Appendix C of the Industry Member Technical Specification and Section 2.3 of the CAT Industry Member Reporting Scenarios document for detailed guidance and examples of how the representative orders must be reported.