D. Order Receipt
This topic includes information and reporting requirements related to the origination or receipt of an order.
- FAQD23. How should the accountHolderType be populated for orders received from an Investment Advisor or money manager exercising discretion over client accounts? Should the accountHolderType represent the status of the IA/money manager or the status of the IA/money manager’s client?
The accountHolderType must represent the type of beneficial owner of the account for which an order was received or originated. If the firmDesignatedID (“FDID” or “Firm Designated ID”) is based on a relationship (“Relationship ID”), the accountHolderType must represent the relationship with the IA/money manager and must not represent the IA/money manager’s client.
- FAQD37. Are Industry Members that provide sponsored access/direct market access required to report the ‘DIR’ handlingInstructions value on the Order Accepted or New Order event?
No. Sponsored Access and Direct Market Access providers must not populate the ‘DIR’ handlingInstructions value on Order Accepted or New Order events. Further, Sponsored Access and Direct Market Access providers must correctly populate the deptType field with either ‘SA’ (for sponsored access) or ‘DMA’ (for direct market access).
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Most options orders are currently only eligible to trade during regular market hours sessions (generally from 9:30 am to 4:00 pm or 4:15 pm Eastern Time) on the options exchanges and, as a result, the tradingSession field must be populated with 'REG' (Regular Only) or 'ALL' (All Sessions). Note that option orders eligible to trade during a regular market hours session’s opening or closing rotation must also be populated with 'REG' or 'ALL.' (See also FAQ D32.)
- FAQD29. How should Industry Members populate handling instructions for orders received or originated with instructions to work the order using a trading algorithm?
In Phase 2a, if an order is received or originated with instructions to work the order using a Trading Algorithm as defined in the Industry Member Technical Specifications, a handlingInstructions value of 'ALG' should be populated on the New Order or Order Accepted event submitted to CAT along with any additional relevant handlingInstructions.
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In Phases 2a/2b/2c, the ‘SMT’ handlingInstructions value is only applicable to Order Route events (MEOR/MOOR) and is used to indicate that an order is routed out via a Smart Order Router.
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- FAQD10. How should orders received with instructions from the customer to buy as much stock as possible for a specific dollar amount (e.g., $1,000) over the course of the day (commonly referred to as "cash" orders) be reported to CAT?
In Phases 2a/2b/2c, these orders should be reported to CAT with a handlinginstructions value of ‘CNH’ denoting Cash Not Held. Starting in Phase 2d, these orders should be reported to CAT with handlingInstructions values of ‘CASH’ and ‘NH’, denoting the cash order and Not Held customer instructions.
The ‘CND’ handlingInstructions value indicates that an order is contingent on the execution of another order. The ‘CMC’ handlingInstructions value indicates that an order is contingent on the occurrence of a market condition (e.g., once symbol ABCD trades X# of shares, the order becomes executable). Industry Members may populate both values if applicable to the order.