Market Order Timeliness Statistical Report

The Market Order Timeliness Statistical Report is published monthly based upon firm-reported data detailing the number of customer market orders executed by your firm in NMS securities and classifying these orders based on time duration to execute. Supplementary Material .01 of FINRA Rule 5310 – Best Execution and Interpositioning - states that member firms must make every effort to execute marketable customer orders it receives fully and promptly. This report can be utilized to assist member firms with compliance and/or supervision with their obligation to execute marketable customer orders fully and promptly. For example, if your firm would like to assess its statistical performance, the summary statistics may be helpful as they provide six months of rolling data for your firm as well as for other firms in your Peer and the Industry.

Please note: The Market Order Timeliness Statistical Report replaced the Market Order Timeliness Report Card as of July 2020. The documentation below defines the new version of this report. Documentation for the prior version of the Market Order Timeliness Report Card remains available.

Report Summary

Field Name	Description
MPID	The unique Market Participant Identifier of your firm
Period	The month and year during which the orders and corresponding statistics that are presented were executed.
Peer Group	Peer Groups are assigned monthly based upon the number of total Eligible Orders executed in a given month. Peer Group 1 firms consisting of firms with ≥ 20,000 Eligible Orders per Period. Peer Group 2 firms consisting of < 20,000 Eligible Orders per Period. To view a table that contains the identity of the firms in your respective Peer Group, you may select the Peer Group number that is highlighted on your respective report. The Report Card contains certain data for your respective Peer Group in an effort to provide some context to your firm's relative performance in the industry.
Firm Statistics	Your firm’s market order duration statistics for the Period. These are sample time intervals that were chosen to assist firms when assessing their own statistical performance and for comparing such to that of other firms in their Peer Group and/or the Industry. The time intervals selected for display are not intended to connote whether any order was executed fully and promptly.
Total Market Orders	The total number of eligible market orders executed by your firm for the selected month and year.
Orders < 100ms	Count of eligible market orders executed in less than 100 milliseconds.
% < 100ms	Percentage of eligible market orders executed in less than 100 milliseconds.
100ms <= Orders < 750ms	Count of eligible market orders executed between 100 milliseconds and 750 milliseconds.
% 100ms to 750ms	Percentage of eligible market orders executed between 100 milliseconds and 750 milliseconds.
750ms <= Orders < 2s	Count of eligible market orders executed between 750 milliseconds and 2 seconds.
% 750ms to 2s	Percentage of eligible market orders executed between 750ms and 2 seconds.
% < 2s	Percentage of eligible market orders executed in less than 2 seconds.
2s <= Orders < 5s	Count of eligible market orders executed between 2 seconds and 5 seconds.
% 2s to 5s	Percentage of eligible market orders executed between 2 seconds and 5 seconds.
% < 5s	Percentage of eligible market orders executed in less than 5 seconds
5s <= Orders < 12s	Count of eligible market orders executed between 5 seconds and 12 seconds.
% 5s to 12s	Percentage of eligible market orders executed between 5 seconds and 12 seconds.
% < 12s	Percentage of eligible market orders executed in 12 seconds or more.
Orders >= 12s	Count of eligible market orders executed in 12 seconds or more.
Firm Timeband Distribution	A different view of your firm’s market order duration statistics than the Firm Statistics described above. This view shows statistical percentages of market orders executed until the specified interval. The time intervals selected for display are not intended to connote whether any order was executed fully and promptly.
Peer Group Statistics	All market participants that fell in the same Peer Group as your firm during the selected Period. The time intervals selected for display are not intended to connote whether any order was executed fully and promptly. Note that your firm’s statistics are excluded from the peer statistics presented.
% < 100ms	Percentage of eligible peer market orders executed in less than 100 milliseconds.
% 100ms to 750ms	Percentage of eligible peer market orders executed between 100 milliseconds and 750 milliseconds.
% 750ms to 2s	Percentage of eligible peer market orders executed between 750ms and 2 seconds.
% < 2s	Percentage of eligible peer market orders executed in less than 2 seconds.
% 2s to 5s	Percentage of eligible peer market orders executed between 2 seconds and 5 seconds.
% < 5s	Percentage of eligible peer market orders executed in less than 5 seconds
% 5s to 12s	Percentage of eligible peer market orders executed between 5 seconds and 12 seconds.
% < 12s	Percentage of eligible peer market orders executed in less than 12 seconds.
Peer Timeband Distribution	A different view of your Peer Group’s market order duration statistics for the Period. This view shows statistical percentages of your Peer Group’s market orders executed until the specified interval. The time intervals selected for display are not intended to connote whether any order was executed fully and promptly. Note that your firm’s statistics are excluded from the peer statistics presented.
Industry Statistics	All market participants who have at least one transaction for the selected Period. The time intervals selected for display are not intended to connote whether any order was executed fully and promptly. Note that your firm’s statistics are excluded from the Industry statistics presented.
% < 100ms	Percentage of all eligible market orders executed in less than 100 milliseconds.
% 100ms to 750ms	Percentage of all eligible market orders executed between 100ms and 750 milliseconds.
% 750ms to 2s	Percentage of all eligible market orders executed between 750ms and 2 seconds.
% < 2s	Percentage of all eligible market orders executed in less than 2 seconds.
% 2s to 5s	Percentage of all eligible market orders executed between 2 seconds and 5 seconds.
% < 5s	Percentage of all eligible market orders executed in less than 5 seconds
% 5s to 12s	Percentage of all eligible market orders executed between 5 seconds and 12 seconds.
% < 12s	Percentage of all eligible market orders executed in less than12 seconds.
Industry Timeband Distribution	A different view of the Industry market order duration statistics for the Period. This view shows statistical percentages the Industry’s market orders executed until the specified interval. The time intervals selected for display are not intended to connote whether any order was executed fully and promptly. Note that your firm’s statistics are excluded from the Industry statistics presented.

Detail Data

NOTE: If you require glossary information on the format of the Market Order Timeliness Statistical Report prior to July 2021 reporting period, please see the table at the bottom of this page, or contact [email protected].

By selecting the Detail data, you will find the underlying order data for all of your firm’s market orders that took at least 100 milliseconds to execute. This information allows firms to ‘filter’ and ‘sort’ to identify potential concerns, including potential patterns of concern, that may emerge upon review. This data is retrieved from your firm’s CAT reports (starting with the July 2021 reporting period onward).

The table below provides a reference description for all the elements found in the Market Order Timeliness Statistical Report Detail Data.

Term	Definition
Order Received Date	This is the date the market order was received by the firm.
P-MPID	A unique identifier based on your firm’s CRD number.
Firm CRD	The CRD number of the firm that reported the execution of the order to CAT.
Firm ID	The CAT Industry Member Identifier (IMID) value reporting the execution of the order.
Order Received Time	The time when the order was received.
Order to B/S	Buy Sell Code must be one of the following values: B = Buy SL = Sell Long SS = Sell Short
Order Quantity	The number of shares for the order as entered by the market participant.
Issue Symbol	Issue symbol ID of the traded issue.
Market Class	This is the market class in which the issue trades. Values are: CQS = Consolidated Quotation System NNM = Nasdaq national Market SC – Small Cap
Firm Order ID	The Firm Order ID associated with the New Order.
Special Handling Code	Per the CAT technical Specifications, the Handling Instruction code(s) listed here, if any are applicable to the respective order, will match the code listed in such specifications and will similarly be defined here as defined in such specifications.
Execution Time	The time when the processed order was executed. (If there were multiple executions related to the order, this field quotes the time of the last execution related to the order).
Execution VWAP	This is the Order's Volume Weighted Average Execution Price of the entered order.
Branch Sequence Number	This is the firm's internal order sequence number.
Routed Firm ID	The identifier of the firm who routed the order to your firm.
MOT Start Time	For orders received intraday, the time the order was received by the firm’s trading desk. For orders received prior to the opening of trading, the time the listing market opened for trading in the respective symbol. For TMO Time orders, the specific time the order became a market order.
MOT Duration	The duration of the order in seconds measured from MOT Start time through the final execution of the order.

Detail Data (prior to the June 2021 reporting period)

The table below provides a reference description for all the elements found in the Market Order Timeliness Statistical Report Detail Data prior to the June 2021 reporting period.

Term	Definition
OATS Processing Date	This represents the OATS Business Day on which OATS data was received and processed by OATS. For example, a firm's OATS report with an event timestamp from Monday's OATS Business Day that doesn't get reported until Thursday's OATS Business Day will have an OATS Processing Date equal to Thursday's OATS Business Day.
Order Received Date	This is the date the market order was received by the firm.
P-MPID	The Primary Market Participant identifier of the firm submitting the order.
MPID	The identifier of the firm that submitted the trade.
Order Received Time	The time when the order was received.
Order to B/S	Buy Sell Code must be one of the following values: B = Buy SL = Sell Long SS = Sell Short
Order Quantity	The number of shares for the order as entered by the market participant.
Issue Symbol	Issue symbol ID of the traded issue.
Market Class	This is the market class in which the issue trades. Values are: CQS = Consolidated Quotation System NNM = Nasdaq national Market SC – Small Cap
Firm Order ID	The Firm Order ID associated with the New Order.
Special Handling Code	Per the OATS technical Specifications, the code(s) listed here, if any are applicable to the respective order, will match the code listed in such specifications and will similarly be defined here as defined in such specifications.
Execution Time	The time when the processed order was executed. (If there were multiple executions related to the order, this field quotes the time of the last execution related to the order).
Execution Price	This is the Order Execution Price of the last execution of the entered order.
Branch Sequence Number	This is the firm's internal order sequence number.
Routed Firm MPID	The identifier of the market participant who routed the order to your firm.
Desk Received Timestamp	This is the date and time the order was received by the trading desk from another desk or department.
TMO Trigger Timestamp	This is the specific date and time that an order became a market order. The alphanumeric string uses the format YYYYMMDDHHMMSS.
MOT Start Time	For orders received intraday, the time the order was received by the firm’s trading desk. For orders received prior to the opening of trading, the time the listing market opened for trading in the respective symbol. For TMO Time orders, the specific time the order became a market order.
MOT Duration	The duration of the order in seconds measured from MOT Start time through the final execution of the order.