OATS Reporting Technical Specifications

FINRA released a new edition of the OATS Reporting Technical Specifications dated November 19, 2007. This edition consolidates the August 6, 2007 edition with its two addendums. A list of the major changes in the document appears below. Please note that the changes described in the November 19, 2007 edition of the OATS Reporting Technical Specifications will be effective upon implementation of the February 4, 2008 OATS release, unless otherwise indicated. The changes will be available in the OATS Certification Test environment on December 10, 2007.

The OATS Reporting Technical Specifications document was originally published in March 1998, for member firms and third parties developing systems to report to the Order Audit Trail SystemSM (OATSSM). Updated editions were published in June and November 1998; May and July 1999; June and October 2000; March and October 2001; April, July, October, and December 2002; April, July and September 2003; March, June, and October 2004, February, April, June, September, and November 2005; May, November and December 2006 and March 21 and August 6, 2007 to provide clarification regarding the requirements.

The OATS Reporting Technical Specifications document covers the requirements and procedures for clock synchronization; system access requirements for supplying OATS files to FINRA; order reporting scenarios that describe, from a business perspective, responsibilities for reporting to OATS; details regarding the required layout of OATS files; procedures for providing corrections to OATS data and for receiving feedback from FINRA; and the procedures for registration, self administration, and testing and certification. It also contains a data dictionary that describes all of the data elements in OATS files; a list of report formats, including field names, data types, and lists of permissible values; examples of order reports; and a glossary.

A list of the major changes required for February 4, 2008 implementation appears below. (An expanded list appears in the cover letter for the document.)

Changes include:

  • Updated the definition of OATS reportable securities to include OTC equity securities;
  • Removed 'SX' (Short Sale Exempt) from allowable Buy/Sell Code values;
  • Added multiple new Special Handling Codes and Desk Special Handling Codes;
  • Added new Market Center ID of "F" (Non-US Exchange);
  • Added new Member Type Code of "A" (Non-Member Affiliate);
  • Added new Reporting Exception Code of "F" (Reported on Form T pursuant to NASD Trade Reporting Rules);
  • Added Canceled By Flag to Cancel/Replace Report;
  • Added new Error Codes;
  • Added Unmatched Reason Codes;
  • Included reminder that the Routing Method Code "I" (Intermarket Sweep Order) is required as of February 4, 2008
  • Changed OATS Reporting Deadline from 04:00 a.m. to 05:00 a.m.
  • Modified permitted values in Market Center ID field
  • Increased  Data Length of Shares Quantity fields.

The OATS Reporting Technical Specifications is not intended to provide information about how to develop an electronic system that reports order information; it is only intended to describe what such a system must deliver to FINRA.

OATS Reporting Technical Specifications (11/19/07 edition)

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(PDF 1.3 MB)

View our archive of past specifications.

If you are having problems accessing these files, please contact FINRA Business and Technology Support Services.