How should Exchange for Physicals (“EFP”) transactions be reported to OATS?
Like a negotiated transaction, both the buyer and seller of the reportable security in an EFP transaction would have an obligation to report New Order and Execution Reports (or Combined Order/Execution Reports) at the time the transaction occurs. The New Order Report should contain the Special Handling Code of E.W to identify it as an EFP. Finally, if the contra party on the trade report is not able to enter a branch/sequence number due to system constraints, they may use a Reporting Exception Code of M.
Related Questions
- Form 1099-B, Proceeds from Broker and Barter Exchange Transactions will be mailed to shareholders who have sold any of their fund shares during the year. (See the answer to the question: Why did I receive Form 1099-B, and where do I report the information?
- What are the times that must be reported to OATS when a correspondent receives an order and sends that order to a clearing firm?
- How should Exchange for Physicals ("EFP") transactions be reported to OATS?
