What is required of FINRA member firms now that OATS has been implemented?
If a FINRA member firm handles or executes orders in NASDAQ or OTC listed securities, it has OATS reporting responsibilities. Member firms with reporting responsibilities will be required to develop a means for electronically capturing and reporting data on specific events in the life cycle of orders for NASDAQ and OTC listed securities or contracting with one or more third parties to electronically capture and report the data. Click here to read or download FINRA Rules 7410 through 7470. The OATS Reporting Technical Specifications provide firms with record and file formats and transmission requirements. (NOTE: The Technical Specifications do not tell you how to develop a system to deliver order information to FINRA. They only tell you what the system must deliver.
If a FINRA member firm handles or executes orders in NASDAQ or OTC listed securities, it has OATS reporting responsibilities. Member firms with reporting responsibilities will be required to develop a means for electronically capturing and reporting data on specific events in the life cycle of orders for NASDAQ and OTC listed securities or contracting with one or more third parties to electronically capture and report the data. Click here to read or download FINRA Rules 7410 through 7470. The OATS Reporting Technical Specifications provide firms with record and file formats and transmission requirements. (NOTE: The Technical Specifications do not tell you how to develop a system to deliver order information to FINRA.
