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April 1, 1998

Word Soup Some OATS Definitions

By Om Malik

electronic order order captured by a member in an electronic order-routing or execution system.

non-electronic order order not captured in an electronic order-routing or execution system; manual order.

firm order-report file file containing one or more reportable order event sent by an order-sending organization to the National Association of Securities Dealers.

OATS business day for example, Wednesday's OATS business day begins at 5:16 p.m. on Tuesday and ends at 5:15:59 p.m. on Wednesday.

Any events occurring during this period must be reported to OATS by 4 a.m. on Thursday.

OATS reporting day time period during which an order event must be reported to OATSs, otherwise, the event will be marked late.

Events occurring during an OATS business day must be submitted to OATS by 4 a.m. the next calendar day.

order-receiving firm National Association of Securities Dealers member firm subject to OATS reporting, which is defined as a firm that receives an oral, written or electronic instruction to effect a transaction in a Nasdaq security.

The instruction may originate from a customer, another firm or department within the firm.

order sending organization National Association of Securities Dealers member or non-member entity authorized to send order data to OATS.

A firm may send data on its own behalf or contract with another firm or entity to perform the reporting function.

reportable order-event record record representing an event in the lifecycle of an order, such as a receipt, cancellation or execution.

Member firms are required to report the reportable order-event record to the National Association of Securities Dealers.