# How Does CAT Define a Reportable Event Differently than a Typical OMS? ▴ Question

**Published:** 2025-08-15
**Categories:** Question

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## Concept

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## The Mandate of the System Defines the Event

An [Order Management System](https://prime.greeks.live/area/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OMS) and the [Consolidated Audit Trail](https://prime.greeks.live/area/consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CAT) operate on fundamentally different principles, a distinction that directly shapes their respective definitions of a “reportable event.” An OMS is an internal apparatus, a firm-specific engine designed for the primary purpose of operational execution and risk management. Its universe is the firm itself. The system’s internal logic is architected to capture the state changes of an order as it pertains to the firm’s own book, its traders, and its immediate execution venues.

Consequently, an event within an [OMS](https://prime.greeks.live/area/oms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is any action that alters the status of an order in a way that is meaningful to the firm’s workflow ▴ order acceptance, routing decisions, fill confirmations, and position updates. The data it records is optimized for the firm’s P&L, compliance checks, and operational efficiency.

The [Consolidated Audit](https://prime.greeks.live/question/what-are-the-primary-data-security-and-privacy-concerns-associated-with-the-consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Trail, conversely, functions as a market-wide surveillance mechanism. Its mandate, as established by [SEC Rule 613](https://prime.greeks.live/area/sec-rule-613/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), is to create a comprehensive, time-sequenced record of all order activity across the entirety of the U.S. National Market System (NMS). Its perspective is not that of a single firm but of the regulator. It is designed to allow for the reconstruction of market activity with forensic precision.

Therefore, a [CAT](https://prime.greeks.live/area/cat/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) “[reportable event](https://prime.greeks.live/area/reportable-event/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)” is defined as any point in an order’s lifecycle, from its inception to its ultimate allocation or cancellation, that leaves a footprint in the broader market ecosystem. This includes not only the internal state changes a firm would track but also the inter-firm communications and transformations that an OMS might only view from one side. The system is not concerned with a single firm’s operational efficiency but with the integrity and transparency of the market as a whole.

> The core distinction lies in perspective ▴ an OMS records events for internal operational control, while CAT mandates the reporting of events for external market-wide surveillance.

![A precision sphere, an Execution Management System EMS, probes a Digital Asset Liquidity Pool. This signifies High-Fidelity Execution via Smart Order Routing for institutional-grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-orchestrating-global-digital-asset-derivatives-liquidity-pool-price-discovery-and-high-fidelity-execution.jpg)

## A Universe of One versus a Universe of All

This philosophical divergence in purpose creates a practical chasm in what each system considers a recordable action. An OMS, for instance, may register the receipt of a client order and its subsequent routing to an exchange as two primary events. It is a linear, internal progression. CAT, however, deconstructs this process into a far more granular series of reportable occurrences.

The initial receipt of the order is a MEOA (New Order) event. If the firm decides to work that order by routing it to another broker-dealer, that routing decision itself is a MEOR (Order Route) event. The receiving firm must then report a corresponding MEIR (Receive [Routed Order](https://prime.greeks.live/question/how-should-opportunity-cost-influence-the-choice-between-a-pegged-order-and-a-market-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)) event. Each step that crosses a firm boundary or interacts with the market structure becomes a mandatory data point in the consolidated ledger.

Furthermore, the lifecycle within CAT extends beyond the simple execution that might be the terminal event for many OMS workflows. Post-trade allocations, for example, are a critical component of [CAT reporting](https://prime.greeks.live/area/cat-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), requiring detailed information on how a block execution is divided among different accounts. For a typical OMS, once an order is filled, its primary journey is over; the focus shifts to settlement and booking.

For CAT, the journey continues until the ultimate disposition of every share or contract is accounted for, creating a complete, unbroken chain of custody from the initial customer interest to the final allocation. This requirement to trace the full lifecycle fundamentally expands the definition of an “event” beyond the confines of a single firm’s trading and execution logic.

![Angularly connected segments portray distinct liquidity pools and RFQ protocols. A speckled grey section highlights granular market microstructure and aggregated inquiry complexities for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-efficiency.jpg)

![Two intersecting technical arms, one opaque metallic and one transparent blue with internal glowing patterns, pivot around a central hub. This symbolizes a Principal's RFQ protocol engine, enabling high-fidelity execution and price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-execution-engine.jpg)

## Strategy

![A metallic circular interface, segmented by a prominent 'X' with a luminous central core, visually represents an institutional RFQ protocol. This depicts precise market microstructure, enabling high-fidelity execution for multi-leg spread digital asset derivatives, optimizing capital efficiency across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-execution-microstructure.jpg)

## Operational Workflow versus Regulatory Reconstruction

The strategic intent behind an Order [Management System](https://prime.greeks.live/question/how-does-an-execution-management-system-differ-from-an-order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is to streamline and optimize a firm’s trading workflow. Its event-tracking capabilities are a direct reflection of this goal. The system is architected to provide traders and compliance officers with a real-time, actionable view of order status, risk exposure, and execution quality. Events are triggers for internal actions ▴ an incoming order triggers pre-trade checks, a fill triggers a position update, and a cancellation triggers a notification to the trader.

The data structure is designed to support this decision-making process, prioritizing speed and clarity for the user. The strategic value of an OMS is measured by its ability to facilitate efficient, compliant, and profitable trading for the firm.

In contrast, the strategy of the Consolidated [Audit Trail](https://prime.greeks.live/question/how-does-an-rfq-audit-trail-differ-from-an-exchange-order-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is forensic and analytical. It is not designed to facilitate real-time trading decisions but to enable post-trade market reconstruction and surveillance. The definition of a “reportable event” is therefore dictated by the data points necessary to recreate the entire lifecycle of any order, at any time, from any participant. This requires a level of granularity and interconnectedness that far exceeds the needs of a single firm’s operational workflow.

The strategic value of CAT is measured by its completeness, accuracy, and the ability of regulators to use its data to detect manipulative behavior, analyze market events, and ensure market integrity. The system’s design prioritizes data linkage and comprehensive capture over the immediate actionability prized by an OMS.

> An OMS is strategically focused on the ‘now’ of execution, while CAT is built for the ‘then’ of comprehensive market analysis.

![Abstract planes illustrate RFQ protocol execution for multi-leg spreads. A dynamic teal element signifies high-fidelity execution and smart order routing, optimizing price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-optimization.jpg)

## Comparative Event Lifecycles

To understand the practical implications of these differing strategies, it is useful to compare the lifecycle of a single institutional order as viewed through the lens of a typical OMS versus the mandated reporting of CAT. The following table illustrates how a simple “parent” order that is worked via routing to another firm is decomposed into a more granular series of events under the CAT regime.

| Order Lifecycle Stage | Typical OMS Event Log | Required CAT Reportable Events |
| --- | --- | --- |
| Order Inception | New Order Received | MEOA (New Order) – Captures the initial receipt from the client with detailed handling instructions. |
| Internal Handling | Order Accepted / Working | (Internal) – Not typically a separate reportable event unless it modifies the order’s terms. |
| Routing Decision | Order Routed to Broker B | MEOR (Order Route) – A specific event detailing the routing of the order to another firm. Must include a unique identifier for the route. |
| Inter-Firm Transfer | (No Event – Awaits Fill) | MEIR (Receive Routed Order) – Broker B must report the receipt of the routed order, linking back to the MEOR from Broker A. |
| Execution | Partial Fill Received / Order Filled | MEAE (Order Execution) – Broker B reports the execution of the order against the market. |
| Post-Execution | Trade Booked | MEAL (Allocation) – Broker A must report how the executed shares were allocated to specific client accounts. |

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## The Data Granularity Mandate

The strategic difference is also evident in the required data fields for each event. An OMS needs the essential data to manage an order ▴ symbol, quantity, price, venue, and account. CAT’s technical specifications, however, demand a much richer dataset to fulfill its reconstructive mandate. Every electronic event must be timestamped to at least the millisecond level.

Unique identifiers are required to link every stage of the order’s life, from the firmDesignatedID assigned at origination to the firmROEID used to connect routes and executions across firms. This data architecture is designed to create an unbreakable chain of evidence, a stark contrast to an OMS, which is primarily concerned with maintaining the integrity of its own internal records.

- 
**OMS Focus** ▴ The system is built to answer the question, “What is the current state of this order for my firm?” Its data requirements are tailored to provide a clear, immediate answer for internal stakeholders.

- 
**CAT Focus** ▴ The system is built to answer the question, “What is the complete history of this order across all market participants?” Its data requirements are exhaustive, designed to eliminate ambiguity and provide a definitive record for regulators.

- 
**System Linkage** ▴ A critical difference is CAT’s requirement for explicit linkage between events reported by different firms. An OMS operates within a silo; CAT operates as a distributed ledger, compelling firms to create and share common identifiers to connect the dots of an order’s journey across the market.

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## Execution

![A central teal sphere, representing the Principal's Prime RFQ, anchors radiating grey and teal blades, signifying diverse liquidity pools and high-fidelity execution paths for digital asset derivatives. Transparent overlays suggest pre-trade analytics and volatility surface dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-and-market-microstructure.jpg)

## The Technical Chasm between Internal and Regulatory Reporting

From an execution standpoint, the divergence between an OMS event and a CAT reportable event creates a significant technical and architectural challenge for financial firms. An OMS is typically a self-contained application, or a suite of tightly integrated applications, designed for a specific purpose. The data it generates is structured for its own consumption. CAT reporting, however, is an external obligation that requires firms to extract, transform, and aggregate data from a multitude of internal systems, of which the OMS is just one component.

An order’s full lifecycle, as defined by CAT, may touch upon an Execution Management System (EMS), the OMS, proprietary routing engines, and post-[trade allocation](https://prime.greeks.live/area/trade-allocation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) systems. Each of these may generate data in different formats and with varying degrees of granularity.

The execution of CAT reporting is therefore a data integration problem. Firms must build a separate infrastructure that sits on top of their operational systems. This infrastructure is responsible for listening to all the relevant internal applications, capturing the state changes that correspond to CAT reportable events, translating them into the precise format dictated by the CAT technical specifications, and submitting them to the central repository within the mandated timeframe (T+3 for error correction). This process involves mapping internal firm-specific data fields to the standardized CAT fields, a complex task that requires a deep understanding of both the firm’s internal data architecture and the regulator’s requirements.

> A firm’s OMS generates data as a byproduct of its operation; for CAT, the generation of precise, linked, and complete data is the operation itself.

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## Data Sourcing for a Single Order Lifecycle

The following table illustrates how the data for a single, complete order lifecycle required by CAT must be sourced from various internal systems. This highlights why the concept of an “event” cannot be confined to the OMS alone and must be viewed as a composite record assembled from across the firm’s technology stack.

| CAT Reportable Event | Primary Internal Data Source | Key Data Aggregation Challenge |
| --- | --- | --- |
| MEOA (New Order) | Order Management System (OMS) | Ensuring the eventTimestamp reflects the true time of receipt with millisecond precision, not the time it was entered into the system. |
| MEOM (Order Modification) | OMS / Trader Workstation | Capturing not just the new order terms, but the precise time the modification request was received and applied. |
| MEOR (Order Route) | Execution Management System (EMS) or Smart Order Router (SOR) | Linking the route back to the original firmDesignatedID from the OMS and generating a unique firmROEID for the route. |
| MEAE (Order Execution) | Exchange Drop Copy / FIX Engine | Normalizing execution reports from various venues into the standardized CAT format and linking them to the correct routed order. |
| MEAL (Allocation) | Post-Trade Allocation System / Middle Office Platform | Connecting post-trade allocation instructions, which may occur hours after execution, back to the original parent order and its fills. |

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## The Systemic Burden of Precision

The operational execution of CAT reporting imposes a burden of precision that is an order of magnitude greater than typical internal record-keeping. For an OMS, a timestamp with one-second granularity might be sufficient for operational purposes. For CAT, millisecond granularity for electronic events is a strict requirement. This often necessitates a review and potential upgrade of a firm’s entire technology infrastructure, from the network cards in servers to the business clocks used to synchronize time across different systems.

The definition of a “reportable event” under CAT is thus tied to a technical capability to capture and report data at a level of detail that is far beyond the native functionality of most legacy OMS platforms. This distinction transforms [regulatory reporting](https://prime.greeks.live/area/regulatory-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) from a simple data dump into a complex, system-wide engineering discipline.

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## References

- “CAT Reporting Technical Specifications for Industry Members.” CAT NMS Plan, 2020.

- “Firm’s Guide to the Consolidated Audit Trail.” SIFMA, 2020.

- “FIRM’S GUIDE TO THE CONSOLIDATED AUDIT TRAIL (CAT).” Securities Industry and Financial Markets Association, 2019.

- “6810. Definitions.” Financial Industry Regulatory Authority (FINRA), n.d.

- “FAQs – CAT NMS Plan.” CAT NMS Plan, 2018.

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## Reflection

![Central intersecting blue light beams represent high-fidelity execution and atomic settlement. Mechanical elements signify robust market microstructure and order book dynamics](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-visualizing-market-microstructure-for-high-fidelity-alpha-generation-via-prime-os.jpg)

## From Record Keeping to Systemic Intelligence

Understanding the distinction between an OMS event and a CAT reportable event moves a firm’s perspective from passive record-keeping to active systemic intelligence. The architecture required to satisfy CAT reporting is a powerful tool. It forces a firm to create a unified, holistic view of its own order flow, breaking down the data silos that often exist between front, middle, and back-office systems. The process of mapping internal workflows to the CAT framework provides an unparalleled opportunity to analyze and optimize every step of the execution process.

The completed system, built for regulatory compliance, becomes a strategic asset. It provides a granular, cross-departmental dataset that can be used to enhance execution quality analysis, refine routing logic, and gain a deeper understanding of the firm’s own market footprint. The mandate to see an order’s lifecycle as the regulator sees it ultimately allows a firm to see itself with greater clarity.

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## Glossary

<a href="https://prime.greeks.live/area/consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A translucent blue sphere is precisely centered within beige, dark, and teal channels. This depicts RFQ protocol for digital asset derivatives, enabling high-fidelity execution of a block trade within a controlled market microstructure, ensuring atomic settlement and price discovery on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-pathway-for-institutional-digital-asset-derivatives-leveraging-rfq-protocols-and-high-fidelity-market-microstructure.jpg)

## Consolidated Audit Trail

Meaning ▴ The Consolidated Audit Trail (CAT) is a comprehensive, centralized database designed to capture and track every order, quote, and trade across US equity and options markets. </a><a href="https://prime.greeks.live/area/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The image depicts two distinct liquidity pools or market segments, intersected by algorithmic trading pathways. A central dark sphere represents price discovery and implied volatility within the market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-multi-leg-spread-execution-microstructure.jpg)

## Order Management System

Meaning ▴ A robust Order Management System is a specialized software application engineered to oversee the complete lifecycle of financial orders, from their initial generation and routing to execution and post-trade allocation. </a><a href="https://prime.greeks.live/area/oms/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The abstract visual depicts a sophisticated, transparent execution engine showcasing market microstructure for institutional digital asset derivatives. Its central matching engine facilitates RFQ protocol execution, revealing internal algorithmic trading logic and high-fidelity execution pathways](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-for-institutional-digital-asset-derivatives.jpg)

## Oms

Meaning ▴ An Order Management System, or OMS, functions as the central computational framework designed to orchestrate the entire lifecycle of a financial order within an institutional trading environment, from its initial entry through execution and subsequent post-trade allocation. </a><a href="https://prime.greeks.live/question/what-are-the-primary-data-security-and-privacy-concerns-associated-with-the-consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting abstract geometric planes depict institutional grade RFQ protocols and market microstructure. Speckled surfaces reflect complex order book dynamics and implied volatility, while smooth planes represent high-fidelity execution channels and private quotation systems for digital asset derivatives within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocols-digital-asset-microstructure-execution.jpg)

## Consolidated Audit

The CAT's core challenge is balancing total market surveillance for regulators with the absolute necessity of safeguarding investor data and privacy. </a><a href="https://prime.greeks.live/area/sec-rule-613/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms converge at a central point, symbolizing institutional digital asset derivatives trading. This depicts RFQ protocol aggregation and price discovery across diverse liquidity pools, ensuring high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-microstructure-core-liquidity-hub.jpg)

## Sec Rule 613

Meaning ▴ SEC Rule 613 mandates the creation of the Consolidated Audit Trail (CAT) by self-regulatory organizations to track all order events, executions, and cancellations across their lifecycle in U.S. </a><a href="https://prime.greeks.live/area/reportable-event/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Glowing teal conduit symbolizes high-fidelity execution pathways and real-time market microstructure data flow for digital asset derivatives. Smooth grey spheres represent aggregated liquidity pools and robust counterparty risk management within a Prime RFQ, enabling optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-market-microstructure-prime-os.jpg)

## Reportable Event

Meaning ▴ A Reportable Event constitutes a pre-defined, material occurrence within a digital asset derivatives trading system or associated financial protocol that mandates immediate internal or external disclosure, system-level logging, or automated control invocation. </a><a href="https://prime.greeks.live/area/cat/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A spherical Liquidity Pool is bisected by a metallic diagonal bar, symbolizing an RFQ Protocol and its Market Microstructure. Imperfections on the bar represent Slippage challenges in High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-optimization-within-principals-market-microstructure-framework.jpg)

## Cat

Meaning ▴ The Controlled Adaptive Trajectory (CAT) module represents a sophisticated algorithmic framework engineered for dynamic execution optimization within the volatile landscape of institutional digital asset derivatives. </a><a href="https://prime.greeks.live/question/how-should-opportunity-cost-influence-the-choice-between-a-pegged-order-and-a-market-order/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp metallic element pierces a central teal ring, symbolizing high-fidelity execution via an RFQ protocol gateway for institutional digital asset derivatives. This depicts precise price discovery and smart order routing within market microstructure, optimizing dark liquidity for block trades and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-protocol-optimizing-liquidity-discovery-and-smart-order-routing.jpg)

## Routed Order

Opportunity cost dictates the choice between execution certainty (market order) and potential price improvement (pegged order). </a><a href="https://prime.greeks.live/area/cat-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Interlocking transparent and opaque geometric planes on a dark surface. This abstract form visually articulates the intricate Market Microstructure of Institutional Digital Asset Derivatives, embodying High-Fidelity Execution through advanced RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/geometric-abstraction-of-institutional-digital-asset-derivatives-market-microstructure-driving-high-fidelity-execution-via-principal-rfq-protocols-and-optimal-liquidity-aggregation.jpg)

## Cat Reporting

Meaning ▴ CAT Reporting, or Consolidated Audit Trail Reporting, mandates the comprehensive capture and reporting of all order and trade events across US equity and and options markets. </a><a href="https://prime.greeks.live/question/how-does-an-execution-management-system-differ-from-an-order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp, dark, precision-engineered element, indicative of a targeted RFQ protocol for institutional digital asset derivatives, traverses a secure liquidity aggregation conduit. This interaction occurs within a robust market microstructure platform, symbolizing high-fidelity execution and atomic settlement under a Principal's operational framework for best execution](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

## Management System

An Order Management System dictates compliant investment strategy, while an Execution Management System pilots its high-fidelity market implementation. </a><a href="https://prime.greeks.live/question/how-does-an-rfq-audit-trail-differ-from-an-exchange-order-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Luminous blue drops on geometric planes depict institutional Digital Asset Derivatives trading. Large spheres represent atomic settlement of block trades and aggregated inquiries, while smaller droplets signify granular market microstructure data](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-driving-high-fidelity-execution-and-optimal-liquidity-discovery.jpg)

## Audit Trail

An RFQ audit trail records a private negotiation's lifecycle; an exchange trail logs an order's public, anonymous journey. </a><a href="https://prime.greeks.live/area/trade-allocation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A complex, layered mechanical system featuring interconnected discs and a central glowing core. This visualizes an institutional Digital Asset Derivatives Prime RFQ, facilitating RFQ protocols for price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-prime-os-market-microstructure.jpg)

## Trade Allocation

Meaning ▴ Trade allocation defines the post-execution process of distributing the fill from a single, aggregated parent order across multiple underlying client accounts or portfolios. </a><a href="https://prime.greeks.live/area/regulatory-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms depict a Prime RFQ for institutional digital asset derivatives. A central RFQ engine drives block trades and price discovery with high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimizing-market-microstructure-for-high-fidelity-execution.jpg)

## Regulatory Reporting

Meaning ▴ Regulatory Reporting refers to the systematic collection, processing, and submission of transactional and operational data by financial institutions to regulatory bodies in accordance with specific legal and jurisdictional mandates. </a>

**Tags:** [Reportable Event](https://options.greeks.live/area/reportable-event/), [Order Management System](https://options.greeks.live/area/order-management-system/), [CAT](https://options.greeks.live/area/cat/), [Trade Lifecycle](https://options.greeks.live/area/trade-lifecycle/), [Data Granularity](https://options.greeks.live/area/data-granularity/), [SEC Rule 613](https://options.greeks.live/area/sec-rule-613/)	

## Discover More

- 
### [What Are the Primary Challenges in Mapping Internal OMS Fields to CAT Specifications?](https://options.greeks.live/question/what-are-the-primary-challenges-in-mapping-internal-oms-fields-to-cat-specifications/)
![A translucent blue algorithmic execution module intersects beige cylindrical conduits, exposing precision market microstructure components. This institutional-grade system for digital asset derivatives enables high-fidelity execution of block trades and private quotation via an advanced RFQ protocol, ensuring optimal capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-core-execution-architecture-intelligence-layer.jpg)

Mapping OMS fields to CAT is an architectural challenge of translating execution logic into a forensic, event-driven regulatory record.

- 
### [What Is the Specific Role of the Fix Protocol in Capturing Data for a Mifid Ii Rts 28 Report?](https://options.greeks.live/question/what-is-the-specific-role-of-the-fix-protocol-in-capturing-data-for-a-mifid-ii-rts-28-report/)
![A sleek conduit, embodying an RFQ protocol and smart order routing, connects two distinct, semi-spherical liquidity pools. Its transparent core signifies an intelligence layer for algorithmic trading and high-fidelity execution of digital asset derivatives, ensuring atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-execution-engine-bridging-diverse-liquidity-pools-via-high-fidelity-rfq-protocol-orchestration.jpg)

The FIX protocol is the primary data conduit, capturing granular execution details at the trade's origin for RTS 28 reporting.

- 
### [What Are the Key Differences between Cat and the Old Oats System?](https://options.greeks.live/question/what-are-the-key-differences-between-cat-and-the-old-oats-system/)
![Interlocked, precision-engineered spheres reveal complex internal gears, illustrating the intricate market microstructure and algorithmic trading of an institutional grade Crypto Derivatives OS. This visualizes high-fidelity execution for digital asset derivatives, embodying RFQ protocols and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system.jpg)

CAT is a comprehensive, cross-market surveillance system, superseding the jurisdictionally limited OATS framework.

- 
### [What Are the Key Regulatory Considerations When Implementing a Machine Learning-Based Venue Toxicity Prediction System?](https://options.greeks.live/question/what-are-the-key-regulatory-considerations-when-implementing-a-machine-learning-based-venue-toxicity-prediction-system/)
![Abstract geometric forms, including overlapping planes and central spherical nodes, visually represent a sophisticated institutional digital asset derivatives trading ecosystem. It depicts complex multi-leg spread execution, dynamic RFQ protocol liquidity aggregation, and high-fidelity algorithmic trading within a Prime RFQ framework, ensuring optimal price discovery and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-liquidity-aggregation-market-microstructure-high-fidelity-execution-alpha-generation-prime-os-capital-efficiency.jpg)

A venue toxicity prediction system leverages machine learning to provide a forward-looking assessment of execution risk, enabling firms to optimize their routing strategies and preserve alpha.

- 
### [How Does the Definition of an “Actionable” Quote Differ between CAT Specifications and Regulation NMS?](https://options.greeks.live/question/how-does-the-definition-of-an-actionable-quote-differ-between-cat-specifications-and-regulation-nms/)
![A central luminous, teal-ringed aperture anchors this abstract, symmetrical composition, symbolizing an Institutional Grade Prime RFQ Intelligence Layer for Digital Asset Derivatives. Overlapping transparent planes signify intricate Market Microstructure and Liquidity Aggregation, facilitating High-Fidelity Execution via Automated RFQ protocols for optimal Price Discovery.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-prime-os-intelligence-layer.jpg)

CAT defines actionable quotes for auditability; Reg NMS defines them for immediate, automated execution.

- 
### [What Are the Primary Regulatory Risks Associated with Fragmented Oms and Ems Systems?](https://options.greeks.live/question/what-are-the-primary-regulatory-risks-associated-with-fragmented-oms-and-ems-systems/)
![A reflective disc, symbolizing a Prime RFQ data layer, supports a translucent teal sphere with Yin-Yang, representing Quantitative Analysis and Price Discovery for Digital Asset Derivatives. A sleek mechanical arm signifies High-Fidelity Execution and Algorithmic Trading via RFQ Protocol, within a Principal's Operational Framework.](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-digital-asset-derivatives-rfq-protocols-principal-trading-infrastructure-automated-liquidity-aggregation-intelligence-layer.jpg)

Fragmented systems create data silos that obscure audit trails, complicating proof of best execution and market abuse surveillance.

- 
### [What Are the Best Architectural Patterns for Building a CAT Reporting Data Enrichment Layer?](https://options.greeks.live/question/what-are-the-best-architectural-patterns-for-building-a-cat-reporting-data-enrichment-layer/)
![Geometric forms with circuit patterns and water droplets symbolize a Principal's Prime RFQ. This visualizes institutional-grade algorithmic trading infrastructure, depicting electronic market microstructure, high-fidelity execution, and real-time price discovery. The central sensor acts as an RFQ gateway for best execution.](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-engine-prime-os-microstructure-analytics.jpg)

A CAT reporting data enrichment layer transforms raw trade data into a compliant, auditable record through systemic validation and augmentation.

- 
### [How Do MiFID II and CAT Reporting Complicate Data Integration for Best Execution Systems?](https://options.greeks.live/question/how-do-mifid-ii-and-cat-reporting-complicate-data-integration-for-best-execution-systems/)
![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

MiFID II and CAT reporting demand a unified data architecture to translate regulatory mandates into a coherent, analyzable truth.

- 
### [How Does the Fix Protocol Contribute to a Firm’s Compliance and Audit Trail Requirements?](https://options.greeks.live/question/how-does-the-fix-protocol-contribute-to-a-firms-compliance-and-audit-trail-requirements/)
![A central RFQ engine orchestrates diverse liquidity pools, represented by distinct blades, facilitating high-fidelity execution of institutional digital asset derivatives. Metallic rods signify robust FIX protocol connectivity, enabling efficient price discovery and atomic settlement for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-liquidity-orchestration.jpg)

The FIX protocol provides an immutable, time-stamped record of all trade-related messages, forming the bedrock of a firm's compliance and audit trail.

---

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---

**Original URL:** https://options.greeks.live/question/how-does-cat-define-a-reportable-event-differently-than-a-typical-oms/
