# How Does CAT Define a Reportable Order Event? ▴ Question

**Published:** 2025-08-03
**Categories:** Question

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## Concept

From a systems architecture perspective, a Reportable [Order Event](https://prime.greeks.live/question/what-are-the-primary-risks-of-misclassifying-an-event-as-a-termination-event-instead-of-an-event-of-default/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) under the [Consolidated Audit Trail](https://prime.greeks.live/area/consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CAT) is a discrete, mandatory data packet that chronicles a specific moment in the lifecycle of an order. It is the fundamental unit of information within a regulatory framework designed to create a comprehensive and time-sequenced map of all equity and options market activity across the United States. The system treats every order not as a single transaction but as a continuous narrative, with each event representing a critical plot point.

The core purpose of this granular data collection is to provide regulators with an unprecedented tool for market oversight, enabling them to reconstruct trading activity with high fidelity. This capability was deemed essential following market disruptions like the 2010 Flash Crash, which revealed the challenges of analyzing fragmented data across multiple exchanges and trading venues.

The definition extends to any action that alters the state of an order, from its inception to its final disposition. Each of these events must be captured and reported by broker-dealers to a [central repository](https://prime.greeks.live/area/central-repository/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), creating a holistic view of an order’s journey. This includes the initial receipt or origination of the order, any subsequent modifications to its parameters, routing decisions that send it from one venue to another, and its partial or full execution.

Cancellations are also [reportable events](https://prime.greeks.live/area/reportable-events/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), as they represent a terminal state for an order that was not executed. The scope of securities covered is extensive, encompassing NMS stocks, listed options, and over-the-counter (OTC) equity securities, ensuring a wide-reaching and inclusive [audit trail](https://prime.greeks.live/area/audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

> A Reportable Order Event is a mandatory data submission that captures a specific milestone in an order’s lifecycle, from creation to completion.

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## What Constitutes the Core Event Categories?

The [CAT NMS Plan](https://prime.greeks.live/area/cat-nms-plan/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) specifies a series of event types that firms must report. These categories form the building blocks of the audit trail, allowing for a complete reconstruction of an order’s path and the decision-making process behind its handling. Each event type corresponds to a specific action taken on an order, ensuring that every stage of its existence is documented.

- **Order Origination and Receipt** This is the genesis of the order within the reporting firm’s system. It includes the initial details of the client’s instructions, such as the security, quantity, side (buy/sell), and order type. For every new order a firm generates or receives, a reportable event is created.

- **Order Routing** When a firm sends an order to a national securities exchange or another broker-dealer for execution, a routing event must be reported. This captures the flow of orders between different market participants and venues.

- **Order Modification** Any change made to an order before it is fully executed constitutes a modification event. This includes alterations to the price, quantity, or other terms of the order, reflecting changes in client instructions or trading strategy.

- **Order Cancellation** If an order is canceled by the client or the firm before it has been fully executed, a cancellation event must be reported. This provides a final status for orders that do not result in a trade.

- **Order Execution** The execution event is reported when an order is filled, either in whole or in part. This report contains the details of the trade, including the execution price, quantity, and the counterparty to the transaction.

These events are linked together using a unique identifier assigned to each order, allowing regulators to trace the complete sequence of actions from beginning to end. This structure provides a transparent and auditable record of all trading activity, a foundational element of modern [market surveillance](https://prime.greeks.live/area/market-surveillance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

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![A sophisticated digital asset derivatives execution platform showcases its core market microstructure. A speckled surface depicts real-time market data streams](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-core-microstructure.jpg)

## Strategy

A firm’s strategy for CAT compliance revolves around establishing a robust and unified data management architecture. The regulation effectively mandates a systemic approach to data capture, compelling firms to treat every order-related action as a reportable data point. This necessitates a departure from siloed data systems, where different parts of the trading workflow are managed by disconnected applications.

The core strategic objective is to create a centralized or logically connected data fabric that can aggregate event information from all relevant sources, including Order Management Systems (OMS), Execution Management Systems (EMS), proprietary trading applications, and market data feeds. This fabric must ensure the integrity, accuracy, and timely submission of data to the CAT central repository.

The transition from previous regulatory reporting structures, such as the [Order Audit Trail System](https://prime.greeks.live/area/order-audit-trail-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OATS), to CAT represents a significant expansion in scope and complexity. OATS primarily focused on cash equities traded on Nasdaq, whereas CAT extends to all [NMS securities](https://prime.greeks.live/area/nms-securities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), including listed options, and applies to every broker-dealer without exception. This broader mandate requires firms that previously had limited reporting obligations, such as options market makers or firms dealing exclusively in listed securities, to develop comprehensive reporting capabilities.

A key strategic decision for many firms is whether to build these capabilities in-house or to partner with a specialized vendor. This decision hinges on factors like the firm’s existing technological infrastructure, the complexity of its trading activities, and its internal development resources.

> Strategic CAT compliance requires a unified data architecture that seamlessly captures and links every event in an order’s lifecycle across all trading systems.

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## How Does CAT Data Architecture Influence Trading Systems?

The implementation of CAT has profound implications for the design and operation of [trading systems](https://prime.greeks.live/area/trading-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The regulation’s requirement to link every event to a unique order identifier means that systems must be designed to maintain state and context throughout an order’s life. This affects everything from data schemas to the logic governing order handling.

Firms must ensure that their systems can generate and persist a [firmDesignatedID](https://prime.greeks.live/area/firmdesignatedid/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for each new order and attach this identifier to every subsequent event related to that order. This requirement for persistent, cross-system linkage necessitates a higher degree of integration between different platforms and applications within a firm’s technology stack.

Furthermore, the stringency of CAT’s [clock synchronization](https://prime.greeks.live/area/clock-synchronization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements ▴ mandating that timestamps be synchronized to within 50 milliseconds of the National Institute of Standards and Technology (NIST) clock ▴ forces firms to invest in their timekeeping infrastructure. Accurate and consistent timestamping is vital for regulators to correctly sequence events across different firms and markets. This technical requirement has strategic implications, as it pushes firms toward a more disciplined and centralized approach to their entire technology infrastructure, enhancing data quality not just for regulatory purposes but for internal analytics, such as Transaction Cost Analysis (TCA), as well.

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## CAT versus OATS a Comparative Analysis

The following table outlines the key differences between the CAT and the legacy OATS framework, illustrating the expanded strategic considerations for reporting firms.

| Feature | Order Audit Trail System (OATS) | Consolidated Audit Trail (CAT) |
| --- | --- | --- |
| Product Scope | Primarily focused on NASDAQ-listed cash equities and OTC equities. | Encompasses all NMS stocks, listed options, and OTC equity securities. |
| Firm Scope | FINRA members handling applicable securities, with some exemptions. | All broker-dealers that are members of a national securities exchange or FINRA, with no exemptions. |
| Data Granularity | Captured key order events but with less comprehensive linkage requirements. | Requires detailed lifecycle reporting, linking every event from origination to final disposition with unique identifiers. |
| Customer Information | Did not require the reporting of customer-identifying information. | Mandates the reporting of customer and account holder information to a central repository, linking it to order activity. |
| Market Maker Quotes | Reporting requirements for market maker quotes were limited. | Includes comprehensive reporting requirements for market maker quoting activity. |

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## Execution

The execution of a [CAT reporting](https://prime.greeks.live/area/cat-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) framework is a significant undertaking that requires a meticulous, project-based approach. It involves a deep integration of a firm’s legal, compliance, technology, and business operations. The primary goal is to build a reliable, automated system that can identify, capture, format, and transmit every reportable event in a timely and accurate manner.

This process begins with a comprehensive inventory of all order-handling systems and concludes with ongoing monitoring and validation of the data reported to the CAT central repository. The execution phase is where the strategic decisions made earlier are translated into concrete technological and procedural workflows.

A critical component of this execution is the establishment of a robust error correction process. Given the volume and complexity of the data, errors are inevitable. Firms must have procedures in place to detect and correct errors in their submissions, as identified by the CAT Plan Processor.

This involves not only correcting the specific erroneous records but also identifying and remediating the root cause of the error within the firm’s internal systems to prevent recurrence. This feedback loop is an essential part of a mature CAT reporting program, ensuring continuous improvement in data quality.

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## The Operational Playbook

Implementing a compliant CAT reporting system can be broken down into a series of distinct operational phases. This playbook provides a structured approach for firms to follow, from initial assessment to full implementation.

- **Program Initiation and Governance** Establish a formal CAT implementation program with clear lines of responsibility. This includes securing executive sponsorship, allocating a budget, and forming a cross-functional team with representatives from compliance, technology, and operations. Designate a CAT reporting officer to oversee the program.

- **Scope and System Inventory** Conduct a thorough assessment to identify every system and workflow within the firm that originates, receives, or handles orders in CAT-eligible securities. This includes client-facing portals, OMS and EMS platforms, algorithmic trading engines, and any systems used for manual order handling.

- **Data Source Mapping and Gap Analysis** For each identified system, map its data outputs to the specific data elements required by the CAT technical specifications. This process will reveal any gaps where required data is not currently being captured. A remediation plan must be developed to address these gaps, which may involve system upgrades or changes to operational procedures.

- **Architectural Design and Vendor Selection** Based on the gap analysis, design the architecture for the CAT reporting solution. This includes the data aggregation layer, the event sequencing logic, and the submission mechanism. During this phase, the firm will execute on its “build versus buy” decision, selecting a vendor if necessary and defining the integration points with its existing systems.

- **Implementation and Testing** Develop and configure the reporting solution. This involves writing code, setting up infrastructure, and establishing connectivity with the CAT testing environment provided by FINRA. Firms must conduct rigorous testing to validate that their systems can correctly generate and link all required event types for various trading scenarios.

- **Deployment and Go-Live** Once testing is successfully completed, the firm will deploy the solution to its production environment. This requires a carefully managed cutover process to ensure a seamless transition to live reporting. Post-deployment, the firm must monitor the system closely to ensure it is operating as expected.

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## Quantitative Modeling and Data Analysis

The foundation of CAT is its detailed data model, which assigns specific data elements to each type of reportable event. The ability to correctly populate these fields is the core of quantitative compliance. The tables below provide a simplified illustration of the data required for two common event types, based on the principles outlined in the CAT technical specifications.

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## Table of Key Fields for a New Order Event (MENO)

| Field Name | Description | Example Value |
| --- | --- | --- |
| firmDesignatedID | A unique identifier assigned by the firm to the order, used for lifecycle tracking. | ORD-20250803-00001 |
| orderID | The unique identifier for the order event itself. | EV-987654321 |
| eventTimestamp | The precise date and time the order was received or originated. | 2025-08-03T14:30:00.123456Z |
| symbol | The ticker symbol of the security being traded. | XYZ |
| side | The side of the order (e.g. Buy, Sell, Sell Short). | Buy |
| price | The limit price of the order, if applicable. | 150.25 |
| quantity | The total number of shares or contracts for the order. | 1000 |
| accountHolderType | A code indicating the type of account (e.g. retail, institutional). | I |

> The granular data model of CAT transforms qualitative trading actions into a structured, quantitative dataset for regulatory analysis.

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## Predictive Scenario Analysis

To understand the practical application of CAT reporting, consider a common trading scenario involving a large institutional order. An institutional client places an order to buy 100,000 shares of an NMS stock, “ACME,” with their broker-dealer. The order is a limit order with a price of $50.00. The broker-dealer’s trading desk decides to work the order over time to minimize market impact.

The first action is the receipt of the client’s order. The firm’s OMS generates a New Order Event (MENO) report. This report includes the firmDesignatedID (e.g.

ACME-BUY-001), the symbol, side, quantity, price, and the client’s unique identifier. The timestamp reflects the moment the order was received.

Next, the trader decides to route 20,000 shares to the New York Stock Exchange (NYSE). The system generates an Order Route Event (MEOR). This report contains the original firmDesignatedID, the quantity routed (20,000), and the destination (NYSE). A new unique ID is created for the routed order, which is linked back to the parent order.

The NYSE receives this order and reports its receipt. The broker-dealer receives a partial fill of 15,000 shares at $49.98. The firm’s system reports an Order Execution Event (MEAE), linked to the routed order, detailing the execution price and quantity.

While this is happening, the client calls to change the limit price on the remaining portion of the order to $50.05. The firm’s OMS processes this change and generates an Order Modification Event (MEMO). This report is linked to the original firmDesignatedID and details the new price. The trader then routes another 30,000 shares of the modified order to an Alternative Trading System (ATS).

Another MEOR is generated. This complex web of linked events ▴ origination, routing, execution, modification, and further routing ▴ creates a complete and auditable history of how the large order was managed, providing regulators with a clear view of the entire process.

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## System Integration and Technological Architecture

The technological architecture for CAT reporting must be designed for high-throughput, low-latency data processing and transmission. It typically consists of several logical layers that work in concert to meet the regulation’s demands.

- **Data Capture Layer** This is the interface with the firm’s trading systems (OMS, EMS, etc.). This layer is responsible for capturing the raw event data as it is generated. This often involves using APIs, message queues, or log file readers to extract the necessary information in real-time or near-real-time.

- **Aggregation and Normalization Layer** Data from various sources arrives in different formats. This layer’s function is to normalize this data into a consistent format that aligns with the CAT specifications. It also handles the critical task of event sequencing and linking, ensuring that child orders are correctly associated with parent orders.

- **Enrichment Layer** Some required CAT data may not be present in the original event message. For example, customer information might be stored in a separate CRM system. This layer enriches the event data with additional required information before it is formatted for submission.

- **Reporting and Submission Layer** This final layer formats the enriched and normalized data into the specific file format mandated by the CAT Plan Processor. It then handles the secure transmission of these files to the CAT central repository, manages the receipt of acknowledgments, and processes any error files that are returned.

A cornerstone of this architecture is the clock synchronization mechanism. All components in the data flow, from the trading systems to the final reporting engine, must have their clocks synchronized to a NIST-traceable source. This ensures that the timestamps on all reported events are accurate and consistent, which is fundamental to the integrity of the entire audit trail.

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## References

- SIFMA. “Firm’s Guide to the Consolidated Audit Trail.” SIFMA, 20 Aug. 2019.

- FINRA. “Consolidated Audit Trail (CAT).” FINRA.org, 2025.

- U.S. Securities and Exchange Commission. “Rule 613 (Consolidated Audit Trail).” SEC.gov, 11 Oct. 2017.

- Exegy. “The Consolidated Audit Trail ▴ What Firms Need to Know.” Exegy, 2021.

- SIFMA. “FIRM’S GUIDE TO THE CONSOLIDATED AUDIT TRAIL (CAT).” Securities Industry and Financial Markets Association, 20 Aug. 2019.

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## Reflection

The implementation of the [Consolidated Audit](https://prime.greeks.live/question/what-are-the-primary-challenges-in-implementing-the-consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Trail represents a fundamental re-architecting of market oversight. For market participants, the journey toward compliance prompts a deeper introspection into their own operational and technological frameworks. The process of mapping data flows, synchronizing clocks, and linking the lifecycle of every order forces a firm to develop a complete systemic understanding of its own internal processes. What begins as a regulatory mandate becomes an opportunity to build a more robust, transparent, and efficient data architecture.

The insights gained from this exercise can extend far beyond compliance, enhancing risk management, improving execution quality analysis, and providing a more integrated view of the firm’s market activity. The ultimate question for each institution is how to leverage this newly created system of intelligence not merely as a tool for reporting, but as a strategic asset that provides a clearer view of its own position within the market ecosystem.

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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">
![Abstract forms depict institutional liquidity aggregation and smart order routing. Intersecting dark bars symbolize RFQ protocols enabling atomic settlement for multi-leg spreads, ensuring high-fidelity execution and price discovery of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-2.jpg)

## Consolidated Audit Trail

Meaning ▴ The Consolidated Audit Trail (CAT) is a comprehensive, centralized regulatory system in the United States designed to create a single, unified data repository for all order, execution, and cancellation events across U. </a><a href="https://prime.greeks.live/question/what-are-the-primary-risks-of-misclassifying-an-event-as-a-termination-event-instead-of-an-event-of-default/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Order Event

Misclassifying a termination event for a default risks catastrophic value leakage through incorrect close-outs and legal liability. </a><a href="https://prime.greeks.live/area/central-repository/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Central Repository

Meaning ▴ A central repository functions as a unified, authoritative data storage and management system designed to consolidate information from disparate sources. </a><a href="https://prime.greeks.live/area/reportable-events/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Sharp, transparent, teal structures and a golden line intersect a dark void. This symbolizes market microstructure for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-execution-leveraging-granular-market-microstructure-intelligence.jpg)

## Reportable Events

Meaning ▴ Reportable Events, in crypto finance and regulatory compliance, refer to specific incidents, activities, or data points that financial institutions, exchanges, and other market participants are legally or contractually obligated to disclose to regulatory authorities, internal compliance teams, or other stakeholders. </a><a href="https://prime.greeks.live/area/audit-trail/?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)

## Audit Trail

Meaning ▴ An Audit Trail, within the context of crypto trading and systems architecture, constitutes a chronological, immutable, and verifiable record of all activities, transactions, and events occurring within a digital system. </a><a href="https://prime.greeks.live/area/cat-nms-plan/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust circular Prime RFQ component with horizontal data channels, radiating a turquoise glow signifying price discovery. This institutional-grade RFQ system facilitates high-fidelity execution for digital asset derivatives, optimizing market microstructure and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-engine-for-digital-asset-derivatives-execution.jpg)

## Cat Nms Plan

Meaning ▴ The Consolidated Audit Trail (CAT) National Market System (NMS) Plan is a regulatory initiative in traditional finance establishing a comprehensive audit trail for all orders, executions, and cancellations in U. </a><a href="https://prime.greeks.live/area/market-surveillance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A solid object, symbolizing Principal execution via RFQ protocol, intersects a translucent counterpart representing algorithmic price discovery and institutional liquidity. This dynamic within a digital asset derivatives sphere depicts optimized market microstructure, ensuring high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-orchestration.jpg)

## Market Surveillance

Meaning ▴ Market Surveillance, in the context of crypto financial markets, refers to the systematic and continuous monitoring of trading activities, order books, and on-chain transactions to detect, prevent, and investigate abusive, manipulative, or illegal practices. </a><a href="https://prime.greeks.live/area/order-audit-trail-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision instrument probes a speckled surface, visualizing market microstructure and liquidity pool dynamics within a dark pool. This depicts RFQ protocol execution, emphasizing price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-flow.jpg)

## Order Audit Trail System

Meaning ▴ An Order Audit Trail System (OATS) is a comprehensive record-keeping and reporting mechanism designed to track the complete lifecycle of a trade order, from its initial receipt by a broker-dealer through to its final execution, modification, or cancellation. </a><a href="https://prime.greeks.live/area/nms-securities/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A multi-faceted crystalline structure, featuring sharp angles and translucent blue and clear elements, rests on a metallic base. This embodies Institutional Digital Asset Derivatives and precise RFQ protocols, enabling High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-digital-asset-derivatives-rfq-market-microstructure.jpg)

## Nms Securities

Meaning ▴ NMS Securities refers to securities subject to the U. </a><a href="https://prime.greeks.live/area/trading-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision metallic pointers converge on a central blue mechanism. This symbolizes Market Microstructure of Institutional Grade Digital Asset Derivatives, depicting High-Fidelity Execution and Price Discovery via RFQ protocols, ensuring Capital Efficiency and Atomic Settlement for Multi-Leg Spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-for-precision-execution.jpg)

## Trading Systems

Meaning ▴ Trading Systems are sophisticated, integrated technological architectures meticulously engineered to facilitate the comprehensive, end-to-end process of executing financial transactions, spanning from initial order generation and routing through to final settlement, across an expansive array of asset classes. </a><a href="https://prime.greeks.live/area/firmdesignatedid/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A symmetrical, high-tech digital infrastructure depicts an institutional-grade RFQ execution hub. Luminous conduits represent aggregated liquidity for digital asset derivatives, enabling high-fidelity execution and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-system.jpg)

## Firmdesignatedid

Meaning ▴ firmDesignatedID represents a unique identifier assigned by an institutional trading firm to internally track specific clients, trading accounts, or individual execution strategies. </a><a href="https://prime.greeks.live/area/clock-synchronization/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Visualizing institutional digital asset derivatives market microstructure. A central RFQ protocol engine facilitates high-fidelity execution across diverse liquidity pools, enabling precise price discovery for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-across-multi-asset-liquidity.jpg)

## Clock Synchronization

Meaning ▴ Clock synchronization refers to the methodical process of coordinating the internal timekeeping units across multiple distributed systems or nodes within a cryptocurrency network or trading infrastructure. </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">
![A sleek, precision-engineered device with a split-screen interface displaying implied volatility and price discovery data for digital asset derivatives. This institutional grade module optimizes RFQ protocols, ensuring high-fidelity execution and capital efficiency within market microstructure for multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-module.jpg)

## Cat Reporting

Meaning ▴ CAT Reporting, or Consolidated Audit Trail Reporting, is a regulatory mandate originating from the U. </a><a href="https://prime.greeks.live/question/what-are-the-primary-challenges-in-implementing-the-consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, metallic, multi-bladed mechanism, symbolizing a core execution engine or RFQ hub, emits luminous teal data streams. These streams traverse through fragmented, transparent structures, representing dynamic market microstructure, high-fidelity price discovery, and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/principal-grade-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-optimal-price-discovery-across-fragmented-market-microstructure.jpg)

## Consolidated Audit

The primary challenge of the Consolidated Audit Trail is architecting a unified data system from fragmented, legacy infrastructure. </a>

**Tags:** [Order Audit Trail System](https://options.greeks.live/area/order-audit-trail-system/), [FINRA Rule 6800](https://options.greeks.live/area/finra-rule-6800/), [Market Surveillance](https://options.greeks.live/area/market-surveillance/), [Clock Synchronization](https://options.greeks.live/area/clock-synchronization/), [Reportable Events](https://options.greeks.live/area/reportable-events/), [Central Repository](https://options.greeks.live/area/central-repository/)	

## Discover More

- 
### [What Are the Core Components of a Robust Supervisory Framework for CAT Reporting?](https://options.greeks.live/question/what-are-the-core-components-of-a-robust-supervisory-framework-for-cat-reporting/)
![A precision-engineered blue mechanism, symbolizing a high-fidelity execution engine, emerges from a rounded, light-colored liquidity pool component, encased within a sleek teal institutional-grade shell. This represents a Principal's operational framework for digital asset derivatives, demonstrating algorithmic trading logic and smart order routing for block trades via RFQ protocols, ensuring atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-os-core-algorithmic-execution-engine.jpg)

A robust CAT supervisory framework is an integrated system for ensuring the timely, accurate, and complete submission of securities transaction data.

- 
### [What Are the Most Common Deficiencies FINRA Finds in CAT Supervisory Systems?](https://options.greeks.live/question/what-are-the-most-common-deficiencies-finra-finds-in-cat-supervisory-systems/)
![A sleek, disc-shaped system, with concentric rings and a central dome, visually represents an advanced Principal's operational framework. It integrates RFQ protocols for institutional digital asset derivatives, facilitating liquidity aggregation, high-fidelity execution, and real-time risk management. A visible sensor highlights market microstructure insights and price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-digital-asset-derivatives-execution.jpg)

CAT supervisory deficiencies stem from treating regulatory reporting as a detached function rather than an integrated system of data verification.

- 
### [What Are the Regulatory Implications of Reporting Block Trades Executed via RFQ?](https://options.greeks.live/question/what-are-the-regulatory-implications-of-reporting-block-trades-executed-via-rfq/)
![A precision-engineered, multi-layered system component, symbolizing the intricate market microstructure of institutional digital asset derivatives. Two distinct probes represent RFQ protocols for price discovery and high-fidelity execution, integrating latent liquidity and pre-trade analytics within a robust Prime RFQ framework, ensuring best execution.](https://options.greeks.live/wp-content/uploads/2025/08/digital-asset-derivatives-rfq-protocols-high-fidelity-execution.jpg)

Reporting RFQ block trades is a calibrated disclosure process, balancing execution needs with market integrity through delayed, detailed reporting.

- 
### [How Does the Consolidated Audit Trail Impact Algorithmic Trading Strategies?](https://options.greeks.live/question/how-does-the-consolidated-audit-trail-impact-algorithmic-trading-strategies/)
![Close-up of intricate mechanical components symbolizing a robust Prime RFQ for institutional digital asset derivatives. These precision parts reflect market microstructure and high-fidelity execution within an RFQ protocol framework, ensuring capital efficiency and optimal price discovery for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/engineered-core-systems-driving-institutional-digital-asset-derivatives-rfq-protocol-execution.jpg)

The Consolidated Audit Trail mandates total transparency, forcing algorithmic strategies to integrate compliance into their core logic.

- 
### [How Does the CAT System Technically Differ from the Previous OATS Framework?](https://options.greeks.live/question/how-does-the-cat-system-technically-differ-from-the-previous-oats-framework/)
![Abstract forms representing a Principal-to-Principal negotiation within an RFQ protocol. The precision of high-fidelity execution is evident in the seamless interaction of components, symbolizing liquidity aggregation and market microstructure optimization for digital asset derivatives. This visualizes a private quotation system, underpinning block trade execution with systemic resiliency for institutional-grade infrastructure.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-execution-engine.jpg)

The CAT system technically differs from OATS by architecting a universal, full-lifecycle surveillance framework for all US markets.

- 
### [What Are the Primary Challenges in Implementing the Consolidated Audit Trail?](https://options.greeks.live/question/what-are-the-primary-challenges-in-implementing-the-consolidated-audit-trail/)
![A modular system with beige and mint green components connected by a central blue cross-shaped element, illustrating an institutional-grade RFQ execution engine. This sophisticated architecture facilitates high-fidelity execution, enabling efficient price discovery for multi-leg spreads and optimizing capital efficiency within a Prime RFQ framework for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/principal-prime-os-rfq-engine-for-digital-asset-derivatives.jpg)

The primary challenge of the Consolidated Audit Trail is architecting a unified data system from fragmented, legacy infrastructure.

- 
### [What Are the Core Differences between CAT and MiFID II Reporting Requirements?](https://options.greeks.live/question/what-are-the-core-differences-between-cat-and-mifid-ii-reporting-requirements/)
![A sphere split into light and dark segments, revealing a luminous core. This encapsulates the precise Request for Quote RFQ protocol for institutional digital asset derivatives, highlighting high-fidelity execution, optimal price discovery, and advanced market microstructure within aggregated liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-execution-framework-for-institutional-digital-asset-derivatives-request-for-quote-protocol-optimization.jpg)

CAT provides a granular order lifecycle audit for US market surveillance; MiFID II mandates broader EU trade and transaction transparency.

- 
### [How Does CAT Reporting Differ from the Previous OATS System?](https://options.greeks.live/question/how-does-cat-reporting-differ-from-the-previous-oats-system/)
![A futuristic circular lens or sensor, centrally focused, mounted on a robust, multi-layered metallic base. This visual metaphor represents a precise RFQ protocol interface for institutional digital asset derivatives, symbolizing the focal point of price discovery, facilitating high-fidelity execution and managing liquidity pool access for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-for-digital-asset-derivatives-execution.jpg)

CAT provides a unified, cross-market audit trail with customer data, superseding OATS's narrower, member-firm-focused system.

- 
### [What Are the Best Practices for Reconciling RFQ Execution Data before Submission to CAT?](https://options.greeks.live/question/what-are-the-best-practices-for-reconciling-rfq-execution-data-before-submission-to-cat/)
![A precision-engineered interface for institutional digital asset derivatives. A circular system component, perhaps an Execution Management System EMS module, connects via a multi-faceted Request for Quote RFQ protocol bridge to a distinct teal capsule, symbolizing a bespoke block trade. This depicts high-fidelity execution, optimizing market microstructure within a Principal's operational framework for atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-interface-for-institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-within-principal-operating-system.jpg)

A robust RFQ-to-CAT reconciliation system transforms a regulatory duty into a strategic asset by ensuring data fidelity and enhancing operational intelligence.

---

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---

**Original URL:** https://options.greeks.live/question/how-does-cat-define-a-reportable-order-event/
