# What Are the Key Data Fields an Rfq System Captures for Cat Reporting Compliance? ▴ Question

**Published:** 2025-08-01
**Categories:** Question

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![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)

![Two abstract, segmented forms intersect, representing dynamic RFQ protocol interactions and price discovery mechanisms. The layered structures symbolize liquidity aggregation across multi-leg spreads within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

## Concept

When your firm responds to a request for quote, you are doing more than providing a price. You are creating a data point. You are initiating a sequence of events that, from a regulatory perspective, is as significant as the execution of a trade itself.

The challenge for any sophisticated trading operation lies in architecting a system that seamlessly translates the nuanced, often bilateral, communication of a price discovery protocol into the rigid, high-fidelity data stream demanded by the [Consolidated Audit Trail](https://prime.greeks.live/area/consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), or CAT. The core of [CAT compliance](https://prime.greeks.live/area/cat-compliance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for RFQ systems is the complete and accurate capture of every material stage of the quote lifecycle, transforming a transient expression of interest into a permanent, traceable record within the national market system’s central nervous system.

The fundamental architecture of CAT is built upon the concept of the “reportable event.” Every action, from order inception to routing, cancellation, modification, and execution, must be recorded and reported. An [RFQ response](https://prime.greeks.live/area/rfq-response/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) fits squarely within this paradigm. It represents a new order event, a potential trade that regulators must be able to sequence and analyze in relation to all other market activity. The system you build must therefore be designed to capture not just the price and size, but the precise moment of its creation, its unique identity, and its linkage to the client and the specific solicitation that prompted it.

This [data capture](https://prime.greeks.live/area/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the foundational layer upon which all subsequent compliance and supervisory actions are built. It is the system’s proof of its own operations.

> A compliant RFQ system functions as a high-fidelity data capture mechanism, translating bilateral price negotiations into the standardized event-driven language required by CAT.

Understanding this systemic role is the first principle. The data fields are the specific instructions that allow the system to fulfill this role. They are the atomic units of information that, when aggregated, provide regulators with a complete chronology of your firm’s trading activity. The process of designing for CAT compliance is an exercise in data logistics.

It involves identifying every point in the [RFQ workflow](https://prime.greeks.live/area/rfq-workflow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) where a reportable event occurs, ensuring that a synchronized clock timestamps that event to the required granularity, and linking that event to all other related events in the order’s lifecycle. The system must see the RFQ response as the beginning of a potential transaction, capturing its details with the same rigor as it would a live, resting order on a public exchange.

This perspective shifts the focus from simple record-keeping to the construction of a resilient data architecture. The key data fields are the load-bearing columns of this structure. Each field, from the [Firm Designated ID](https://prime.greeks.live/area/firm-designated-id/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to the specific handling instructions, serves a precise function in enabling regulators to reconstruct market dynamics.

Your task is to ensure that your RFQ platform, whether built in-house or sourced from a vendor, is configured to see the world through the eyes of the CAT system, capturing and transmitting this information without loss, ambiguity, or delay. The integrity of the entire [audit trail](https://prime.greeks.live/area/audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) depends on the integrity of these initial data points.

![A dual-toned cylindrical component features a central transparent aperture revealing intricate metallic wiring. This signifies a core RFQ processing unit for Digital Asset Derivatives, enabling rapid Price Discovery and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-core-best-execution-prime-os.jpg)

![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](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)

## Strategy

A robust strategy for [CAT reporting](https://prime.greeks.live/area/cat-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) compliance within an RFQ workflow is an exercise in systemic foresight. It involves designing a data capture and reporting pipeline that is not only compliant with current regulations but also adaptable to their inevitable evolution. The central strategic challenge is to bridge the operational gap between a flexible, often manual, price negotiation process and the inflexible, automated reporting requirements of a national surveillance system. This requires a multi-layered approach that encompasses technology, process, and supervision.

![A polished, segmented metallic disk with internal structural elements and reflective surfaces. This visualizes a sophisticated RFQ protocol engine, representing the market microstructure of institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-1.jpg)

## Architecting the Data Pipeline from RFQ to CAT

The primary strategic objective is to create a seamless, automated flow of information from the moment an RFQ response is generated to its successful acceptance by the CAT system. This [data pipeline](https://prime.greeks.live/area/data-pipeline/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) must be designed for accuracy, timeliness, and completeness. The first step is a comprehensive mapping exercise.

Your firm must maintain a detailed “map” that connects your internal data structures ▴ the fields within your [Order Management System](https://prime.greeks.live/area/order-management-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OMS) or Execution Management System (EMS) ▴ to the specific fields required by the CAT [Reporting Technical Specifications](https://prime.greeks.live/question/what-is-the-role-of-an-approved-reporting-mechanism-arm-in-the-mifir-transaction-reporting-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This map is the blueprint for your data transformation logic.

This process involves several critical considerations:

- 
**[Data Enrichment](https://prime.greeks.live/area/data-enrichment/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** ▴ The initial RFQ response may not contain all the information required for a complete CAT report. For example, the response itself might not carry the FirmDesignatedID (FDID) for the underlying client account. Your system architecture must include an enrichment layer that pulls this necessary information from other internal systems (like a CRM or account master) and appends it to the event record before it is formatted for CAT.

- 
**Event Sequencing** ▴ The CAT system reconstructs the market timeline based on event timestamps. Your strategy must ensure that all systems involved in the RFQ workflow, from the trader’s desktop to the middleware that sends the quote, are synchronized to the microsecond with the National Institute of Standards and Technology (NIST) atomic clock. This is a non-negotiable prerequisite for accurate sequencing.

- 
**Error Handling and Reconciliation** ▴ No data pipeline is perfect. A core part of the strategy is designing a robust error handling and reconciliation process. Your firm must conduct daily reviews of the [CAT Reporter Portal](https://prime.greeks.live/area/cat-reporter-portal/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to identify file rejections or data integrity errors. The strategy must define the personnel responsible for investigating these errors, the process for correcting the source data, and the mechanism for resubmitting corrected files within the mandated T+3 correction window.

![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)

## What Distinguishes a Reportable RFQ Event?

A significant strategic consideration is the evolving definition of a “reportable” RFQ response. The SEC has granted temporary exemptive relief for what are termed [Non-Immediately Actionable](https://prime.greeks.live/area/non-immediately-actionable/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (NIA) Electronic RFQ Responses. This distinction is critical.

An immediately actionable response, one that can be accepted by the recipient to form a trade without further negotiation, is unambiguously reportable. An NIA response, which might be more indicative or subject to further confirmation, currently falls under this temporary relief, with a full implementation plan due by July 31, 2025, and reporting required by July 31, 2026.

Your strategy must account for this distinction. The system must be able to differentiate between these two types of responses, applying the correct reporting logic to each. This requires clear definitions within your firm’s [Written Supervisory Procedures](https://prime.greeks.live/area/written-supervisory-procedures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (WSPs) and corresponding flags or indicators within your trading systems.

> The strategic differentiation between immediately actionable and non-actionable RFQ responses is central to managing current CAT reporting obligations while preparing for future requirements.

### Table 1 ▴ Actionable vs. Non-Immediately Actionable RFQ Responses

| Characteristic | Immediately Actionable RFQ Response | Non-Immediately Actionable (NIA) RFQ Response |
| --- | --- | --- |
| Execution Potential | The response is a firm quote that can be accepted by the counterparty to form a binding contract without further action from the quoting firm. | The response is indicative, a “sighting” price, or otherwise requires further confirmation or action from the quoting firm before it can be executed. |
| Systemic Nature | Often sent via integrated electronic messaging (e.g. FIX protocol) directly from an OMS/EMS where it is treated as a live, executable order. | May be sent through less integrated channels or require manual intervention to become executable. Represents a solicitation of interest. |
| Current CAT Reporting Status | Fully reportable as a new order event (e.g. MEQR – Member Quote Response). All associated data fields must be captured and submitted. | Subject to temporary SEC exemptive relief until July 31, 2026. Firms are not currently required to report these events to CAT. |
| Strategic Imperative | Ensure immediate, accurate, and complete data capture and reporting. The entire data pipeline must be fully operational for these events. | Develop and implement a plan for future reporting. This includes identifying these workflows and building the technical specifications to capture the required data ahead of the 2026 deadline. |

![A sleek blue surface with droplets represents a high-fidelity Execution Management System for digital asset derivatives, processing market data. A lighter surface denotes the Principal's Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-for-optimal-price-discovery.jpg)

## Supervisory and Recordkeeping Imperatives

Finally, a successful strategy must be underpinned by a rigorous supervisory framework. FINRA rules mandate that firms establish, maintain, and enforce WSPs reasonably designed to achieve compliance with CAT reporting rules. For RFQ workflows, this means your WSPs must explicitly detail:

- 
**Responsibility** ▴ The WSPs must identify, by name or title, the individual(s) responsible for supervising the RFQ-to-CAT reporting process.

- 
**Process** ▴ The procedures must describe the specific steps the firm takes to ensure data accuracy, including the daily review of the CAT Reporter Portal and the periodic comparative review of CAT data against internal order and trade records.

- 
**Frequency** ▴ The WSPs must state how often these supervisory reviews are conducted.

- 
**Evidence** ▴ The procedures must describe how the reviews are documented to create an evidence trail for regulators.

This supervisory structure is the governance layer that ensures the data pipeline operates as designed. It transforms the technical architecture into a living, managed process, providing assurance to both senior management and regulators that the firm’s CAT obligations are being met with the required diligence and precision.

![Central teal-lit mechanism with radiating pathways embodies a Prime RFQ for institutional digital asset derivatives. It signifies RFQ protocol processing, liquidity aggregation, and high-fidelity execution for multi-leg spread trades, enabling atomic settlement within market microstructure via quantitative analysis](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-core-for-institutional-digital-asset-rfq-protocol-execution-engine.jpg)

![A sleek, light interface, a Principal's Prime RFQ, overlays a dark, intricate market microstructure. This represents institutional-grade digital asset derivatives trading, showcasing high-fidelity execution via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-execution-system.jpg)

## Execution

The execution of a compliant CAT reporting framework for RFQ systems moves from strategic design to the granular, procedural level of implementation. This is where the architectural blueprint is translated into functioning code, operational workflows, and auditable records. Success in execution is measured by the flawless capture and transmission of every required data field for every reportable RFQ event, every single day. The focus is on precision, automation, and control.

![A gleaming, translucent sphere with intricate internal mechanisms, flanked by precision metallic probes, symbolizes a sophisticated Principal's RFQ engine. This represents the atomic settlement of multi-leg spread strategies, enabling high-fidelity execution and robust price discovery within institutional digital asset derivatives markets, minimizing latency and slippage for optimal alpha generation and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/inst-digital-asset-deriv-rfq-os-for-optimal-high-fidelity-trade-exec.jpg)

## The Core Data Fields for RFQ Events

At the heart of execution is the data itself. The [CAT Technical Specifications](https://prime.greeks.live/area/cat-technical-specifications/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) provide a detailed schema of the fields that must be captured. For an RFQ response, which is typically reported to CAT as a MEQR (Member Quote Response) event, the system must be configured to populate a precise set of fields.

These fields provide a multi-dimensional view of the quote, allowing regulators to understand its context, timing, and relationship to other market events. A failure to capture even one of these fields correctly can result in a rejected record and a compliance violation.

> Executing a compliant RFQ reporting system requires a granular focus on the precise data fields that constitute a valid CAT event record.

The following table details the critical data fields. It is constructed not merely as a list, but as an operational guide, explaining the systemic function of each field from an architectural perspective. This is the technical specification your development and compliance teams must implement.

### Table 2 ▴ Granular Data Fields For RFQ-Related CAT Events

| Field Name | Systemic Function And Description | Example CAT Event | Example Value |
| --- | --- | --- | --- |
| catReporterIMID | Identifies the Industry Member firm reporting the event. This is the firm’s unique identifier within the CAT system. | MEQR | “FIRM123” |
| firmDesignatedID (FDID) | The unique identifier for the specific account for which the quote is being provided. This links the quote to a specific customer or internal desk. It must be consistent across all events for that account. | MEQR | “ACCOUNT5678” |
| eventTimestamp | The precise date and time the quote was generated, including microseconds or nanoseconds. This is the most critical field for sequencing market events and must be synchronized to NIST. | MEQR | “2025-08-01T11:21:00.123456789Z” |
| quoteKeyDate | The date the quote is valid for. For a typical electronic response, this is the date of the eventTimestamp. | MEQR | “2025-08-01” |
| quoteID | A unique identifier for the quote itself, generated by the reporting firm. This ID is used to link the initial quote to any subsequent modifications, cancellations, or executions. | MEQR | “Q-987654321” |
| symbol | The identifier for the security being quoted (e.g. ticker for equities, OSI symbol for options). | MEQR | “AAPL” |
| side | Indicates whether the quote is a bid (Buy) or an offer (Sell). | MEQR | “BID” |
| price | The price of the quote. For certain order types, this can be zero or a delta. | MEQR | “195.50” |
| size | The quantity of the security being quoted (e.g. number of shares or contracts). | MEQR | “10000” |
| handlingInstructions | A critical field that provides context on how the order should be handled. For an RFQ response, this would be populated to indicate its origin. | MEQR | “RFQ” |
| accountHolderType | Specifies the capacity of the account (e.g. ‘A’ for Agency, ‘P’ for Principal, ‘O’ for Institutional Customer). This is determined by the underlying beneficial owner. | MEQR | “O” |
| minQty | The minimum quantity for which the quote is valid, if applicable (e.g. for All-or-None instructions). | MEQR | “1000” |

![A central teal column embodies Prime RFQ infrastructure for institutional digital asset derivatives. Angled, concentric discs symbolize dynamic market microstructure and volatility surface data, facilitating RFQ protocols and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-alpha-generation-execution.jpg)

## Procedural Workflow for Data Capture and Reporting

With the data fields defined, the next stage of execution is to implement a step-by-step procedural workflow. This workflow ensures that each RFQ response is captured, enriched, reported, and verified in a consistent and auditable manner.

- 
**Event Inception** ▴ A trader generates a response to an electronic RFQ within the firm’s OMS or a connected application. At the moment of creation, the system must assign a unique quoteID and capture an initial timestamp.

- 
**Data Enrichment and Validation** ▴ The system’s enrichment layer automatically appends additional required data. It pulls the firmDesignatedID from the account master database, confirms the accountHolderType, and validates that all mandatory fields are present and correctly formatted.

- 
**Timestamp Finalization** ▴ As the quote is transmitted externally, a final, authoritative eventTimestamp is captured by a clock-synchronized system component. This timestamp must reflect the time the quote left the firm’s control.

- 
**CAT Record Generation** ▴ The enriched and timestamped data is formatted into a machine-readable record according to the CAT file specifications. This involves creating a delimited file (e.g. pipe-separated) with each field in the correct order and format.

- 
**Secure Transmission** ▴ The generated file is transmitted to the CAT system via the designated secure connectivity method (e.g. SFTP) within the required reporting window (typically T+1).

- 
**Portal Reconciliation** ▴ On the following day (T+2), a designated compliance or operations analyst logs into the CAT Reporter Portal. They review the file submission status to confirm the file was accepted.

- 
**Error Investigation and Correction** ▴ If the portal shows the file was rejected or contains errors, the analyst begins an immediate investigation. They use the error reports provided by CAT to identify the specific records and fields that are incorrect.

- 
**Remediation and Resubmission** ▴ The analyst works with the trading desk or technology team to correct the source data. A corrected file is then generated and resubmitted to CAT before the end of the T+3 correction window.

- 
**Supervisory Review and Archiving** ▴ The entire process, including any errors and their resolution, is documented as evidence of the firm’s supervisory controls. The original data sent to CAT, as well as the feedback received, must be archived and maintained in a manner consistent with regulatory recordkeeping requirements.

![A multi-faceted geometric object with varied reflective surfaces rests on a dark, curved base. It embodies complex RFQ protocols and deep liquidity pool dynamics, representing advanced market microstructure for precise price discovery and high-fidelity execution of institutional digital asset derivatives, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/multi-faceted-institutional-digital-asset-derivatives-execution-infrastructure.jpg)

## How Should a Firm Manage Reporting Errors?

Error management is a critical execution function. A systematic approach to identifying, analyzing, and resolving CAT reporting errors is essential for maintaining a compliant posture. Firms should develop a playbook for common errors related to RFQ reporting.

### Table 3 ▴ Common CAT Reporting Errors For RFQ Events And Their Resolution

| Error Type | Description of Problem | Procedural Resolution |
| --- | --- | --- |
| Invalid firmDesignatedID | The FDID submitted in the report does not match the FDID on file in the CAT CAIS database for that customer. | 1. Verify the FDID in the firm’s internal account master. 2. Cross-reference with the information registered in the CAIS portal. 3. Correct the internal record or the CAIS registration as needed. 4. Resubmit the corrected CAT event record. |
| Timestamp Sequencing Error | The eventTimestamp of the RFQ response is inconsistent with other related events (e.g. it is timestamped after the trade execution it led to). | 1. Investigate the clock synchronization status of the system that generated the timestamp. 2. Review the entire event sequence for the order to identify the source of the logical error. 3. Correct the timestamp if it was captured incorrectly or investigate the process flaw. 4. Resubmit a corrected sequence of events. |
| Missing or Invalid handlingInstructions | The handlingInstructions field is left blank or contains a value that is not valid per the CAT schema. | 1. Identify the RFQ workflow that failed to populate this field. 2. Update the system logic to ensure “RFQ” or another appropriate value is always included for these events. 3. Manually correct the rejected record and resubmit. |
| Unlinked Quote Modification | A modification to a previously sent quote is submitted as a new quote, without linking back to the original quoteID. | 1. Ensure the trading system correctly captures the original quoteID when a quote is modified. 2. The CAT report for the modification must contain the priorQuoteID field populated with the ID of the original quote. 3. Correct the data to establish the link and resubmit. |

![Interconnected, sharp-edged geometric prisms on a dark surface reflect complex light. This embodies the intricate market microstructure of institutional digital asset derivatives, illustrating RFQ protocol aggregation for block trade execution, price discovery, and high-fidelity execution within a Principal's operational framework enabling optimal liquidity](https://options.greeks.live/wp-content/uploads/2025/07/precision-geometric-prisms-reflecting-institutional-digital-asset-derivatives-rfq-price-discovery-and-optimized-execution-market-microstructure.jpg)

## References

- CAT NMS, LLC. “CAT Reporting Technical Specifications for Industry Members.” 26 January 2024.

- Financial Industry Regulatory Authority. “Consolidated Audit Trail (CAT).” FINRA.org, 2024.

- Oyster Consulting. “CAT Reporting Exemption ▴ Relief for Electronic Quote Responses.” 2024.

- Financial Industry Regulatory Authority. “2023 Report on FINRA’s Examination and Risk Monitoring Program.” FINRA.org, 2023.

- CAT NMS, LLC. “CAT Reporting Technical Specifications for Industry Members.” 21 April 2020.

![A sophisticated modular component of a Crypto Derivatives OS, featuring an intelligence layer for real-time market microstructure analysis. Its precision engineering facilitates high-fidelity execution of digital asset derivatives via RFQ protocols, ensuring optimal price discovery and capital efficiency for institutional participants](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-module.jpg)

## Reflection

The intricate data requirements for reporting RFQ activity to the Consolidated Audit Trail are a reflection of a larger systemic principle. A firm’s operational architecture is no longer a private, internal matter. It is an extension of the market’s own surveillance and control systems. The data fields and procedural workflows detailed here are the points of connection between your firm’s actions and the regulator’s lens.

Considering this, how does your current RFQ system function as a component of this larger regulatory apparatus? Does it operate as a self-contained tool for sourcing liquidity, or is it fully integrated into a data-first architecture designed for transparency and control? The process of achieving CAT compliance is an opportunity to re-evaluate the flow of information through your entire trading infrastructure.

It prompts a deeper inquiry into the quality, timeliness, and accessibility of your own operational data. The ultimate objective is a system so well-architected that compliance becomes a natural output of its core function, providing not just regulatory adherence, but a superior level of operational intelligence and control.

![Central metallic hub connects beige conduits, representing an institutional RFQ engine for digital asset derivatives. It facilitates multi-leg spread execution, ensuring atomic settlement, optimal price discovery, and high-fidelity execution within a Prime RFQ for capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocol-execution-hub.jpg)

## 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 sleek, institutional grade sphere features a luminous circular display showcasing a stylized Earth, symbolizing global liquidity aggregation. This advanced Prime RFQ interface enables real-time market microstructure analysis and high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-trading-platform-displaying-global-liquidity-aggregation-and-real-time-price-discovery-for-rfq-protocols.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/cat-compliance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, conical precision instrument, with a vibrant mint-green tip and a robust grey base, represents the cutting-edge of institutional digital asset derivatives trading. Its sharp point signifies price discovery and best execution within complex market microstructure, powered by RFQ protocols for dark liquidity access and capital efficiency in atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-price-discovery-optimization-prime-os-intelligence-layer.jpg)

## Cat Compliance

Meaning ▴ CAT Compliance mandates the capture and submission of granular order and execution data to a central repository, establishing a comprehensive audit trail across U.S. </a><a href="https://prime.greeks.live/area/rfq-response/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, precision-engineered component with teal accents rises from a reflective surface. This embodies a high-fidelity RFQ engine, driving optimal price discovery for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-engine-for-price-discovery.jpg)

## Rfq Response

Meaning ▴ The RFQ Response is a formal, actionable quotation from a liquidity provider, directly replying to a Principal's Request for Quote for a digital asset derivative. </a><a href="https://prime.greeks.live/area/data-capture/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An advanced digital asset derivatives system features a central liquidity pool aperture, integrated with a high-fidelity execution engine. This Prime RFQ architecture supports RFQ protocols, enabling block trade processing and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-execution-system-architecture.jpg)

## Data Capture

Meaning ▴ Data Capture refers to the precise, systematic acquisition and ingestion of raw, real-time information streams from various market sources into a structured data repository. </a><a href="https://prime.greeks.live/area/rfq-workflow/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract clear and teal geometric forms, including a central lens, intersect a reflective metallic surface on black. This embodies market microstructure precision, algorithmic trading for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

## Rfq Workflow

Meaning ▴ The RFQ Workflow defines a structured, programmatic process for a principal to solicit actionable price quotations from a pre-defined set of liquidity providers for a specific financial instrument and notional quantity. </a><a href="https://prime.greeks.live/area/firm-designated-id/?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)

## Firm Designated Id

Meaning ▴ The Firm Designated ID represents a unique alphanumeric identifier assigned by an executing institution to each order or trade initiated within its proprietary systems. </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">
![Sleek teal and dark surfaces precisely join, highlighting a circular mechanism. This symbolizes Institutional Trading platforms achieving Precision Execution for Digital Asset Derivatives via RFQ protocols, ensuring Atomic Settlement and Liquidity Aggregation within complex Market Microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-microstructure-interoperability-prime-os-best-execution-layer.jpg)

## Audit Trail

Meaning ▴ An Audit Trail is a chronological, immutable record of system activities, operations, or transactions within a digital environment, detailing event sequence, user identification, timestamps, and specific actions. </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">
![Sleek, off-white cylindrical module with a dark blue recessed oval interface. This represents a Principal's Prime RFQ gateway for institutional digital asset derivatives, facilitating private quotation protocol for block trade execution, ensuring high-fidelity price discovery and capital efficiency through low-latency liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-portal-optimal-institutional-digital-asset-execution.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/area/data-pipeline/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two abstract, polished components, diagonally split, reveal internal translucent blue-green fluid structures. This visually represents the Principal's Operational Framework for Institutional Grade Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-prime-os-liquidity-framework.jpg)

## Data Pipeline

Meaning ▴ A Data Pipeline represents a highly structured and automated sequence of processes designed to ingest, transform, and transport raw data from various disparate sources to designated target systems for analysis, storage, or operational use within an institutional trading environment. </a><a href="https://prime.greeks.live/question/what-is-the-role-of-an-approved-reporting-mechanism-arm-in-the-mifir-transaction-reporting-protocol/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic structural component interlocks with two black, dome-shaped modules, each displaying a green data indicator. This signifies a dynamic RFQ protocol within an institutional Prime RFQ, enabling high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-engine-for-digital-asset-derivatives-prime-os.jpg)

## Reporting Technical Specifications

An ARM is a specialized intermediary that validates and submits transaction reports to regulators, enhancing data quality and reducing firm risk. </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">
![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)

## 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/data-enrichment/?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)

## Data Enrichment

Meaning ▴ Data Enrichment appends supplementary information to existing datasets, augmenting their informational value and analytical utility. </a><a href="https://prime.greeks.live/area/cat-reporter-portal/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, dynamic, multi-bladed mechanism visualizes Algorithmic Trading engines and Price Discovery for Digital Asset Derivatives. Flanked by sleek forms signifying Latent Liquidity and Capital Efficiency, it illustrates High-Fidelity Execution via RFQ Protocols within an Institutional Grade framework, minimizing Slippage](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-market-microstructure-rfq-protocol-optimization.jpg)

## Cat Reporter Portal

Meaning ▴ The CAT Reporter Portal is a dedicated electronic interface facilitating the submission of granular order and trade event data to the Consolidated Audit Trail (CAT), a comprehensive regulatory database mandated by the U.S. </a><a href="https://prime.greeks.live/area/non-immediately-actionable/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Precision-engineered device with central lens, symbolizing Prime RFQ Intelligence Layer for institutional digital asset derivatives. Facilitates RFQ protocol optimization, driving price discovery for Bitcoin options and Ethereum futures](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-rfq-protocol-engine-for-digital-asset-derivatives-options-trading.jpg)

## Non-Immediately Actionable

Meaning ▴ This refers to data, insights, or system states that, while relevant and valuable, do not necessitate or permit an instantaneous, automated response within the typical latency constraints of high-frequency trading or real-time market operations. </a><a href="https://prime.greeks.live/area/written-supervisory-procedures/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

## Written Supervisory Procedures

Meaning ▴ Written Supervisory Procedures represent the formal documentation outlining the operational controls and compliance obligations within a regulated financial entity. </a><a href="https://prime.greeks.live/area/cat-technical-specifications/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Two robust modules, a Principal's operational framework for digital asset derivatives, connect via a central RFQ protocol mechanism. This system enables high-fidelity execution, price discovery, atomic settlement for block trades, ensuring capital efficiency in market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-high-fidelity-execution-engine.jpg)

## Cat Technical Specifications

Meaning ▴ CAT Technical Specifications define the precise data reporting requirements mandated by the U.S. </a>

**Tags:** [RFQ Data Fields](https://options.greeks.live/area/rfq-data-fields/), [RFQ Response](https://options.greeks.live/area/rfq-response/), [Written Supervisory Procedures](https://options.greeks.live/area/written-supervisory-procedures/), [FINRA Rule 6800](https://options.greeks.live/area/finra-rule-6800/), [Non-Immediately Actionable RFQ](https://options.greeks.live/area/non-immediately-actionable-rfq/), [Data Pipeline](https://options.greeks.live/area/data-pipeline/)	

## Discover More

- 
### [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 Primary Fix Protocol Tags Required for Accurate Transaction Cost Analysis?](https://options.greeks.live/question/what-are-the-primary-fix-protocol-tags-required-for-accurate-transaction-cost-analysis/)
![A sleek, domed control module, light green to deep blue, on a textured grey base, signifies precision. This represents a Principal's Prime RFQ for institutional digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery, and enhancing capital efficiency within market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/precision-control-for-institutional-digital-asset-rfq-execution.jpg)

A precise Transaction Cost Analysis requires a complete, timestamped audit trail of an order's life, built from a core set of FIX protocol tags.

- 
### [How Does the Prohibition on Commercial CAT Data Use Impact Trading Firms?](https://options.greeks.live/question/how-does-the-prohibition-on-commercial-cat-data-use-impact-trading-firms/)
![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. This visual encapsulates Atomic Settlement and Price Discovery for Bitcoin Options and Ethereum Futures via a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-optimization-within-principals-market-microstructure-framework.jpg)

The prohibition on commercial CAT data use mandates that firms fund a perfect market map while being forced to navigate with their own, less complete charts.

- 
### [How Can Firms Leverage Technology to Navigate the Complexities of Dual Best Execution Reporting Regimes?](https://options.greeks.live/question/how-can-firms-leverage-technology-to-navigate-the-complexities-of-dual-best-execution-reporting-regimes/)
![A metallic rod, symbolizing a high-fidelity execution pipeline, traverses transparent elements representing atomic settlement nodes and real-time price discovery. It rests upon distinct institutional liquidity pools, reflecting optimized RFQ protocols for crypto derivatives trading across a complex volatility surface within Prime RFQ market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-trade-execution-pipeline-optimizing-rfq-protocols-for-best-execution-and-capital-efficiency.jpg)

Firms leverage technology for dual reporting by architecting a unified data pipeline that automates collection, normalization, and submission.

- 
### [What Are the Long Term Operational Costs Associated with Maintaining CAT Compliance?](https://options.greeks.live/question/what-are-the-long-term-operational-costs-associated-with-maintaining-cat-compliance/)
![A sleek, multi-component device with a dark blue base and beige bands culminates in a sophisticated top mechanism. This precision instrument symbolizes a Crypto Derivatives OS facilitating RFQ protocol for block trade execution, ensuring high-fidelity execution and atomic settlement for institutional-grade digital asset derivatives across diverse liquidity pools.](https://options.greeks.live/wp-content/uploads/2025/08/advanced-mechanism-for-principal-trading-firm-rfq-protocols-and-high-fidelity-digital-asset-derivatives-execution.jpg)

Maintaining CAT compliance entails managing significant, recurring costs for data infrastructure and direct regulatory fees based on transaction volume.

- 
### [What Are the Key Differences in Documenting Best Execution for Voice versus Electronic Trades?](https://options.greeks.live/question/what-are-the-key-differences-in-documenting-best-execution-for-voice-versus-electronic-trades/)
![A luminous teal bar traverses a dark, textured metallic surface with scattered water droplets. This represents the precise, high-fidelity execution of an institutional block trade via a Prime RFQ, illustrating real-time price discovery. The droplets symbolize dynamic market microstructure and managed latent liquidity, crucial for optimal capital efficiency in digital asset derivatives RFQ protocols.](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-real-time-institutional-digital-asset-rfq-execution-stream-visualizing-prime-os-liquidity-flow.jpg)

Best execution documentation shifts from reconstructing a qualitative narrative for voice trades to analyzing a quantitative data stream for electronic ones.

- 
### [What Are the Primary Data Reconciliation Challenges under the Consolidated Audit Trail?](https://options.greeks.live/question/what-are-the-primary-data-reconciliation-challenges-under-the-consolidated-audit-trail/)
![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. Underlying infrastructure signifies robust Principal's operational framework supporting institutional-grade digital asset derivatives.](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)

The primary challenge of CAT reconciliation is enforcing absolute data integrity across a fragmented, high-velocity market ecosystem.

- 
### [How Does the FDID to CCID Linkage Enhance Regulatory Surveillance Capabilities?](https://options.greeks.live/question/how-does-the-fdid-to-ccid-linkage-enhance-regulatory-surveillance-capabilities/)
![A translucent teal triangle, an RFQ protocol interface with target price visualization, rises from radiating multi-leg spread components. This depicts Prime RFQ driven liquidity aggregation for institutional-grade Digital Asset Derivatives trading, ensuring high-fidelity execution and price discovery.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-intelligence-layer-driving-rfq-protocol-enhanced-digital-asset-derivatives-liquidity-aggregation-and-best-execution.jpg)

The FDID-to-CCID linkage creates a unified market-wide identity for each trader, enabling regulators to track activity across all firms.

- 
### [What Are the Permissible Reasons for Changing a Firm Designated ID?](https://options.greeks.live/question/what-are-the-permissible-reasons-for-changing-a-firm-designated-id/)
![A precision mechanism, symbolizing an algorithmic trading engine, centrally mounted on a market microstructure surface. Lens-like features represent liquidity pools and an intelligence layer for pre-trade analytics, enabling high-fidelity execution of institutional grade digital asset derivatives via RFQ protocols within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-microstructure.jpg)

A Firm Designated ID change is a regulated event, permitted for systemic shifts like mergers or tech migration, to ensure audit trail integrity.

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            "acceptedAnswer": {
                "@type": "Answer",
                "text": "Error management is a critical execution function. A systematic approach to identifying, analyzing, and resolving CAT reporting errors is essential for maintaining a compliant posture. Firms should develop a playbook for common errors related to RFQ reporting."
            }
        }
    ]
}
```


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**Original URL:** https://options.greeks.live/question/what-are-the-key-data-fields-an-rfq-system-captures-for-cat-reporting-compliance/
