# What Are the Primary Challenges in Cat Reporting for Non-Actionable Electronic Rfq Responses? ▴ Question

**Published:** 2025-08-05
**Categories:** Question

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![Abstract depiction of an institutional digital asset derivatives execution system. A central market microstructure wheel supports a Prime RFQ framework, revealing an algorithmic trading engine for high-fidelity execution of multi-leg spreads and block trades via advanced RFQ protocols, optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system-1.jpg)

![A sleek, black and beige institutional-grade device, featuring a prominent optical lens for real-time market microstructure analysis and an open modular port. This RFQ protocol engine facilitates high-fidelity execution of multi-leg spreads, optimizing price discovery for digital asset derivatives and accessing latent liquidity](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-execution-engine-for-high-fidelity-price-discovery-and-latent-liquidity-aggregation-across-multi-leg-spreads.jpg)

## Concept

The mandate to report [non-actionable electronic](https://prime.greeks.live/question/what-are-the-primary-challenges-in-reporting-non-actionable-rfq-responses-to-cat/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Request for Quote (RFQ) responses to the Consolidated Audit Trail (CAT) introduces a profound architectural challenge to the market’s data infrastructure. At its core, the issue stems from a fundamental misalignment between the nature of a non-actionable quotation and the established definition of a reportable “order” or “bid or offer” under [Rule 613](https://prime.greeks.live/area/rule-613/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). A non-actionable response is an indication of interest, a signal within a bilateral negotiation that requires further action from the responding party to become a live, executable order. The CAT system, conversely, was engineered to trace the lifecycle of firm, executable events.

This dissonance creates significant operational friction, forcing firms to capture and report data points that exist outside their traditional [order management](https://prime.greeks.live/area/order-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and execution workflows. The result is a complex data-gathering exercise that requires substantial system modifications and introduces ambiguity into the reporting process.

> The core conflict arises because the CAT reporting framework, designed for concrete, executable orders, must now accommodate the nuanced, conditional nature of non-actionable electronic RFQ responses.

This requirement fundamentally alters the data collection responsibilities of market participants. Firms must now architect systems capable of distinguishing between different types of RFQ responses, a task complicated by the varied ways these communications occur. Whether a response is delivered via a proprietary platform, a third-party vendor system, or a direct [Financial Information](https://prime.greeks.live/question/how-do-firms-differentiate-between-financial-and-non-financial-misconduct/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) eXchange (FIX) message, its reportability hinges on its “actionability.” This distinction is subtle.

A quote that includes a symbol, side, price, and quantity might appear actionable but is rendered non-actionable if the responding firm must take an additional step to accept an execution. This subtlety places a heavy burden on firms to develop sophisticated logic within their systems to correctly identify and flag these events for reporting, a process fraught with potential for error and misinterpretation.

![A precision mechanism with a central circular core and a linear element extending to a sharp tip, encased in translucent material. This symbolizes an institutional RFQ protocol's market microstructure, enabling high-fidelity execution and price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-facilitating-optimal-price-discovery-and-best-execution.jpg)

## What Defines a Non Actionable Response

A non-actionable [electronic RFQ](https://prime.greeks.live/area/electronic-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) response is a quotation provided in a standard electronic format, such as FIX, that cannot be immediately executed by the recipient. Its defining characteristic is the necessity for a subsequent action by the quoting party to finalize a trade. This is distinct from a firm quote, which the recipient can execute against without further intervention. The non-actionable response functions more as a firm indication of interest, a step in a multi-stage negotiation common in block trading and for less liquid instruments.

The workflow typically involves a solicitor sending out an RFQ, receiving several [non-actionable responses](https://prime.greeks.live/question/what-are-the-primary-challenges-in-reporting-non-actionable-rfq-responses-to-cat/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), selecting a winning quote, and then sending a firm order back to the winning responder to execute the trade. This multi-step process means the initial non-actionable response is a precursor to an order, a piece of pre-trade communication that historically has fallen outside the scope of regulatory reporting.

![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)

## The Regulatory Ambiguity

A primary source of the challenge is the interpretive gray area surrounding what constitutes a “bid or offer” under Rule 613. The [Financial Information Forum](https://prime.greeks.live/area/financial-information-forum/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (FIF) has argued that non-executable RFQ responses do not meet this definition, as they are not firm commitments to trade. The Securities and Exchange Commission (SEC) and the CAT Plan Participants, however, have moved toward requiring their inclusion in [CAT reporting](https://prime.greeks.live/area/cat-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), citing the need for a complete audit trail of all trading activity. This has led to a situation where the industry must prepare to report a class of events that many believe falls outside the original intent of the regulation.

The SEC has granted a temporary exemption, until July 31, 2026, to allow firms time to develop the necessary reporting frameworks, but this only postpones the inevitable technical and procedural hurdles. The exemption itself is an acknowledgment of the significant implementation challenges involved.

![A sophisticated system's core component, representing an Execution Management System, drives a precise, luminous RFQ protocol beam. This beam navigates between balanced spheres symbolizing counterparties and intricate market microstructure, facilitating institutional digital asset derivatives trading, optimizing price discovery, and ensuring high-fidelity execution within a prime brokerage framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-10.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)

## Strategy

Addressing the challenges of reporting [non-actionable RFQ](https://prime.greeks.live/area/non-actionable-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) responses requires a multi-faceted strategy that extends beyond mere technical compliance. Firms must develop a comprehensive framework that integrates data governance, [workflow analysis](https://prime.greeks.live/area/workflow-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), and technology adaptation. The overarching goal is to create a resilient and auditable reporting process that minimizes operational disruption and compliance risk.

This involves a deep analysis of existing RFQ workflows to identify every touchpoint where a non-actionable quote is generated, transmitted, and received. Mapping these data flows is the foundational step in designing a system that can accurately capture and report the required information to CAT.

> A successful strategy for reporting non-actionable RFQs hinges on a firm’s ability to systematically map its data flows and integrate compliance logic directly into its trading architecture.

A critical component of this strategy is the development of a clear and consistent internal definition of “non-actionable.” While regulatory guidance provides a starting point, the practical application of this definition across different trading desks and systems can be inconsistent. Firms must establish a uniform standard and embed it within [their order management systems](https://prime.greeks.live/question/how-can-firms-effectively-integrate-tca-data-with-their-order-management-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (OMS) and execution management systems (EMS). This may require software updates, the development of new data fields, and training for traders and compliance personnel. The objective is to create a system where the classification of an RFQ response as actionable or non-actionable is automated and reliable, reducing the potential for human error.

![An abstract digital interface features a dark circular screen with two luminous dots, one teal and one grey, symbolizing active and pending private quotation statuses within an RFQ protocol. Below, sharp parallel lines in black, beige, and grey delineate distinct liquidity pools and execution pathways for multi-leg spread strategies, reflecting market microstructure and high-fidelity execution for institutional grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-displaying-multi-leg-execution-status-and-optimal-liquidity-pathways.jpg)

## Data Sourcing and System Integration

The primary strategic challenge lies in sourcing the data. Non-actionable RFQ responses often exist in systems that are not directly connected to a firm’s core order management and reporting infrastructure. They may be communicated through third-party platforms, instant messaging applications, or email.

Integrating these disparate data sources into a unified reporting stream is a significant technical undertaking. The table below illustrates the potential data sources and the integration challenges associated with each.

| Data Source | Integration Challenge | Strategic Approach |
| --- | --- | --- |
| Proprietary RFQ Platforms | Requires custom API development and data mapping to the firm’s central reporting hub. | Develop a standardized data format for all internal RFQ communications to simplify integration. |
| Third-Party Vendor Platforms | Dependent on the vendor’s ability to provide a compliant data feed. May involve additional costs and contractual negotiations. | Engage with vendors early to understand their CAT reporting capabilities and timelines. Develop contingency plans for vendors who cannot provide the required data. |
| Direct FIX Connections | Requires enhancements to FIX engines to capture and flag non-actionable responses. This may involve custom tags or logic. | Work with FIX engine providers to implement the necessary changes. Conduct thorough testing to ensure accuracy. |
| Manual Communication Channels (Email, IM) | The most challenging to integrate. Requires manual data entry or the use of natural language processing tools to extract relevant information. | Establish clear policies and procedures for the capture of data from manual channels. Explore technology solutions for automated data extraction. |

![A precision-engineered, multi-layered system visually representing institutional digital asset derivatives trading. Its interlocking components symbolize robust market microstructure, RFQ protocol integration, and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-4.jpg)

## How Does This Impact Workflow Design?

The need to report non-actionable RFQs necessitates a re-evaluation of existing trading workflows. Firms must decide at what point in the workflow the data should be captured and who is responsible for ensuring its accuracy. This may require the introduction of new checkpoints or validation steps. For example, a trader may be required to manually confirm whether a quote is actionable or non-actionable before it is sent.

Alternatively, the system could be designed to automatically classify quotes based on pre-defined rules. The choice of workflow design will depend on a firm’s specific business processes and technology infrastructure.

- **Pre-quote validation** ▴ Implement a system prompt that requires the trader to classify the quote before transmission. This provides a clear audit trail but may slow down the trading process.

- **Post-quote reconciliation** ▴ Capture all RFQ communications and then use a separate process to identify and classify non-actionable responses. This is less disruptive to the trading workflow but increases the risk of reporting errors.

- **Automated classification** ▴ Develop a rules-based engine that automatically classifies quotes based on factors such as the communication channel, the presence of specific keywords, or the use of custom FIX tags. This is the most efficient approach but requires a significant upfront investment in technology.

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## Execution

The execution of a compliant reporting framework for non-actionable electronic RFQ responses is a complex project that demands a detailed and systematic approach. It requires a cross-functional effort involving compliance, technology, and trading teams. The project can be broken down into several distinct phases, from initial scoping and analysis to final implementation and testing. A successful execution hinges on meticulous planning, clear communication, and a deep understanding of both the regulatory requirements and the firm’s internal systems and workflows.

![Abstract depiction of an advanced institutional trading system, featuring a prominent sensor for real-time price discovery and an intelligence layer. Visible circuitry signifies algorithmic trading capabilities, low-latency execution, and robust FIX protocol integration for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-high-fidelity-rfq-protocols.jpg)

## The Implementation Playbook

A structured implementation plan is essential for navigating the complexities of this reporting requirement. The following playbook outlines the key steps that firms should take to ensure a successful execution.

- **Project Initiation and Governance** ▴ Establish a dedicated project team with clear roles and responsibilities. Secure senior management buy-in and allocate the necessary resources. Develop a project charter that outlines the scope, objectives, and timeline.

- **Workflow and Data Flow Analysis** ▴ Conduct a comprehensive review of all RFQ-related workflows across the firm. Identify every system and process that is involved in the creation, transmission, and receipt of non-actionable RFQ responses. Document the data flows from source to potential reporting.

- **Gap Analysis and Requirements Definition** ▴ Compare the firm’s current capabilities with the CAT reporting requirements. Identify any gaps in data capture, processing, and reporting. Define the specific business and technical requirements for closing these gaps.

- **Solution Design and Vendor Selection** ▴ Design the target state architecture for reporting non-actionable RFQs. This may involve a combination of in-house development and third-party solutions. If a vendor solution is required, conduct a thorough evaluation process to select the best fit for the firm’s needs.

- **System Development and Integration** ▴ Develop or configure the necessary software components. Integrate the new solution with existing OMS, EMS, and reporting systems. This is likely to be the most time-consuming phase of the project.

- **Testing and Quality Assurance** ▴ Conduct rigorous testing to ensure that the solution is functioning as expected. This should include unit testing, integration testing, and user acceptance testing. Test cases should cover a wide range of RFQ scenarios.

- **Deployment and Training** ▴ Deploy the new solution into the production environment. Provide comprehensive training to all affected personnel, including traders, compliance officers, and technology staff.

- **Post-Implementation Monitoring and Support** ▴ Establish a process for monitoring the accuracy and completeness of the reported data. Provide ongoing support to users and address any issues that arise.

![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)

## Data Mapping for Cat Reporting

A critical element of the execution phase is the detailed mapping of internal data fields to the required CAT reporting fields. This requires a granular understanding of both the firm’s data architecture and the CAT technical specifications. The table below provides an example of the [data mapping](https://prime.greeks.live/area/data-mapping/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that may be required for a non-actionable RFQ response.

| Internal Data Field | CAT Reporting Field | Transformation Logic |
| --- | --- | --- |
| Quote ID | firmQuoteKey | Direct mapping if available. Otherwise, generate a unique identifier. |
| Timestamp | quoteTimestamp | Convert to UTC and format as required by CAT. |
| Symbol | symbol | Direct mapping. |
| Side | side | Map internal codes (e.g. “B”, “S”) to CAT-specified values. |
| Price | price | Direct mapping. |
| Quantity | quantity | Direct mapping. |
| Actionability Flag | actionableInd | Set to “N” for non-actionable responses. |
| RFQ ID | solicitationKey | Link the response to the original RFQ. This may require capturing and storing the RFQ ID. |

> Effective execution requires a granular data mapping process that translates a firm’s internal data language into the precise specifications of the CAT reporting framework.

![A sleek, multi-segmented sphere embodies a Principal's operational framework for institutional digital asset derivatives. Its transparent 'intelligence layer' signifies high-fidelity execution and price discovery via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-digital-asset-derivatives-execution-engine.jpg)

## What Are the Primary Technological Hurdles?

The technological implementation of this reporting requirement presents several significant hurdles. Firms must address challenges related to data capture, storage, and transmission. The need to handle a high volume of new data points will place a strain on existing infrastructure and may require investments in new technology. Some of the key technological hurdles include:

- **Data Latency** ▴ Capturing and reporting data in near-real-time can be a challenge, particularly for firms with complex, distributed systems.

- **Data Quality** ▴ Ensuring the accuracy and completeness of the reported data is paramount. This requires robust data validation and error-checking mechanisms.

- **System Performance** ▴ The additional data processing and reporting load can impact the performance of trading and compliance systems. Firms must ensure that their infrastructure is scalable enough to handle the increased volume.

- **Data Security** ▴ The transmission of sensitive quote data to CAT raises security concerns. Firms must ensure that they have appropriate security controls in place to protect this data.

![Symmetrical beige and translucent teal electronic components, resembling data units, converge centrally. This Institutional Grade RFQ execution engine enables Price Discovery and High-Fidelity Execution for Digital Asset Derivatives, optimizing Market Microstructure and Latency via Prime RFQ for Block Trades](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-engine.jpg)

## References

- Financial Information Forum. “FIF Letter to the CAT Plan Participants and FINRA CAT on CAT Reporting for Non-Executable RFQ Responses.” 1 June 2023.

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

- Financial Information Forum. “Reporting of non-executable RFQ responses to CAT.” 1 June 2023.

- CAT NMS Plan. “Are electronic responses to a Request for Quote (RFQ) or other forms of solicitation responses reportable to CAT in Phase 2c (equities) and Phase 2d (options)?” 25 March 2025.

- CAT NMS Plan. “RFQ Overview Phase 2c & 2d CAT Reporting.” 4 March 2021.

![An abstract view reveals the internal complexity of an institutional-grade Prime RFQ system. Glowing green and teal circuitry beneath a lifted component symbolizes the Intelligence Layer powering high-fidelity execution for RFQ protocols and digital asset derivatives, ensuring low latency atomic settlement](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-core-engine-for-rfq-protocol-execution.jpg)

## Reflection

The mandate to report non-actionable electronic RFQ responses to CAT is a significant evolution in [market surveillance](https://prime.greeks.live/area/market-surveillance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). It compels firms to look beyond the traditional boundaries of their order management systems and to develop a more holistic view of their data architecture. The challenges are substantial, but they also present an opportunity. Firms that successfully navigate this transition will not only achieve compliance but will also gain a deeper understanding of their own trading processes.

This knowledge can be leveraged to improve efficiency, reduce risk, and enhance execution quality. The ultimate outcome is a more transparent and resilient market, a goal that benefits all participants.

![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)

## Glossary

<a href="https://prime.greeks.live/question/what-are-the-primary-challenges-in-reporting-non-actionable-rfq-responses-to-cat/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A diagonal metallic framework supports two dark circular elements with blue rims, connected by a central oval interface. This represents an institutional-grade RFQ protocol for digital asset derivatives, facilitating block trade execution, high-fidelity execution, dark liquidity, and atomic settlement on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/optimized-institutional-digital-asset-derivatives-trading-system-rfq-protocols-and-atomic-settlement.jpg)

## Non-Actionable Electronic

Reporting non-actionable RFQs to CAT presents a systemic conflict between bespoke negotiation logic and rigid surveillance data architecture. </a><a href="https://prime.greeks.live/area/rule-613/?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)

## Rule 613

Meaning ▴ Rule 613 mandates the creation of a Consolidated Audit Trail, known as CAT, a comprehensive database designed to capture granular data for all orders, executions, and cancellations across U.S. </a><a href="https://prime.greeks.live/area/order-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A futuristic circular financial instrument with segmented teal and grey zones, centered by a precision indicator, symbolizes an advanced Crypto Derivatives OS. This system facilitates institutional-grade RFQ protocols for block trades, enabling granular price discovery and optimal multi-leg spread execution across diverse liquidity pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-microstructure-platform.jpg)

## Order Management

Meaning ▴ Order Management defines the systematic process and integrated technological infrastructure that governs the entire lifecycle of a trading order within an institutional framework, from its initial generation and validation through its execution, allocation, and final reporting. </a><a href="https://prime.greeks.live/question/how-do-firms-differentiate-between-financial-and-non-financial-misconduct/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Financial Information

Firms differentiate misconduct by its target ▴ financial crime deceives markets, while non-financial crime degrades culture and operations. </a><a href="https://prime.greeks.live/area/electronic-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Electronic Rfq

Meaning ▴ An Electronic RFQ, or Request for Quote, represents a structured digital communication protocol enabling an institutional participant to solicit price quotations for a specific financial instrument from a pre-selected group of liquidity providers. </a><a href="https://prime.greeks.live/question/what-are-the-primary-challenges-in-reporting-non-actionable-rfq-responses-to-cat/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, metallic cross-shaped RFQ protocol engine orchestrates principal liquidity aggregation between two distinct institutional liquidity pools. Its intricate design suggests high-fidelity execution and atomic settlement within digital asset options trading, forming a core Crypto Derivatives OS for algorithmic price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-architecture-optimizing-liquidity-aggregation-and-high-fidelity-execution.jpg)

## Non-Actionable Responses

Reporting non-actionable RFQs to CAT presents a systemic conflict between bespoke negotiation logic and rigid surveillance data architecture. </a><a href="https://prime.greeks.live/area/financial-information-forum/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A high-fidelity institutional digital asset derivatives execution platform. A central conical hub signifies precise price discovery and aggregated inquiry for RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-high-fidelity-digital-asset-derivatives-execution-1.jpg)

## Financial Information Forum

Meaning ▴ The Financial Information Forum (FIF) is a non-profit organization dedicated to improving the communication and processing of financial information among market participants. </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 teal sphere with gold bands, symbolizing a discrete digital asset derivative block trade, rests on a precision electronic trading platform. This illustrates granular market microstructure and high-fidelity execution within an RFQ protocol, driven by a Prime RFQ intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivative-rfq-protocol-high-fidelity-execution-platform-microstructure-intelligence-layer.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/non-actionable-rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Non-Actionable Rfq

Meaning ▴ A Non-Actionable RFQ designates a Request for Quote response that does not permit immediate execution against the stated price and quantity. </a><a href="https://prime.greeks.live/area/workflow-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated dark-hued institutional-grade digital asset derivatives platform interface, featuring a glowing aperture symbolizing active RFQ price discovery and high-fidelity execution. The integrated intelligence layer facilitates atomic settlement and multi-leg spread processing, optimizing market microstructure for prime brokerage operations and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

## Workflow Analysis

Meaning ▴ Workflow Analysis represents the systematic decomposition and examination of sequential tasks, information flows, and decision points within an operational process, specifically targeting the identification of inefficiencies, redundancies, and bottlenecks in institutional trading or post-trade environments. </a><a href="https://prime.greeks.live/question/how-can-firms-effectively-integrate-tca-data-with-their-order-management-systems/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Their Order Management Systems

Integrating TCA data with an OMS builds a self-optimizing execution system that turns post-trade analysis into pre-trade advantage. </a><a href="https://prime.greeks.live/area/data-mapping/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central precision-engineered RFQ engine orchestrates high-fidelity execution across interconnected market microstructure. This Prime RFQ node facilitates multi-leg spread pricing and liquidity aggregation for institutional digital asset derivatives, minimizing slippage](https://options.greeks.live/wp-content/uploads/2025/08/high-fidelity-rfq-execution-for-institutional-crypto-derivatives.jpg)

## Data Mapping

Meaning ▴ Data Mapping defines the systematic process of correlating data elements from a source schema to a target schema, establishing precise transformation rules to ensure semantic consistency across disparate datasets. </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 precision-engineered institutional digital asset derivatives execution system cutaway. The teal Prime RFQ casing reveals intricate market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-protocol-core-engine.jpg)

## Market Surveillance

Meaning ▴ Market Surveillance refers to the systematic monitoring of trading activity and market data to detect anomalous patterns, potential manipulation, or breaches of regulatory rules within financial markets. </a>

**Tags:** [Electronic RFQ](https://options.greeks.live/area/electronic-rfq/), [Non-Actionable RFQ](https://options.greeks.live/area/non-actionable-rfq/), [Rule 613](https://options.greeks.live/area/rule-613/), [Financial Information Forum](https://options.greeks.live/area/financial-information-forum/), [FIX Protocol](https://options.greeks.live/area/fix-protocol/), [Order Management System](https://options.greeks.live/area/order-management-system/)	

## Discover More

- 
### [How Can Firms Systematically Address Data Fragmentation across Multiple Legacy Systems for CAT Compliance?](https://options.greeks.live/question/how-can-firms-systematically-address-data-fragmentation-across-multiple-legacy-systems-for-cat-compliance/)
![Abstract depiction of an institutional digital asset derivatives execution system. A central market microstructure wheel supports a Prime RFQ framework, revealing an algorithmic trading engine for high-fidelity execution of multi-leg spreads and block trades via advanced RFQ protocols, optimizing capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-system-1.jpg)

Firms can systematically address data fragmentation by architecting a central data hub to unify, normalize, and govern all order event data.

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

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

- 
### [What Are the Primary Drivers behind the Growth of Electronic Rfq Platforms in Corporate Bonds?](https://options.greeks.live/question/what-are-the-primary-drivers-behind-the-growth-of-electronic-rfq-platforms-in-corporate-bonds/)
![A sophisticated proprietary system module featuring precision-engineered components, symbolizing an institutional-grade Prime RFQ for digital asset derivatives. Its intricate design represents market microstructure analysis, RFQ protocol integration, and high-fidelity execution capabilities, optimizing liquidity aggregation and price discovery for block trades within a multi-leg spread environment.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-proprietary-architecture-driving-high-fidelity-digital-asset-derivatives-execution-via-rfq-protocols-and-optimized-market-microstructure-dynamics.jpg)

The growth of electronic RFQ platforms is driven by the systemic need for auditable, data-centric, and efficient liquidity discovery in the fragmented corporate bond market.

- 
### [How Can Transaction Cost Analysis (TCA) Be Adapted to Measure the Impact of Latency on RFQ Fills?](https://options.greeks.live/question/how-can-transaction-cost-analysis-tca-be-adapted-to-measure-the-impact-of-latency-on-rfq-fills/)
![A precision metallic instrument with a black sphere rests on a multi-layered platform. This symbolizes institutional digital asset derivatives market microstructure, enabling high-fidelity execution and optimal price discovery across diverse liquidity pools. Essential for managing counterparty risk and multi-leg spread strategies within the Prime RFQ protocol intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-component-digital-asset-derivatives-market-microstructure.jpg)

Adapting TCA for RFQ latency quantifies time's cost, turning delay into a measurable and manageable component of execution strategy.

- 
### [How Does Data Normalization Impact Pre-Trade Compliance in a Multi-Asset System?](https://options.greeks.live/question/how-does-data-normalization-impact-pre-trade-compliance-in-a-multi-asset-system/)
![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. It represents dynamic price discovery via sophisticated RFQ protocols, optimizing capital efficiency.](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)

Data normalization transforms chaotic multi-asset data into a coherent language for precise, real-time pre-trade compliance.

- 
### [What Are the Primary System Integration Challenges for a Unified TCA Framework?](https://options.greeks.live/question/what-are-the-primary-system-integration-challenges-for-a-unified-tca-framework/)
![Intersecting structural elements form an 'X' around a central pivot, symbolizing dynamic RFQ protocols and multi-leg spread strategies. Luminous quadrants represent price discovery and latent liquidity within an institutional-grade Prime RFQ, enabling high-fidelity execution for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-enabling-high-fidelity-execution-across-disparate-liquidity-pools.jpg)

A unified TCA framework's primary integration challenge is harmonizing disparate data systems into a single, analytical architecture.

- 
### [How Do Automated Delta Hedging Systems Optimize Options Block Trade Risk?](https://options.greeks.live/question/how-do-automated-delta-hedging-systems-optimize-options-block-trade-risk/)
![A sharp, translucent, green-tipped stylus extends from a metallic system, symbolizing high-fidelity execution for digital asset derivatives. It represents a private quotation mechanism within an institutional grade Prime RFQ, enabling optimal price discovery for block trades via RFQ protocols, ensuring capital efficiency and minimizing slippage.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-interface.jpg)

Automated delta hedging systematically neutralizes options block trade directional exposure, optimizing capital efficiency and mitigating adverse selection through algorithmic precision.

- 
### [What Are the Technological Requirements for Integrating an RFQ System into an Existing OMS?](https://options.greeks.live/question/what-are-the-technological-requirements-for-integrating-an-rfq-system-into-an-existing-oms/)
![A sleek pen hovers over a luminous circular structure with teal internal components, symbolizing precise RFQ initiation. This represents high-fidelity execution for institutional digital asset derivatives, optimizing market microstructure and achieving atomic settlement within a Prime RFQ liquidity pool.](https://options.greeks.live/wp-content/uploads/2025/07/optimizing-digital-asset-derivatives-rfq-through-prime-os-precision.jpg)

Integrating an RFQ system into an OMS requires architecting a secure, low-latency data bridge for discrete, off-book liquidity access.

- 
### [How Do Varying Regulatory Reporting Requirements Impact Block Trade Data Consolidation?](https://options.greeks.live/question/how-do-varying-regulatory-reporting-requirements-impact-block-trade-data-consolidation/)
![A sophisticated dark-hued institutional-grade digital asset derivatives platform interface, featuring a glowing aperture symbolizing active RFQ price discovery and high-fidelity execution. The integrated intelligence layer facilitates atomic settlement and multi-leg spread processing, optimizing market microstructure for prime brokerage operations and capital efficiency. This represents a robust crypto derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-intelligence-layer.jpg)

Diverse regulatory reporting mandates fragment block trade data, compelling advanced systemic integration for unified market intelligence and superior execution.

---

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---

**Original URL:** https://options.greeks.live/question/what-are-the-primary-challenges-in-cat-reporting-for-non-actionable-electronic-rfq-responses/
