# What Are the Specific FIX Tags Required for Reporting RFQ Responses to the Consolidated Audit Trail? ▴ Question

**Published:** 2025-08-07
**Categories:** Question

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![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)

![Precision-engineered metallic tracks house a textured block with a central threaded aperture. This visualizes a core RFQ execution component within an institutional market microstructure, enabling private quotation for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-framework-precision-microstructure-component.jpg)

## Concept

The mandate to report [Request for Quote](https://prime.greeks.live/area/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (RFQ) responses to the [Consolidated Audit Trail](https://prime.greeks.live/area/consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CAT) introduces a new dimension of regulatory transparency to a historically opaque area of the market. For firms that leverage bilateral price discovery protocols, understanding the specific Financial Information eXchange (FIX) tag requirements is a matter of operational necessity. The core of this requirement lies in the ability of regulators to reconstruct the full lifecycle of an order, from initial solicitation to final execution.

This includes the ability to analyze the competitiveness of responses to a request for a quote, and to monitor for potential market manipulation or unfair advantages. The introduction of specific CAT events and associated data fields for [RFQ workflows](https://prime.greeks.live/area/rfq-workflows/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reflects a significant step towards illuminating this corner of the market.

> At its heart, CAT reporting for RFQ responses is about capturing the digital footprint of off-book liquidity sourcing and making it available for regulatory scrutiny.

A central tenet of RFQ response reporting under the [CAT NMS Plan](https://prime.greeks.live/area/cat-nms-plan/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the principle of “[immediate actionability](https://prime.greeks.live/area/immediate-actionability/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).” This distinction is critical for firms to grasp, as it separates reportable electronic bids and offers from those that are merely indicative. An immediately actionable quote is one that can be accepted by the recipient without any further action required from the provider of the quote. This means that if a firm responds to an RFQ with a firm, executable price, that response is considered a reportable event.

Conversely, if the response is indicative and requires further negotiation or confirmation, it may not be subject to the same reporting requirements. This distinction is designed to focus regulatory attention on the moments where a genuine opportunity to trade exists, rather than on the preliminary stages of price discovery.

![A dynamically balanced stack of multiple, distinct digital devices, signifying layered RFQ protocols and diverse liquidity pools. Each unit represents a unique private quotation within an aggregated inquiry system, facilitating price discovery and high-fidelity execution for institutional-grade digital asset derivatives via an advanced Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/dynamic-rfq-protocol-stacks-powering-institutional-digital-asset-derivatives-liquidity-aggregation-and-best-execution.jpg)

## The Regulatory Imperative behind RFQ Reporting

The inclusion of RFQ response data in the [Consolidated Audit](https://prime.greeks.live/question/what-are-the-primary-challenges-in-implementing-the-consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Trail is a direct response to the increasing electronification of [trading workflows](https://prime.greeks.live/question/how-does-the-shift-to-electronic-trading-platforms-impact-regulatory-oversight-of-rfq-workflows/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that have traditionally been conducted over the phone. As more firms adopt electronic RFQ platforms for sourcing liquidity, particularly for large or complex trades, regulators have recognized the need to extend their oversight into these environments. The primary objective is to create a comprehensive and accurate audit trail of all trading activity, regardless of the execution method.

By capturing data on RFQ responses, regulators can analyze patterns of liquidity provision, assess the quality of execution received by clients, and detect potential instances of front-running or other manipulative practices. This enhanced level of transparency is intended to bolster market integrity and ensure a level playing field for all participants.

![A metallic disc, reminiscent of a sophisticated market interface, features two precise pointers radiating from a glowing central hub. This visualizes RFQ protocols driving price discovery within institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-price-discovery.jpg)

## Navigating the Nuances of Actionability

The concept of “immediate actionability” is the fulcrum upon which a firm’s [CAT reporting](https://prime.greeks.live/area/cat-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) obligations for RFQ responses balance. Understanding this concept is a matter of both technical and legal interpretation. A key determinant is whether the [quote response](https://prime.greeks.live/question/how-can-analyzing-dealer-response-times-and-quote-competitiveness-improve-future-execution-outcomes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) creates a binding obligation on the part of the responder if the recipient chooses to accept it. Factors that can influence this determination include the specific rules of the trading platform, the terms of the RFQ, and any pre-existing agreements between the parties.

Firms must work closely with their compliance and legal teams to establish clear guidelines for identifying and reporting immediately actionable quotes. This process often involves a detailed analysis of the firm’s trading workflows and the specific characteristics of the RFQ platforms they utilize. The failure to correctly identify and report an actionable quote can result in significant regulatory penalties, making this a high-stakes area of compliance.

![A transparent sphere, bisected by dark rods, symbolizes an RFQ protocol's core. This represents multi-leg spread execution within a high-fidelity market microstructure for institutional grade digital asset derivatives, ensuring optimal price discovery and capital efficiency via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocols-high-fidelity-execution.jpg)

![Precision-engineered multi-vane system with opaque, reflective, and translucent teal blades. This visualizes Institutional Grade Digital Asset Derivatives Market Microstructure, driving High-Fidelity Execution via RFQ protocols, optimizing Liquidity Pool aggregation, and Multi-Leg Spread management on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-multi-vane-system-illustrating-institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-optimized-liquidity-aggregation-prime-os-high-fidelity-execution.jpg)

## Strategy

A robust strategy for reporting RFQ responses to the Consolidated [Audit Trail](https://prime.greeks.live/area/audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) revolves around a clear understanding of the relevant CAT event types and the associated data mapping from a firm’s internal systems to the required CAT fields. The primary CAT events that come into play for RFQ workflows are the new “quote events” that have been introduced to specifically handle this type of activity. These events, such as the [MENQ](https://prime.greeks.live/area/menq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (New Quote), MERQ (Quote Received), MEQR (Quote Route), MEQM (Quote Modification), and MEQC (Quote Cancel), provide a structured framework for reporting the various stages of an RFQ response’s lifecycle.

A successful reporting strategy will involve mapping the firm’s internal data elements, which are often captured in FIX messages, to the specific fields required by each of these CAT events. This mapping process is a critical undertaking that requires a deep understanding of both the firm’s own data architecture and the CAT reporting specifications.

> The strategic challenge lies in translating the firm’s internal representation of an RFQ response into the standardized language of the Consolidated Audit Trail.

The introduction of the RFQID and [RFQFlag](https://prime.greeks.live/area/rfqflag/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) fields is a cornerstone of the CAT’s approach to tracking RFQ workflows. The RFQID serves as a [unique identifier](https://prime.greeks.live/area/unique-identifier/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) that links all responses back to the original request, allowing regulators to reconstruct the entire competitive landscape for a given RFQ. The RFQFlag, when set to ‘true’, explicitly identifies a quote event as being related to an RFQ, triggering the specific validation rules and reporting requirements associated with this workflow.

A key strategic consideration for firms is to ensure that their systems are capable of generating, capturing, and maintaining the [RFQID](https://prime.greeks.live/area/rfqid/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) throughout the entire lifecycle of the RFQ and its responses. This may require enhancements to order management systems (OMS) or execution management systems (EMS) to properly handle this new data element.

![A translucent teal layer overlays a textured, lighter gray curved surface, intersected by a dark, sleek diagonal bar. This visually represents the market microstructure for institutional digital asset derivatives, where RFQ protocols facilitate high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocols-driving-optimal-execution.jpg)

## Mapping FIX Tags to CAT Fields a Pragmatic Approach

The process of mapping [FIX tags](https://prime.greeks.live/area/fix-tags/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to CAT fields is where the theoretical requirements of the CAT NMS Plan meet the practical realities of a firm’s trading infrastructure. While the CAT reporting specifications do not mandate the use of specific FIX tags, there is a clear and logical correspondence between many standard FIX tags and the required CAT data fields. For example, the QuoteID (Tag 117) in a [FIX message](https://prime.greeks.live/area/fix-message/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) would naturally map to the quoteID field in a CAT report. Similarly, the Symbol (Tag 55), Side (Tag 54), and OrderQty (Tag 38) in a FIX message would map to their corresponding CAT fields.

The strategic challenge for firms is to develop a comprehensive mapping logic that accounts for all of the required CAT fields, including those that may not have a direct one-to-one correspondence with a standard [FIX tag](https://prime.greeks.live/area/fix-tag/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This may involve deriving certain CAT fields from a combination of FIX tags or from other data sources within the firm’s systems.

![A sleek, institutional-grade RFQ engine precisely interfaces with a dark blue sphere, symbolizing a deep latent liquidity pool for digital asset derivatives. This robust connection enables high-fidelity execution and price discovery for Bitcoin Options and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-rfq-engine-linking-deep-liquidity-pools.jpg)

## The Importance of Data Enrichment and Validation

A successful CAT reporting strategy for RFQ responses will almost certainly require a [data enrichment](https://prime.greeks.live/area/data-enrichment/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and validation layer. This layer is responsible for taking the raw data from the firm’s trading systems, which is often in the form of FIX messages, and transforming it into a compliant CAT report. This may involve enriching the data with information that is not present in the original FIX message, such as the firmDesignatedID or the senderIMID. It also involves validating the data to ensure that it conforms to the CAT’s strict formatting and data type requirements.

For example, timestamps must be reported in UTC and with nanosecond precision, which may require a conversion from the format used in the firm’s internal systems. The development of a robust data enrichment and validation layer is a critical component of any effective CAT reporting strategy.

Here is a table that illustrates the relationship between key CAT fields for RFQ reporting and their likely FIX tag counterparts:

| CAT Field | Likely FIX Tag(s) | Description |
| --- | --- | --- |

This table provides a starting point for firms to develop their own data mapping logic. It is important to note that the specific FIX tags used may vary depending on the firm’s trading systems and the specific RFQ platform being used. A thorough analysis of the firm’s data flows is essential to ensure a complete and accurate mapping.

![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)

![A sleek, dark sphere, symbolizing the Intelligence Layer of a Prime RFQ, rests on a sophisticated institutional grade platform. Its surface displays volatility surface data, hinting at quantitative analysis for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-platform-intelligence-layer-optimizing-high-fidelity-execution.jpg)

## Execution

The execution of a compliant CAT reporting workflow for RFQ responses hinges on the precise and accurate population of the required data fields for each of the relevant CAT events. This requires a deep dive into the technical specifications provided by the CAT [NMS Plan](https://prime.greeks.live/area/nms-plan/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and a meticulous mapping of a firm’s internal data sources to the prescribed CAT format. The following tables provide a detailed breakdown of the key data fields that must be populated for the MENQ (New Quote) and [MERQ](https://prime.greeks.live/area/merq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (Quote Received) events, which are the two most fundamental events in the RFQ reporting workflow. These tables are intended to serve as a practical guide for firms as they develop and implement their CAT reporting solutions.

> The devil is in the details when it comes to the execution of CAT reporting for RFQ responses.

![Abstract dual-cone object reflects RFQ Protocol dynamism. It signifies robust Liquidity Aggregation, High-Fidelity Execution, and Principal-to-Principal negotiation](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-rfq-execution-framework-for-digital-asset-derivatives-optimal-liquidity-aggregation-and-atomic-settlement.jpg)

## The MENQ (New Quote) Event

The MENQ event is used to report the origination of a new quote in response to an RFQ. This event is sent by the firm that is providing the quote. The following table outlines the critical fields for this event, along with their descriptions and likely FIX tag sources.

| CAT Field | Likely FIX Tag(s) | Description |
| --- | --- | --- |

![A precision-engineered, multi-layered system architecture for institutional digital asset derivatives. Its modular components signify robust RFQ protocol integration, facilitating efficient price discovery and high-fidelity execution for complex multi-leg spreads, minimizing slippage and adverse selection in market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-platform.jpg)

## The MERQ (Quote Received) Event

The MERQ event is used to report the receipt of a quote in response to an RFQ. This event is sent by the firm that initiated the RFQ. The following table outlines the critical fields for this event.

- **eventTimestamp** ▴ The date and time when the quote was received, in UTC with nanosecond precision. This would likely be sourced from the TransactTime (Tag 60) of the incoming FIX message. 

- **firmDesignatedID** ▴ A unique identifier for the received quote, assigned by the receiving firm. This is often a proprietary identifier generated by the firm’s OMS or EMS. 

- **RFQID** ▴ The unique identifier of the RFQ that was sent out. This must be the same RFQID that is reported by the responding firm in their MENQ event. 

- **RFQFlag** ▴ Must be set to ‘true’ to indicate that this is a response to an RFQ. 

- **quoteID** ▴ The unique identifier of the quote, as assigned by the responding firm. This would be sourced from the QuoteID (Tag 117) of the incoming FIX message. 

- **senderIMID** ▴ The IMID of the firm that sent the quote. This would be sourced from the SenderCompID (Tag 49) of the incoming FIX message. 

- **senderType** ▴ A new field that indicates the type of entity that sent the quote. This can be used to distinguish between responses from different types of market participants. 

![A translucent sphere with intricate metallic rings, an 'intelligence layer' core, is bisected by a sleek, reflective blade. This visual embodies an 'institutional grade' 'Prime RFQ' enabling 'high-fidelity execution' of 'digital asset derivatives' via 'private quotation' and 'RFQ protocols', optimizing 'capital efficiency' and 'market microstructure' for 'block trade' operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-rfq-engine-for-digital-asset-derivatives-best-execution.jpg)

## Multi-Leg and Options Considerations

The reporting of RFQ responses for multi-leg and options instruments introduces additional complexity. For these instruments, firms must populate the appropriate leg-level details in the CAT report. This includes fields such as legSymbol, legRatio, and legSide. The specific FIX tags used to carry this information can vary depending on the platform and the complexity of the instrument.

Firms must carefully analyze their multi-leg and options trading workflows to ensure that they are capturing and reporting all of the required leg-level details. The bifurcation of the relativePrice field into bidRelativePrice and askRelativePrice is another important consideration for [options reporting](https://prime.greeks.live/area/options-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), as it allows for more precise pricing of complex options strategies.

![A multi-layered electronic system, centered on a precise circular module, visually embodies an institutional-grade Crypto Derivatives OS. It represents the intricate market microstructure enabling high-fidelity execution via RFQ protocols for digital asset derivatives, driven by an intelligence layer facilitating algorithmic trading and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-facilitating-high-fidelity-execution-and-optimal-price-discovery.jpg)

## References

- “CAT NMS Plan.” Securities and Exchange Commission, 15 Nov. 2016.

- “FINRA Rule 6800 Series.” FINRA.

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

- “FIX Protocol Version 4.2 Errata 20010501.” FIX Trading Community.

- Harris, Larry. “Trading and Exchanges ▴ Market Microstructure for Practitioners.” Oxford University Press, 2003.

![Intricate dark circular component with precise white patterns, central to a beige and metallic system. This symbolizes an institutional digital asset derivatives platform's core, representing high-fidelity execution, automated RFQ protocols, advanced market microstructure, the intelligence layer for price discovery, block trade efficiency, and portfolio margin](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-core.jpg)

## Reflection

The successful implementation of a CAT reporting framework for RFQ responses is a significant undertaking, but it is also an opportunity for firms to enhance their internal data governance and gain a deeper understanding of their own trading workflows. The process of mapping data flows, enriching data, and validating reports can reveal inefficiencies and data quality issues that may have previously gone unnoticed. By embracing this challenge, firms can not only achieve regulatory compliance but also build a more robust and resilient operational infrastructure. The insights gained from this process can be leveraged to improve execution quality, reduce operational risk, and ultimately, gain a competitive edge in an increasingly data-driven market.

![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)

## 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">
![An abstract composition of interlocking, precisely engineered metallic plates represents a sophisticated institutional trading infrastructure. Visible perforations within a central block symbolize optimized data conduits for high-fidelity execution and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-multi-leg-execution-layer.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/request-for-quote/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central RFQ engine orchestrates diverse liquidity pools, represented by distinct blades, facilitating high-fidelity execution of institutional digital asset derivatives. Metallic rods signify robust FIX protocol connectivity, enabling efficient price discovery and atomic settlement for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-liquidity-orchestration.jpg)

## Request for Quote

Meaning ▴ A Request for Quote, or RFQ, constitutes a formal communication initiated by a potential buyer or seller to solicit price quotations for a specified financial instrument or block of instruments from one or more liquidity providers. </a><a href="https://prime.greeks.live/area/rfq-workflows/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An abstract visual depicts a central intelligent execution hub, symbolizing the core of a Principal's operational framework. Two intersecting planes represent multi-leg spread strategies and cross-asset liquidity pools, enabling private quotation and aggregated inquiry for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

## Rfq Workflows

Meaning ▴ RFQ Workflows define structured, automated processes for soliciting executable price quotes from designated liquidity providers for digital asset derivatives. </a><a href="https://prime.greeks.live/area/immediate-actionability/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, dark teal, curved component showcases a silver-grey metallic strip with precise perforations and a central slot. This embodies a Prime RFQ interface for institutional digital asset derivatives, representing high-fidelity execution pathways and FIX Protocol integration](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine.jpg)

## Immediate Actionability

Meaning ▴ Immediate Actionability defines the inherent capacity of a system or protocol to execute a pre-programmed operation or respond to a specific market event with minimal discernible latency and a direct, deterministic outcome. </a><a href="https://prime.greeks.live/area/cat-nms-plan/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A deconstructed mechanical system with segmented components, revealing intricate gears and polished shafts, symbolizing the transparent, modular architecture of an institutional digital asset derivatives trading platform. This illustrates multi-leg spread execution, RFQ protocols, and atomic settlement processes](https://options.greeks.live/wp-content/uploads/2025/07/deconstructed-principal-trading-system-revealing-core-mechanics-of-digital-asset-derivatives-execution.jpg)

## Cat Nms Plan

Meaning ▴ The Consolidated Audit Trail National Market System Plan, or CAT NMS Plan, establishes a centralized repository for granular order and trade data across U.S. </a><a href="https://prime.greeks.live/question/what-are-the-primary-challenges-in-implementing-the-consolidated-audit-trail/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric planes in teal, navy, and grey intersect. A central beige object, symbolizing a precise RFQ inquiry, passes through a teal anchor, representing High-Fidelity Execution within Institutional Digital Asset Derivatives](https://options.greeks.live/wp-content/uploads/2025/07/rfq-protocols-for-digital-asset-derivatives-high-fidelity-execution-liquidity-aggregation-price-discovery-market-microstructure.jpg)

## Consolidated Audit

The primary challenge of the Consolidated Audit Trail is architecting a unified data system from fragmented, legacy infrastructure. </a><a href="https://prime.greeks.live/question/how-does-the-shift-to-electronic-trading-platforms-impact-regulatory-oversight-of-rfq-workflows/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Trading Workflows

The shift to electronic RFQ platforms transforms regulatory oversight from forensic investigation into systemic, data-driven analysis. </a><a href="https://prime.greeks.live/question/how-can-analyzing-dealer-response-times-and-quote-competitiveness-improve-future-execution-outcomes/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intricate metallic components signify system precision engineering. These structured elements symbolize institutional-grade infrastructure for high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-precision-engineering-for-high-fidelity-execution-and-latency-optimization.jpg)

## Quote Response

Analyzing dealer metrics builds a predictive execution system, turning counterparty data into a quantifiable strategic advantage. </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 transparent, precisely engineered optical array rests upon a reflective dark surface, symbolizing high-fidelity execution within a Prime RFQ. Beige conduits represent latency-optimized data pipelines facilitating RFQ protocols for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-system-architecture.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/audit-trail/?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)

## 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/menq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision engineered system for institutional digital asset derivatives. Intricate components symbolize RFQ protocol execution, enabling high-fidelity price discovery and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-precision-4.jpg)

## Menq

Meaning ▴ MENQ, or Market Equilibrium Neutralization Quorum, designates a proprietary algorithmic framework engineered to optimize execution within fragmented digital asset derivatives markets by dynamically identifying and neutralizing transient price dislocations across interconnected venues. </a><a href="https://prime.greeks.live/area/unique-identifier/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precisely balanced transparent sphere, representing an atomic settlement or digital asset derivative, rests on a blue cross-structure symbolizing a robust RFQ protocol or execution management system. This setup is anchored to a textured, curved surface, depicting underlying market microstructure or institutional-grade infrastructure, enabling high-fidelity execution, optimized price discovery, and capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-engineered-rfq-block-trade-execution-for-digital-asset-derivatives.jpg)

## Unique Identifier

Meaning ▴ A Unique Identifier represents a cryptographically secure or deterministically generated alphanumeric string assigned to every distinct entity within a digital asset derivatives system, ensuring singular traceability and immutable record-keeping for transactions, positions, and underlying assets across the entire trade lifecycle. </a><a href="https://prime.greeks.live/area/rfqflag/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An intricate, transparent digital asset derivatives engine visualizes market microstructure and liquidity pool dynamics. Its precise components signify high-fidelity execution via FIX Protocol, facilitating RFQ protocols for block trade and multi-leg spread strategies within an institutional-grade Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-liquidity-ecosystem.jpg)

## Rfqflag

Meaning ▴ The RFQFlag functions as a binary or categorical indicator within a sophisticated trading system, designating a particular order or inquiry as subject to a Request for Quote protocol. </a><a href="https://prime.greeks.live/area/rfqid/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, abstract system interface with a central spherical lens representing real-time Price Discovery and Implied Volatility analysis for institutional Digital Asset Derivatives. Its precise contours signify High-Fidelity Execution and robust RFQ protocol orchestration, managing latent liquidity and minimizing slippage for optimized Alpha Generation](https://options.greeks.live/wp-content/uploads/2025/07/high-fidelity-institutional-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-market-microstructure.jpg)

## Rfqid

Meaning ▴ The RFQID, or Request For Quote Identifier, is a system-generated, globally unique alphanumeric string assigned to each specific instance of a price inquiry within an electronic trading system. </a><a href="https://prime.greeks.live/area/fix-message/?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)

## Fix Message

Meaning ▴ The Financial Information eXchange (FIX) Message represents the established global standard for electronic communication of financial transactions and market data between institutional trading participants. </a><a href="https://prime.greeks.live/area/fix-tags/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-engine-component-digital-asset-derivatives-market-microstructure.jpg)

## Fix Tags

Meaning ▴ FIX Tags are the standardized numeric identifiers within the Financial Information eXchange (FIX) protocol, each representing a specific data field. </a><a href="https://prime.greeks.live/area/fix-tag/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An intricate system visualizes an institutional-grade Crypto Derivatives OS. Its central high-fidelity execution engine, with visible market microstructure and FIX protocol wiring, enables robust RFQ protocols for digital asset derivatives, optimizing capital efficiency via liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-price-discovery.jpg)

## Fix Tag

Meaning ▴ A FIX Tag represents a fundamental data element within the Financial Information eXchange (FIX) protocol, serving as a unique integer identifier for a specific field of information. </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 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)

## 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/nms-plan/?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)

## Nms Plan

Meaning ▴ The NMS Plan, within the context of institutional digital asset derivatives, defines a conceptual framework for structuring market operations to ensure transparency, fairness, and efficient price discovery across distributed ledger technology-based trading venues. </a><a href="https://prime.greeks.live/area/merq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms in blue and beige represent institutional liquidity pools and market segments. A metallic rod signifies RFQ protocol connectivity for atomic settlement of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-market-microstructure-1.jpg)

## Merq

Meaning ▴ The Market Event Response Quantifier (MERQ) represents a specialized algorithmic framework engineered to detect, classify, and quantitatively assess the immediate impact of specific market microstructure events on execution quality and realized price within digital asset markets. </a><a href="https://prime.greeks.live/area/options-reporting/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![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)

## Options Reporting

Meaning ▴ Options Reporting defines the systematic process of collecting, processing, and transmitting comprehensive data pertaining to derivative contracts, specifically options, across various institutional and regulatory stakeholders. </a>

**Tags:** [MENQ](https://options.greeks.live/area/menq/), [FIX Tags](https://options.greeks.live/area/fix-tags/), [RFQ Workflows](https://options.greeks.live/area/rfq-workflows/), [Immediate Actionability](https://options.greeks.live/area/immediate-actionability/), [MEQC](https://options.greeks.live/area/meqc/), [Consolidated Audit Trail](https://options.greeks.live/area/consolidated-audit-trail/)	

## Discover More

- 
### [What Are the Primary Differences between Oats and Cat Reporting for Broker-Dealers?](https://options.greeks.live/question/what-are-the-primary-differences-between-oats-and-cat-reporting-for-broker-dealers/)
![A precisely engineered multi-component structure, split to reveal its granular core, symbolizes the complex market microstructure of institutional digital asset derivatives. This visual metaphor represents the unbundling of multi-leg spreads, facilitating transparent price discovery and high-fidelity execution via RFQ protocols within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocols-revealing-market-microstructure-for-high-fidelity-execution-and-atomic-settlement-within-principals-operational-framework.jpg)

CAT is a universal, granular market surveillance system, superseding the limited, FINRA-specific OATS framework.

- 
### [What Is the Role of the FIX Protocol in Integrating an EMS with Multiple RFQ Platforms and Exchanges?](https://options.greeks.live/question/what-is-the-role-of-the-fix-protocol-in-integrating-an-ems-with-multiple-rfq-platforms-and-exchanges/)
![A precision algorithmic core with layered rings on a reflective surface signifies high-fidelity execution for institutional digital asset derivatives. It optimizes RFQ protocols for price discovery, channeling dark liquidity within a robust Prime RFQ for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-optimized-for-precision.jpg)

The FIX protocol provides the universal language for an EMS to command and control liquidity from multiple, disparate RFQ venues.

- 
### [In What Ways Does the FIX Protocol Facilitate Secure and Efficient RFQ-Based Trading Workflows?](https://options.greeks.live/question/in-what-ways-does-the-fix-protocol-facilitate-secure-and-efficient-rfq-based-trading-workflows/)
![A precisely balanced transparent sphere, representing an atomic settlement or digital asset derivative, rests on a blue cross-structure symbolizing a robust RFQ protocol or execution management system. This setup is anchored to a textured, curved surface, depicting underlying market microstructure or institutional-grade infrastructure, enabling high-fidelity execution, optimized price discovery, and capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-engineered-rfq-block-trade-execution-for-digital-asset-derivatives.jpg)

The FIX protocol provides a secure, standardized, and auditable messaging framework for efficient, controlled RFQ-based trading.

- 
### [How Does CAT Link an RFQ Response to a Final Trade Execution?](https://options.greeks.live/question/how-does-cat-link-an-rfq-response-to-a-final-trade-execution/)
![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. It visualizes RFQ protocols driving high-fidelity execution, price discovery, and liquidity aggregation within a robust Prime RFQ for portfolio margin and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-prime-os.jpg)

CAT links an RFQ response to a final trade by mandating a persistent chain of unique identifiers (RFQID, Order ID) across all reportable events.

- 
### [What Are the Primary FIX Message Types in an RFQ Workflow?](https://options.greeks.live/question/what-are-the-primary-fix-message-types-in-an-rfq-workflow/)
![A sphere, split and glowing internally, depicts an Institutional Digital Asset Derivatives platform. It represents a Principal's operational framework for RFQ protocols, driving optimal price discovery and high-fidelity execution. This system manages deep liquidity within intricate market microstructure, supporting multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-1.jpg)

The RFQ workflow uses structured FIX messages like Quote Request (R) and Quote (S) to facilitate discreet, competitive price discovery for large trades.

- 
### [How Does a Fix-Enabled Rfq System Enhance a Firm’s Ability to Demonstrate Best Execution for Illiquid Trades?](https://options.greeks.live/question/how-does-a-fix-enabled-rfq-system-enhance-a-firms-ability-to-demonstrate-best-execution-for-illiquid-trades/)
![A metallic, circular mechanism, a precision control interface, rests on a dark circuit board. This symbolizes the core intelligence layer of a Prime RFQ, enabling low-latency, high-fidelity execution for institutional digital asset derivatives via optimized RFQ protocols, refining market microstructure.](https://options.greeks.live/wp-content/uploads/2025/08/precision-rfq-protocol-engine-for-institutional-digital-asset-derivatives.jpg)

A FIX-enabled RFQ system enhances best execution proof by creating a structured, timestamped, and electronic audit trail of the entire price discovery and trading process.

- 
### [How Does the Fix Protocol Specifically Facilitate the Request for Quote Workflow?](https://options.greeks.live/question/how-does-the-fix-protocol-specifically-facilitate-the-request-for-quote-workflow/)
![A luminous digital market microstructure diagram depicts intersecting high-fidelity execution paths over a transparent liquidity pool. A central RFQ engine processes aggregated inquiries for institutional digital asset derivatives, optimizing price discovery and capital efficiency within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-principal-operational-framework-price-discovery.jpg)

FIX protocol facilitates the RFQ workflow by providing a standardized messaging framework for discreet, bilateral price discovery and trade execution.

- 
### [How Does a Federated Governance Model Improve CAT Data Accuracy?](https://options.greeks.live/question/how-does-a-federated-governance-model-improve-cat-data-accuracy/)
![Luminous central hub intersecting two sleek, symmetrical pathways, symbolizing a Principal's operational framework for institutional digital asset derivatives. Represents a liquidity pool facilitating atomic settlement via RFQ protocol streams for multi-leg spread execution, ensuring high-fidelity execution within a Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-pathways-optimized.jpg)

A federated governance model enhances CAT data accuracy by distributing validation responsibility to the source, creating a scalable and accountable system.

- 
### [How Does the FIX Protocol Facilitate Auditable Pre-Trade Risk Management and Overrides?](https://options.greeks.live/question/how-does-the-fix-protocol-facilitate-auditable-pre-trade-risk-management-and-overrides/)
![The image features layered structural elements, representing diverse liquidity pools and market segments within a Principal's operational framework. A sharp, reflective plane intersects, symbolizing high-fidelity execution and price discovery via private quotation protocols for institutional digital asset derivatives, emphasizing atomic settlement nodes.](https://options.greeks.live/wp-content/uploads/2025/07/systemic-interplay-for-institutional-digital-asset-derivatives-execution-via-advanced-rfq-protocols.jpg)

The FIX protocol provides a standardized, message-based structure that creates an immutable, time-stamped audit trail of all pre-trade actions.

---

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---

**Original URL:** https://options.greeks.live/question/what-are-the-specific-fix-tags-required-for-reporting-rfq-responses-to-the-consolidated-audit-trail/
