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FIX provides guidance for CAT implementations

SEC Rule 613 was adopted to require national securities exchanges and SROs to submit a national market system (“NMS”) plan to create, implement, and maintain a Consolidated Audit Trail (CAT) with respect to the trading of NMS securities, that would capture customer and order event information for orders in NMS securities, across all markets, from the time of order inception through routing, cancellation, modification, or execution.  The primary goal of Rule 613 is to improve the ability of the regulators to surveil and accurately track trading activity in equities and options markets. 

Over the past year FIX and FIF members have collaborated to provide guidance to firms for their CAT implementation by producing recommended mappings for CAT-FIX messages identified in the CAT NMS Plan (Phase 2A-Equities).  Please click here to view the mappings.

During this exercise participants also identified gaps related to data reporting required by the CAT NMS plan, these gaps have been addressed within a FIX extension pack.

One of the key data elements required for data reporting to CAT, is FDID (Firm Designated Identifier), “a unique identifier for each trading account designated by Industry Members for purposes of providing data to the Central Repository, where each identifier is unique among all identifiers from any given industry member for each business date.”  FIX/FIF Cat working group identified a standardized use of FIX to communicate FDIDs across different market participants, please click here to view.

FIX Publishes Online Specification

The baseline spec has been refactored for FIX Version 5.0 Service Pack2 Volume1. Previously only available in Word/PDF documents, it is now available as online versions. Next steps are to enhance the baseline to include all FIX Extension Packs published after Version 5.0 SP2. Click here for more.