Proposal to Amend the Order Audit Trail System (OATS)

SIFMA submitted comments to the Financial Industry Regulatory Authority (FINRA) in response to FINRA’s requests for comment on a proposal to amend the Order Audit Trail System (OATS) rules to require members to identify non-member broker-dealers when reporting orders received from those entities. FINRA is also proposing to require Alternative Trading Systems (ATSs) to provide FINRA with additional order book information using existing OATS interfaces. The proposal is one of seven FINRA initiatives relating to equity market structure and automated trading activities.