FINRA provided technical guidance to firms impacted by the retirement of the Order Audit Trail System ("OATS"), which will take place on September 1, 2021.
In a notice, FINRA clarified that firms required to include in their trade reports "an order identifier assigned to the order that uniquely identifies the order for the date it was received" should, for the purposes of the requirement, "continue to use the OATS-related fields." FINRA stated that technical specifications for the facilities will be updated.
Additionally, FINRA advised that firms should ignore the "OATS reportable flag" reference data included in the ORF Equity Security Master and ORF Daily List API downloads once OATS retires on September 1, 2021.
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