SIA Submits Comments to the SEC on Proposed Changes to the OATS Rules

The Securities Industry Association (SIA)* provides comments to the Securitiesand Exchange Commission(SEC) on a proposed amendment to Order Audit Trail System (OATS) Rules, SR-NASD-00-23. The amendment would create separate receipt times for manually entered orders above and below 10,000 shares; exclude from the reporting requirements firms that route all orders on a non-discretionary basis to another member; require electronic communications networks (ECNs) and market markers to capture and report order identifiers from sending firms; and, exempt small non-market making order entry firms from the reporting requirements. SIA shares its concerns in connection with the amended filing.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.