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CAT Phase 2d
OVERVIEW
CAT Phase 2d introduces significant changes in how OTC Link ATS quotes and trade messages are reported to CAT.
The most important difference between Phase 2d and the previous phases is CAT now considers Link trade messages to be orders and requires similar order-like CAT messages to be reported not only by our subscribers, but by OTC Link ATS, as well.
Essentially, Link is now a participant in the routing of orders (trade messages) from one subscriber to another. In addition, Phase 2d introduces the concept of quote initiation, that requires a quoting subscriber who enters quotes to report the generation and routing of a quote to Link.
REQUIREMENTS
The following document describes the subscriber requirements for the Phase 2d:
OTC Link ATS CAT Phase 2d Subscriber Requirements
General information about CAT can be found here:
Detailed CAT industry specifications can be found here:
