Order Audit Trail System (OATS)

The current regulatory climate and increased scrutiny of trading practices has significantly impacted transaction reporting with expanded requirements for asset types, trade details and timeliness. New requirements are in effect or being implemented in the US, the EU under EMIR, Canada, Japan, Hong Kong, Singapore, Australia, and by other regulatory bodies. The complexity and scope of implementing these rules internally has become prohibitively expensive. Bringing in outside expertise and third-party solutions can speed compliance adoption at a lower cost. Jordan & Jordan’s (J&J) Regulatory Compliance Practice has been assisting firms with of OATS by the following:

  • Testing and verification is done for OATS submissions, and includes a comparison of a firm’s order and trade data to their Reportable Order Events (ROEs) located within the submission files used for OATS reporting to FINRA. 
  • This will include a review of the types of reports submitted (New Order, Route, Execution, Cancel, Combined reports etc.), to ensure that all ROEs the firm is responsible for, are included in their reporting to FINRA. 
  • A review will also be conducted for orders rejected by FINRA to verify that the firm is repairing the orders in a timely manner, and maintaining all supporting documentation associated with the rejection. 

Jordan & Jordan’s trade reporting expertise leverages knowledge gained from our industry leadership and involvement working with regulators to shape requirements, and from our experience assisting broker-dealers with implementations. We can help you with an assessment of your current processes and procedures, or, we can assist in gathering and documenting the business requirements for new or enhanced systems. Whether you need a gap analysis and recommendations for improvement, require an impact analysis, or support for a new implementation, Jordan & Jordan’s subject matter experts will draw from their years of experience in order and trade processing, data management and reporting to solidify your regulatory reporting program.