Order Audit Trail System (OATS)

n-Tier provides a comprehensive platform for FINRA OATS validation, reconciliation, pre- and post-submission error correction, and report creation.  n-Tier’s extensive experience in broker-dealer trading, middle office, and operations coupled with in-depth OATS reporting knowledge allow for a robust suite of OATS reporting controls. Pre-submission validations and correction handling allow firms to root out would-be rejects as well as inaccuracies that would be identified on a firm’s OATS report card or during periodic regulator examinations. Our software, support, and guidance allow for our clients to feel comfortable that they have a comprehensive, demonstrable control framework in place that will ensure the accuracy of their regulatory reporting.

Functional Overview

• Comprehensive pre- and post-submission validations of OATS reports, including the following:
  • Field-level, cross-field, and cross-event validations
  • Intra-firm linkage controls spanning business days
  • Comparison to Order Management System (OMS) to ensure completeness of events as well as accuracy of the reported attributes
  • Enhanced controls highlighting potential issues with scenarios that are not explicitly stated in the OATS Technical Specifications
• Capability to correct OATS report prior to submission to regulator
  • Auto-correct original OATS files based on defined rule set
  • Auto-correct original OATS files from OMS data
  • Bulk manual correction
  • Generation of OATS FORE files with corrected data
• Dashboard with daily statistics of OATS records and exceptions
• Display of full OATS Audit Trail allowing for easy review of OATS events in one consolidated screen
• Options for consolidated and separate exception management dashboards by OMS and MPID
• Availability of historical OATS Reference Data in an easy to navigate searchable GUI
  • OATS Reportable Securities List
  • Publicly available MPID List