CROSS TRADE E & FINRA ORF/CAT REPORTING

This WebSocket API is designed to allow participants to report Cross Trades directly to the system for the purpose of ORF (Over-the-Counter Reporting Facility) and CAT (Consolidated Audit Trail) reporting, bypassing the use of an order book or matching engine.

This API supports execution reporting only, meeting regulatory requirements without enforcing pre-trade transparency or matching.

A. Execution Process

1. Client connects to WebSocket Endpoint:

   • Test Environment: wss://securitizetest.fundamentalinteractions.com/ws

   • Production Environment: TBD (upon client readiness)

2. Client sends Cross Trade message via WebSocket with the following required fields:

   • security

   • price

   • qty

   • type = "crosstrade"

3. System processes the trade:

   • Validates the symbol exists.

   • Applies best bid/ask validation unless iso:true is specified.

   • If valid, trade is accepted and internally flagged for ORF and CAT reporting.

   • System returns a success response including the refno and trade parameters.

4. ORF/CAT Reporting System:

   • Reports trade to FINRA ORF in real-time.

   • CAT lifecycle reporting may require additional configurations if applicable.

5. Validation in UAT:

   • Clients can use the provided UAT WebSocket environment for self-testing.

   • FI can assist clients with guidelines to verify the trades within the FINRA UAT or confirm acceptance in production.

B. Authentication

• WebSocket uses session-based login authentication, tied to the firm's account.

• All trade messages inherit the firm/account from the WebSocket login if explicit fields are omitted.

C. Trade Message Format

Request Example (Minimum Fields)

json
{
  "security": "TESTJ",
  "iso": true,
  "price": 10.11,
  "qty": 2500,
  "type": "crosstrade",
  "clientorderid": "75H00CN1I57DA5"
}

Optional Fields:

Field	Description
bfirm	Buy-side firm (if different from session firm)
sfirm	Sell-side firm (if different from session firm)
baccount	Buy-side account
saccount	Sell-side account
iso	Set true if price outside best bid/ask is permitted

Notes:

• If iso is not specified or is false, trade must be within the current best bid/ask range or the system will reject it.

• Cross Trades can be reported without any live quote, but the system still validates that the symbol exists.

D. Response Example

json
{
  "result": "OK",
  "refno": "75I00O0UUH0GC0",
  "security": "ATSAVTEST",
  "iso": true,
  "price": "1",
  "qty": "1",
  "type": "crosstrade",
  "clientorderid": "12312312"
}

4. Reporting Integration Notes

• ORF Reporting:

  • FI will route the accepted trade to ORF upon receipt.

  • Clients should validate the execution is received on their side.

  • Direct validation with FINRA may require a FINRA ORF test session or production observation.

• CAT Reporting (Optional / Requires Firm Review):

  • CAT reporting is supported but may require order lifecycle emulation if there is no OMS lifecycle present.