Clear, repeatable calculations.
RegPreflight independently recalculates the Rule 605(a)(2) OES summary metrics from the published Rule 605(a)(1) detailed aggregates when the required detailed fields are populated and a complete month-specific S&P 500 classification is supplied.
What this review covers
A passing result means the submitted reports passed RegPreflight's checks and the recalculated OES values matched within the documented review limits.
Bucket mapping
- Summary M maps to detailed order type MXXNN.
- Summary ML maps to detailed order type LYNNN.
- Detailed lot-size flags are aggregated together.
- Summary size 199999 aggregates detailed size buckets 0, 250, 1000, 5000, 10000, 20000, and 50000.
- Summary size 200000 maps only to detailed size 200000.
- S&P grouping uses membership applicable on the first day of the reporting month.
- Reporter code, Designated Participant, and report month must align between the summary and detailed data used in the calculation.
All 12 OES formulas
| OES field | RegPreflight formula | Detailed inputs |
|---|---|---|
| AvgOrderQty | ΣF10 / ΣF8 | 8, 10 |
| AvgOrderSize | ΣF9 / ΣF8 | 8, 9 |
| ExctdOrderMidPtAvg | Σ((F12+F13)×F32) / Σ(F12+F13) | 12, 13, 32 |
| PctExctdAtQuotOrBetter | Σ(F37+F40) / Σ(F12+F13) | 12, 13, 37, 40 |
| PctExctdPI | ΣF37 / Σ(F12+F13) | 12, 13, 37 |
| WghtdAvgPctPI | [Σ(F37×F38)−Σ(F42×F43)] / Σ((F12+F13)×F32) | 12, 13, 32, 37, 38, 42, 43 |
| AvgEffctvSprdPct | Σ((F12+F13)×F34) / Σ((F12+F13)×F32) | 12, 13, 32, 34 |
| AvgPctQuotSprd | Σ((F12+F13)×F33) / Σ((F12+F13)×F32) | 12, 13, 32, 33 |
| AvgEFQPct | 100 × Σ((F12+F13)×F34) / Σ((F12+F13)×F33) | 12, 13, 33, 34 |
| AvgRealSprdPct15sec | Σ((F12+F13)×F26) / Σ((F12+F13)×F32) | 12, 13, 26, 32 |
| AvgRealSprdPct1min | Σ((F12+F13)×F28) / Σ((F12+F13)×F32) | 12, 13, 28, 32 |
| WghtdAvgExctnTime | [Σ(F37×F39)+Σ(F40×F41)+Σ(F42×F44)] / Σ(F12+F13) | 12, 13, 37, 39, 40, 41, 42, 44 |
Rounding and precision
For 11 OES metrics, RegPreflight uses a base review tolerance of 0.0001. This is a product review control, not an SEC compliance threshold.
AvgEFQPct is handled differently because it is a ratio of aggregate effective spread to aggregate quoted spread. Both components are reconstructed from detailed values published to at most six decimal places. RegPreflight derives a publication-rounding envelope from that input precision and treats a published value as consistent only when it falls inside the mathematically possible range.