About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

CAT Builder Choice Marks End Of Years-Long Process

Subscribe to our newsletter

Spurred by the US Securities and Exchange Commission (SEC) approval of a national market system (NMS) plan in November, which includes creation of a consolidated audit trail (CAT), US securities exchanges chose Thesys Technologies, a New York-based trading technology provider with a focus on trading surveillance and big data functions already aimed at CAT functions.

Thesys’ proposal prevailed over FIS (Fidelity National Information Services) and the US self-regulatory organization (SRO), the Financial Industry Regulatory Authority (FINRA) in a vote by US exchanges choosing a builder for CAT.

The process of choosing a company to build CAT has been years in the making. The proposals were completed, including amendments, in March 2014, after a request for proposals was first published in February 2013. In July 2012, the SEC approved Rule 613 of Regulation NMS, which required exchanges’ SROs to submit a plan for building the CAT. It took until April 2016, however, for the SEC to publish the SROs CAT plan, which appears to have affected how the bidders proposals to build the CAT could be evaluated.

The choice of Thesys Technologies surprised some, and FINRA, as an SRO itself, had been expected to win the contract to build the database. FINRA issued this statement on the decision:

“FINRA appreciates the opportunity to have submitted a highly competitive proposal to become the processor for the Consolidated Audit Trail. Although ultimately we were not selected to be the processor, FINRA will work closely with all parties toward a smooth transition to the CAT. FINRA remains committed to its robust program of cross-market surveillance and looks forward to enhancing that oversight with the uniform, comprehensive data that the CAT will provide.”

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Navigating the Build vs Buy Dilemma: Cloud Strategies for Accelerating Quantitative Research

Date: 20 May 2026 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes For many quantitative trading firms and asset managers, building a self-provisioned historical market data environment remains one of the most time-consuming and resource-intensive steps in establishing a new research capability. Sourcing data, normalising symbologies, handling corporate actions and maintaining...

BLOG

BondWave Expands TQA Capabilities, Extends Execution Analytics in Latest Effi Release

BondWave, the fintech specialising in fixed income analytics and workflow tools, has rolled out a new release of its Effi platform that significantly expands the scope and depth of its Transaction Quality Analysis (TQA) capabilities, reflecting a broader industry push to bring greater rigour, context, and comparability to fixed income execution analytics. The latest enhancements...

EVENT

Eagle Alpha Alternative Data Conference, Spring, New York, hosted by A-Team Group

Now in its 9th year, the Eagle Alpha Alternative Data Conference managed by A-Team Group, is the premier content forum and networking event for investment firms and hedge funds.

GUIDE

Solvency II Data Management Handbook

Want to get a handle on Solvency II and what it means for data management? Need to make sure you have all the bases covered for the looming January 2016 deadline? Our Solvency II Data Management Handbook is now available for free download to help you. This Handbook is the ultimate guide to all things...