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

A-Team Insight Briefs

SEC Approves Cost-Saving Measures for the Consolidated Audit Trail

Subscribe to our newsletter

The Securities and Exchange Commission (SEC) has approved an amendment to the National Market System Plan to implement various cost-saving measures for the Consolidated Audit Trail (CAT). This decision includes exemptive relief from specific requirements of the Securities Exchange Act of 1934, aiming to reduce the financial burden of the CAT while maintaining its core regulatory functions. The amendment builds upon previous efforts from 2025 to streamline the system’s budget and operational efficiency.

Key changes under the new amendment include the deletion of CAT data older than three years, the relaxation of certain data processing deadlines, and the implementation of a spending cap for future modifications. Furthermore, the plan participants will cease creating interim lifecycle linkages unless requested and will stop reporting rejected messages. These technical adjustments are designed to simplify the infrastructure and reduce the volume of data managed by the system.

The SEC estimates that these measures will result in annual cost savings of between $50 million and $70 million compared to the 2025 CAT budget. When measured against the savings from the 2025 exemptive relief, the new amendment is expected to provide an additional $19.4 million to $24.1 million in incremental reductions. SEC Chairman Paul S. Atkins noted that while this represents significant progress, a comprehensive review of the CAT’s long-term sustainability remains ongoing.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Data platform modernisation: Best practice approaches for unifying data, real time data and automated processing

Financial institutions are evolving their data platform modernisation programmes, moving beyond data-for-cloud capabilities and increasingly towards artificial intelligence-readiness. This has shifted the data management focus in the direction of data unification, real-time delivery and automated governance. The drivers of this transition are improved operational efficiency as manual processes are replaced by faster, more accurate automated...

BLOG

When Margin Moves Upstream: How TT is Reworking Trading Decisions After the OpenGamma Deal

More than a month after completing its acquisition of OpenGamma, Trading Technologies is beginning to articulate how the deal is intended to change the way firms think about margin, capital efficiency, and trading decision-making. Rather than positioning margin as a downstream risk or treasury concern, TT is now framing capital efficiency as a front-office variable...

EVENT

RepRisk Sustainability Breakfast Roundtable London

The London sustainability breakfast is part of the global roundtable thought leadership event series hosted by RepRisk in key markets, including, New York, Toronto, London, Frankfurt, Oslo, Copenhagen, Stockholm, Hong Kong and Singapore in 2026.

GUIDE

Regulatory Data Handbook 2019/2020 – Seventh Edition

Welcome to A-Team Group’s best read handbook, the Regulatory Data Handbook, which is now in its seventh edition and continues to grow in terms of the number of regulations covered, the detail of each regulation and the impact that all the rules and regulations will have on data and data management at your institution. This...