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

S3 Offers SEC CAT Solution Ahead of April Reporting Deadline

Subscribe to our newsletter

As reporting to the SEC Consolidated Audit Trail (CAT) fast approaches, with large industry participants and small industry participants reporting to the Order Audit Trail System (OATS) due to submit files on April 20, 2020, vendors are finalising solutions to support firms subject to the regulation.

Among them is S3, a provider of regulatory reporting technology – including a specialism in SEC rules 605 and 606 covering disclosure of order execution and order routing information, trade surveillance, and post-trade analytics. The company has built on its reporting experience to offer a managed service solution for the CAT and is initially working with a major exchange (that it cannot currently name) to provide a service for its hosted brokers. It is also working with its own broker clients and talking to others about provision of the CAT service, which validates exchange files, submits required data to the CAT, and handles any data problems with individual brokers.

Mark Davies, CEO at S3, says the company’s CAT solution is a natural extension of its reporting capabilities, which already handle a substantial volume of data. The company has been working with the exchange’s brokers and FINRA for a few months to get data flowing and is ready for first submissions in April. Davies adds: “With new regulations coming down the pipeline, firms must be prepared to make adjustments that are often costly. S3’s CAT reporting service intends to mitigate that expense and lift much of the compliance burden off our clients.”

S3 prides itself on offering an integrated solution across SEC 605 and 606, transaction cost analysis (TCA), market surveillance, best execution and now the CAT. While its sales focus is only on the US at the moment, it could move into European markets on the strength of its expertise around SEC 605 and 606, rules that are similar to the RTS 27 and 28 reporting standards under Europe’s Markets in Financial Instruments Directive II (MiFID II).

Coming back to the CAT, Davies notes ongoing industry issues around data privacy, which without an acceptable solution, are likely to escalate ahead of the July 2022 deadline for reporting of customer and account information to the CAT.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: High-Performance Networks & Low-Latency Connectivity for Trading

With financial markets becoming more complex and interconnected in today’s electronic trading environment, trading firms, exchanges, and infrastructure providers need to continually push the boundaries of network performance to stay ahead. Ultra-low latency, seamless connectivity, and resilient infrastructure are no longer just advantages – to stay competitive, they’re necessities. This webinar, part of the A-Team...

BLOG

The New ROI: How Cloud Data is Reshaping Performance and Strategy in Financial Markets

The conversation around cloud adoption in financial markets has fundamentally changed. The era of tentative migration and justifying projects based on CAPEX vs. OPEX is over. As a new report from LSEG, “Cloud Strategies in Financial Services,” confirms, the cloud is now a strategic default. But this maturity brings a new, more complex set of...

EVENT

AI in Capital Markets Summit London

Now in its 2nd year, the AI in Capital Markets Summit returns with a focus on the practicalities of onboarding AI enterprise wide for business value creation. Whilst AI offers huge potential to revolutionise capital markets operations many are struggling to move beyond pilot phase to generate substantial value from AI.

GUIDE

Best Practice Client Onboarding

Client onboarding is central to the success of banks, yet it continues to present challenges and the benefits of getting it right are difficult to achieve. The challenges arise from siloed systems, manual processes and poor entity data quality. The potential benefits of successful implementation include excellent client experience, improved client acquisition and loyalty, new business opportunities, reductions in costs, competitive advantage, and confidence in compliance.