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

US Consolidated Audit Trail Swings into Action

Subscribe to our newsletter

The US Consolidated Audit Trail (CAT) swung into action last week after long delays and in a limited way, with members of self-regulatory organisations (SROs) within the CAT NMS (National Market System) Plan, except small SRO members, starting to report to the central repository.

Early reporting follows the end of October publication by Thesys CAT, operator of the CAT, of long-awaited reporting technical specifications. SROs are initially reporting quote, order, trade and other information required under the CAT NMS Plan, although Thesys CAT has yet to complete all the capabilities of first phase reporting. It has advised the SROs that it is continuing to work on outstanding elements, such as the regulators’ query functionality and links between reported events, and plans to complete the full functionality required by the CAT NMS Plan for the first reporting phase on or before March 31, 2019.

While SRO members started to submit data to the CAT on November 15, 2018, small SRO members must follow suit on November 15, 2019.

The CAT is intended to allow regulators to improve securities’ market surveillance by creating an extensive audit trail of customer and order event information for all orders in US exchange-listed and over-the-counter (OTC) equity securities across all markets and trading venues. It is also meant to collect data for exchange-listed options contracts. If implementation of the CAT is completed fully and successfully, which is a mighty challenge for all concerned, it is expected to be the largest data repository of information on securities transactions in the world.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Managing Non-Financial Misconduct Under SMCR

Non-financial misconduct – encompassing behaviours such as bullying, sexual harassment, and discrimination is a key focus of the Senior Managers and Certification Regime (SMCR). The Financial Conduct Authority (FCA) has underscored that such misconduct is not only unethical but also poses significant risks to a firm’s culture and operational integrity. Recognizing the profound impact on...

BLOG

Duco Unveils Next-Gen AI Tools to Tackle T+1 and Data Complexity

Duco, the data automation company, has launched a suite of next-generation AI-powered automation tools, aimed at helping financial institutions manage growing data volumes, accelerate regulatory compliance, and prepare for the transition to T+1 settlement in the UK and Europe. The launch includes three core innovations: an Agentic Rule Builder, AI-Native Data Prep, and T+0 Assurance...

EVENT

AI in Data Management Summit New York City

Following the success of the 15th Data Management Summit NYC, A-Team Group are excited to announce our new event: AI in Data Management Summit NYC!

GUIDE

Entity Data Management Handbook – Third Edition

Welcome to the third edition of the Entity Data Management Handbook which is available for free download. In this updated edition we delve into the role entity data plays in the smooth running of financial institutions and capital markets, the challenges of attaining high quality data, and various aspects, approaches and technologies involved in managing...