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: Best approaches for trade and transaction reporting

Compliance practitioners and technology leaders in capital markets face mounting pressure to ensure that reporting processes are efficient, accurate, and aligned with global standards. Market developments and jurisdictional nuances in regulatory frameworks like MiFID II, EMIR, SFTR and MAS create a continual challenge for compliance teams. This webinar brings together senior RegTech executives and seasoned...

BLOG

AI in Finance: Key Insights from the SEC’s Landmark 2025 Roundtable

In late March, the U.S. Securities and Exchange Commission (SEC) hosted a landmark roundtable on artificial intelligence (AI) in financial services. Held in Washington, D.C., the event brought together regulators, technologists, market participants, and legal experts to explore the evolving landscape of AI – from transformative innovation to systemic risk. This wasn’t about rulemaking –...

EVENT

AI in Capital Markets Summit London

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

The DORA Implementation Playbook: A Practitioner’s Guide to Demonstrating Resilience Beyond the Deadline

The Digital Operational Resilience Act (DORA) has fundamentally reshaped the European Union’s financial regulatory landscape, with its full application beginning on January 17, 2025. This regulation goes beyond traditional risk management, explicitly acknowledging that digital incidents can threaten the stability of the entire financial system. As the deadline has passed, the focus is now shifting...