CAT Implementation Delayed Due to COVID 19

On March 16, 2020 the SEC announced no-action relief to allow Participants to delay the implementation of Consolidated Audit Trail (CAT) until May 20, 2020.  This announcement comes as the industry deals with disruptions as a result of COVID-19, and members have to make difficult prioritization decisions around staff required to implement CAT.  Market volatility… READ MORE

CAT Testing – Don’t Lose Sight of Large Trader ID (LTID) and Phase 2c Deadlines

Many broker-dealers are in the process of preparing for access to the CAT reporting environment.  They are making sure data transmission lines are implemented and functioning correctly, evaluating data requirements and ensuring which data will be produced by which technology provider (where appropriate), and performing linkage testing to clarify ALL of their trade flow to ensure all… READ MORE

Consolidated Audit Trail (CAT) January 2020 Update

The first implementation phase of CAT reporting is fast approaching.   Industry members will begin reporting equity transactions in Phase 2a on April 20th and Options transactions in Phase 2b on May 18th. The initial reporting requirements are relatively straightforward and limited to syntax validation designed to meet the published FINRA Technical Specification.  The planned phased… READ MORE

New CAT FAQs and Reporting Scenarios

On October 8, 2019, Consolidated Audit Trail, LLC and FINRA CAT, LLC added three new Frequently Asked Questions (FAQ’s) to the master FAQ list on the catnmsplan website. FAQ D26 details reporting requirements related to Order Receipt reporting obligations.  Specifically, the new FAQ provides guidance and clarity on contingent order handling instruction flags. The second… READ MORE

Consolidated Audit Trail (CAT) – Will Your Firm Be Ready To Report?

Broker-dealers are facing the looming December 2019 deadline for the new reporting requirements for the Consolidated Audit Trail (CAT).  Many firms put the CAT requirements at the bottom of their “to-do” list since it has been almost seven years since the original SEC Rule 613 was passed.  But the time for implementation is finally here,… READ MORE