Operations & Technology

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

Managing the Clearing Platform Transition Process

Transitioning your platform can be a vital component of making sure your firm is successful for many years to come. Managing your firm’s platform transition is a significant undertaking that will impact most areas of your business. Consistency of communication with your leadership, employees and vendors is just one part of a very complex process…. READ MORE

Communicating Your Clearing Platform Decision

Once you’ve completed your analysis and selected a clearing provider, it’s time to implement the broad communication component of your change management strategy to define how the decision will be delivered and received by your various teams.  Your communication plan should consider all audiences (clients, vendors, sales force, home office, regulators).  There are many appropriate… READ MORE

Selecting a Clearing Provider

In our previous blogs we discuss the things you should consider when deciding whether to change clearing platforms. Once you have assessed your needs and determined your firm’s direction around growth, recruiting and technology improvements, it’s time to begin the process of finding the best partner to help achieve your firm’s goals.   Make sure you have projected your business needs far enough into the future (5, 10 or 15… READ MORE

Things to Consider When Selecting a Clearing Partner

Once you complete the preliminary work of analyzing your current business state as described in our previous blog, it’s time to make a decision.  Maybe you have concluded that your current provider will not be able to support your growth plan, or they aren’t engaged in a way that makes financial and operational sense. Regardless,… READ MORE

The Business Case for Evaluating your Clearing Partner

The economic impact to retail broker-dealers of their clearing strategy is larger than ever. Whether deciding between self clearing vs. fully-disclosed, or choosing the best provider when the answer is obvious, a thoughtful analysis and due diligence must be conducted to achieve your best results.  Much is riding on this decision in order to protect your firm… READ MORE