Early CAT Reporting Struggles Lead to Improved Error Rates

Compliance for the Firm-to-Firm/Exchange/TRF linkage implementation phase of Consolidated Audit Trail (CAT) reporting came into effect October 26, 2020.  In the weeks leading up to this there were significant concerns around how the industry would be able to bring error rates down to an acceptable level after the initial rejections rate, in some cases, soared… READ MORE

CAT Goes Live Part 2: What Should My Firm Be Doing?

  As a continuation of last week’s update on CAT activity, we will dive into more detail regarding a few panel comments regarding upcoming milestones found on the compliance timeline.   As we pointed out last week, it has been a remarkable achievement for the industry to have arrived at the compliance implementation for the… 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