Consolidated Audit Trail

Consolidated Audit Trail

Oyster Consulting is your missing piece to the puzzle.

Our consultants use their deep regulatory experience in trade reporting with our Oyster Solutions CAT reporting application to enable firms to achieve their CAT reporting obligations.  Oyster’s CAT Application consolidates CAT reporting events, error analysis and validation data into a central program. Our CAT Application will identify errors, linkage and gaps between vendor data and CAT reported data.

The Oyster Difference

We are a partner, not just a vendor.

Oyster Consulting provides solutions through our consulting services and our proprietary CAT reporting software. Our consultants use their deep regulatory experience in trade reporting to help firms achieve their CAT reporting obligations and get the most out of their CAT reporting investment.

Our proprietary Oyster Solutions CAT reporting application consolidates CAT reporting events, error analysis and validation data into a central program. The CAT Application then will identify errors, linkage and gaps between vendor data and CAT reported data.

Reduce Costs and Save Time.

Our CAT Application’s efficient data analysis and repair functionality saves time while reducing risk, allowing you to focus on other things. Our application allows rapid individual and bulk repairs that cannot be done through the FINRA CAT Portal. Graphic and sequential displays of data enable quick searching, sorting and filtering.

The CAIS Module

The CAIS module can be used with or without the CAT Application to view CAIS reports and the underlying source data in a single platform.  This module allows firms to better prepare for Full CAIS reporting through the Interim Reporting Obligation. This module uses web-based GUI that provides firms with practical data so users can efficiently identify, monitor, and manage errors which may impact their reports.

Regulatory Background

In 2012 The SEC passed Rule 613, expanding the types of order event data collected on NMS securities to include client and firm indicators, as well as data on listed options, market making quotes and post-execution allocations. The Rule also included requirements to be able to link the various pieces of information reported from different systems and participants in order to see the entire order and trade lifecycle.

Eight years later, the Consolidated Audit Trail (CAT) went live for equity reporting on June 22, 2020.

The 2022 FINRA report on Examinations and Risk Monitoring highlighted CAT as a priority, and regular sweeps are being conducted. There is significant focus on the audit trail and validating that firms are monitoring their clock sync: how often, who’s responsible for doing so and how it’s evidenced. Regulators are also reviewing firm policies and Written Supervisory Procedures, as well as additional scrutiny for firms that are using a CAT reporting agent.

Without the Oyster Consulting team and the tool that they designed for Consolidated Audit Trail reporting, our firm would not have been as prepared for CAT reporting and ahead of the process as we are. The tool has met all of our needs and the Oyster team is able to act quickly to make modifications if necessary. 

Current Client

Our Process

Step 01

Discover

We listen to your goals and priorities. We create transformative change by inviting a two-way discussion.

Step 02

Plan

We customize your project by creating a scope and timeline to deliver the best experience for your team.

Step 03

Implement

Oyster maintains consistent communication to monitor and reinforce project goals while completing project deliverables.

Step 04

Deliver

Whether your need is ongoing consulting or project based, Oyster will deliver a quality product that encapsulates your goals and expectations.

Consolidated Audit Trail Services

Consolidated Audit Trail (CAT) regulatory requirements, interpretations, benchmarking

CAT reporting support for your Trading Operations, Operations, and Compliance teams

CAT reporting best practices

Continued support for planned, future phases of CAT implementation